Brent crude futures climbed 19 cents, or 0.3%, to $56.10 a barrel at 0452 GMT, adding to a small gain on Tuesday before pushing even further up to $56.33 levels by 0730GMT. U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.4, to $52.81 a barrel, reversing Tuesday’s loss.
The American Petroleum Institute (API) reported crude oil inventories in the United States, the world’s biggest oil consumer, fell by 5.3 million barrels in the week to Jan. 22 compared with analysts’ expectations in a Reuters poll for a build of 430,000 barrels. However, the data showed gasoline stocks rose by 3.1 million barrels, which was much more than expected.
The API data showed distillate fuel inventories, which include diesel and heating oil, rose by 1.4 million barrels, compared to expectations for a draw of 361,000 barrels and refinery runs fell by 76,000 barrels per day. (Reuters)
This is much welcome news in what has been one way traffic for bearish news over the past two weeks, coupled with the fact that China reports its lowest daily increase in Covid-19 cases which pushed oil up to $56.34 per barrel by 0721GMT. EIA figures are due to be released today at 1530GMT, back to the usual time after being published on Friday of last week owing to two national holidays in the US.
INDEX: (MTD Estimates)
* Sing 380: 324.51
* Rott 3.5%: 310.96
* Sing 0.5%: 426.18
* Rott 0.5%: 399.41
MARKETS NEWS:
* Oil Backwardation Signals 2021 Will Be a Positive Year: OPEC
* Texas Oil Hub Gears Up for More Exports to China Despite Virus
* Pemex Misses 2020 Target as Oil Output Declines Further
* API Reports U.S. Crude Stockpiles Fell 5.27M Bbl Last Week
* Permian Flaring Could Be Slashed At No Cost to Producers
* Ithaca’s North Sea Oil Facility Remains Shut Amid Covid Outbreak
OTHER NEWS:
* Exxon, Shell Face Rating Cuts on Greater Climate Risk, S&P Says
* BP Gets Pushback From Texas Agency It Urged to Ban Gas Flaring
* Oil Supermajors to Show Worst is Over With Commodities Rally
* Latest Biden Climate Plan Include E-Trucks, Oil Lease Halt
* Oil Industry Survey Shows Low-Carbon Shift is Finally a Priority
* Driller Ovintiv Faces Proxy Fight From Activist Kimmeridge
OIL PRODUCT WRAPS:
* U.S.: Chevron Delaying Turnaround at USGC Refinery
* EUROPE: Rhine High Water; Rolls-Royce Bearish Jet
* ASIA: China Demand at Risk; Diesel Floating Storage
ECONOMIC DATA: (Times are London)
* 3:30pm: EIA weekly oil inventory report
* EARNINGS: Hess Corp.
ANALYST VIEWS:
* Invesco Joins Bullish Calls on Commodities as Economies Pick Up
* Subdued Demand, Output Likely Pushed Inventories Lower
Sing VLSFO 0.5% INDIC
Feb-21 431.00 / 433.50
Mar-21 427.75 / 430.75
Apr-21 425.75 / 428.75
May-21 423.75 / 427.25
Jun-21 422.00 / 425.50
Jul-21 420.00 / 424.00
Q2-21 423.50 / 427.50
Q3-21 418.25 / 422.75
Q4-21 414.00 / 419.00
Q1-22 409.75 / 415.75
CAL22 406.00 / 412.00
Rott VLSFO 0.5% INDIC
Feb-21 408.00 / 410.50
Mar-21 405.50 / 408.50
Apr-21 403.50 / 406.50
May-21 401.50 / 405.00
Jun-21 399.75 / 403.25
Jul-21 397.75 / 401.75
Q2-21 401.25 / 405.25
Q3-21 395.75 / 400.25
Q4-21 390.75 / 395.75
Q1-22 386.25 / 392.25
CAL22 382.50 / 388.50
Sing 10ppm GO INDIC
Feb-21 60.96 / 61.08
Mar-21 61.13 / 61.27
Apr-21 61.22 / 61.38
May-21 61.24 / 61.42
Jun-21 61.25 / 61.43
Jul-21 61.33 / 61.53
Q2-21 61.20 / 61.38
Q3-21 61.33 / 61.53
Q4-21 61.26 / 61.50
Q1-22 61.14 / 61.44
CAL22 61.11 / 61.41
ICE Gasoil 10ppm INDIC
Feb-21 456.00 / 457.00
Mar-21 458.00 / 459.00
Apr-21 459.25 / 460.25
May-21 459.50 / 461.00
Jun-21 460.50 / 462.00
Jul-21 461.50 / 463.00
Q2-21 460.00 / 461.00
Q3-21 462.50 / 464.00
Q4-21 462.75 / 464.25
Q1-22 461.75 / 464.25
CAL22 461.25 / 464.25
Sing 380 cst INDIC
Feb-21 328.50 / 330.00
Mar-21 327.75 / 329.25
Apr-21 325.25 / 327.25
May-21 322.75 / 324.75
Jun-21 320.00 / 322.50
Jul-21 317.25 / 319.75
Q2-21 323.25 / 325.75
Q3-21 315.00 / 318.00
Q4-21 307.50 / 310.50
Q1-22 301.75 / 305.25
CAL22 295.25 / 300.25
Rotterdam 3.5% INDIC
Feb-21 314.75 / 316.25
Mar-21 314.25 / 315.75
Apr-21 311.75 / 313.75
May-21 308.75 / 310.75
Jun-21 305.00 / 307.50
Jul-21 301.25 / 303.75
Q2-21 309.00 / 311.50
Q3-21 297.75 / 300.75
Q4-21 286.50 / 289.50
Q1-22 280.25 / 283.75
CAL22 274.00 / 279.00
Sing hi5 Rdam hi5
Feb-20 102.00 93.00
Mar-20 100.00 91.00
Apr-20 100.00 91.00
May-20 101.00 93.00
Jun-20 102.00 94.00
Jul-20 103.00 96.00
Q2-21 101.00 93.00
Q3-21 104.00 99.00
Q4-21 107.00 105.00
Q1-22 109.00 107.00
Cal 22 111.00 109.00
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