*Crude Stocks Fall While Imports Rise
The EIA reported yesterday that crude inventories fell by 1.6 million barrels in the week to Aug. 14 to 512.5 million barrels, less than analysts’ expectations in a Reuters poll for a 2.7 million-barrel drop. This drop came despite a rise in net imports of 1.1 million bpd
*Qantas Posts £1bn Loss
The Australian airline reported a loss of almost A$2bn (£1bn) after suffering from a huge collapse in air demand due to the lockdowns. The company had already retired its 747 jets months earlier than expected and announced thousands of job cuts. The airline’s predicament typifies the industry which is going into a period of survival until demand returns.
*Fujairah Stocks Fall
Stocks in the UAE port have fallen to a four-month low, with the largest falls in jet fuel and gasoil. Total stocks fell 0.8% to 24.034 million bbls, with middle distillates dropping 3.8% to 3.389 million bbls and light distillates falling 0.3% to 6.894 million according to S&P Global. Stocks have dropped some 22% since its record high on June 1 as increasing demand ate away at the huge stockpiles of crude and products.
*Surge in Virus Cases in Europe
The BBC has reported that countries across Europe are reporting a surge in coronavirus cases, with several posting their highest figures in months: Spain reported 3,715 new infections in its daily count on Wednesday – the highest figure since the country came out of a strict lockdown in late June.
Italy reported 642 new coronavirus cases on Wednesday, marking its highest daily jump since late May. Germany’s daily figures on Thursday showed 1,707 new cases, in its highest toll since April
*Asian Distillates and Gasoil Margins Linger Near Recent Lows
Asia’s cash discounts for 10 ppm gasoil narrowed marginally on Wednesday, but still within close sight of multi-week lows, as subdued demand and adequate supplies in the region continue to dampen the market for the industrial fuel. Cash differentials for 10 ppm gasoil were at a discount of 45 cents a barrel to Singapore quotes on Monday. This compares with a 46-cent discount on Tuesday, the weakest level since May 28 according the Reuters.