Good morning,
Brent crude was up 35 cents, or 0.6%, at $63.65 a barrel at 0434 GMT, after rising to its highest since January 2020 in the previous session. U.S. West Texas Intermediate (WTI) crude futures gained 82 cents, or 1.4%, to $60.29 a barrel. WTI did not settle on Monday because of a U.S. federal holiday. Prices will settle at the close of trading on Tuesday.
The US is currently experiencing a deep freeze with states such as Texas being hit with Baltic conditions. As a result, oil and gas producers are halting production, which is giving further support to the oil prices, with US WTI hitting over $60 per barrel. Some energy boards are imposing rolling blackouts across some states which sees three million homes without any power. Temperatures ranged in some regions from -8 to -22 Celsius as the cold snap may be here to stay for a little longer. (Reuters)
The WHO have now approved the AstraZeneca and Oxford vaccine in its list of vaccines for emergency usage, which is a key step forward in rolling these out to the developing nations and to look at totally controlling the spread of the Virus. The vaccine rollout continues to shed light on the recovery from the pandemic, with the UK setting out a roadmap for leaving lockdown restrictions on the 22nd of February, yet the Prime minister refused to rule out another lockdown later on if the rules were not having the desired effects to stop the spread.
MARKETS NEWS:
* Key North Sea Oil Trade Sees 20 Bids But Barely Any Sellers
* Mounting Oil-Supply Risks Send Brent Price Curve Soaring: Chart
* Texas’s Port of Corpus Christi Halts Shipments Due to Cold Blast
* Putin, Saudi Crown Prince Discuss OPEC+ Cooperation by Phone
* Korea Oil: Crude Shipments From U.S. Decline 60% Y/y in January
* Weekly U.S. Imports of European Gasoline Slump; Gasoil 3-Mo. Low
* Iraq Tanker Tracker: Oil Sales Up as OPEC Limit Remains Elusive
* Kazakhstan Produced 7.01m Tons of Oil in January
OTHER NEWS:
* U.S. Energy Crisis Deepens With About 5 Million in the Dark
* ‘This Is Extremely Dangerous’: Texans in Peril at Home, on Road
* Mexico Blames U.S. as Energy Crisis Spills Across the Border
* Iran Says U.S. Attempt to Seize Oil Cargo Is ‘Act of Piracy’
OIL PRODUCT WRAPS:
* EUROPE: Diesel Storage to Unwind; ICE Gasoil Bets
* ASIA: India Refiners Up Spot Buys; Pertamina Tender
ECONOMIC DATA/EVENTS: (Times are London)
* Angola preliminary loading program for April crude exports
* 7:00pm: EIA monthly Drilling Productivity Report, with output forecasts for March
* HOLIDAYS: Chinese New Year and Carnival in much of South America
* EARNINGS: Occidental Petroleum Corp., Continental Resources, BHP, Glencore
Sing VLSFO 0.5% INDIC
Mar-21 490.50 / 493.00
Apr-21 485.50 / 488.50
May-21 482.25 / 485.25
Jun-21 479.25 / 482.75
Jul-21 476.50 / 480.00
Aug-21 473.50 / 477.50
Q2-21 482.00 / 486.00
Q3-21 473.25 / 477.75
Q4-21 464.75 / 469.75
Q1-22 456.75 / 462.75
CAL22 447.75 / 453.75
Rott VLSFO 0.5% INDIC
Mar-21 465.00 / 467.50
Apr-21 461.75 / 464.75
May-21 458.75 / 461.75
Jun-21 455.50 / 459.00
Jul-21 452.50 / 456.00
Aug-21 449.50 / 453.50
Q2-21 458.25 / 462.25
Q3-21 449.25 / 453.75
Q4-21 441.00 / 446.00
Q1-22 434.75 / 440.75
CAL22 428.00 / 434.00
Sing 10ppm GO INDIC
Mar-21 69.88 / 70.00
Apr-21 69.68 / 69.82
May-21 69.46 / 69.62
Jun-21 69.24 / 69.42
Jul-21 69.03 / 69.21
Aug-21 68.83 / 69.03
Q2-21 69.47 / 69.65
Q3-21 68.88 / 69.08
Q4-21 68.23 / 68.47
Q1-22 67.46 / 67.76
CAL22 66.74 / 67.04
ICE Gasoil 10ppm INDIC
Mar-21 521.75 / 522.75
Apr-21 522.00 / 523.00
May-21 521.25 / 522.25
Jun-21 520.25 / 521.75
Jul-21 519.25 / 520.75
Aug-21 518.50 / 520.00
Q2-21 521.25 / 522.25
Q3-21 518.50 / 520.00
Q4-21 515.00 / 516.50
Q1-22 510.50 / 513.00
CAL22 505.25 / 508.25
Sing 380 cst INDIC
Mar-21 369.25 / 370.75
Apr-21 367.75 / 369.25
May-21 365.00 / 367.00
Jun-21 361.75 / 363.75
Jul-21 358.00 / 360.50
Aug-21 354.25 / 356.75
Q2-21 364.50 / 367.00
Q3-21 353.75 / 356.75
Q4-21 341.00 / 344.00
Q1-22 331.75 / 335.25
CAL22 321.25 / 326.25
Rotterdam 3.5% INDIC
Mar-21 354.75 / 356.25
Apr-21 353.50 / 355.00
May-21 350.50 / 352.50
Jun-21 346.75 / 348.75
Jul-21 342.25 / 344.75
Aug-21 337.25 / 339.75
Q2-21 349.75 / 352.25
Q3-21 336.75 / 339.75
Q4-21 320.50 / 323.50
Q1-22 311.00 / 314.50
CAL22 301.00 / 306.00
For more information please contact
FIS Oil Desk
info@freightinvestor.com
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Singapore: +65 87984987
Luke Longhurst
Email: LukeL@freightinvestor.com
Mobile: (+44) 7966 968761
Ricky Forman
Email: RickyF@freightinvestor.com
Mobile: (+44) 7868 708719
Chris Hudson
Email: ChrisH@freightinvestor.com
Mobile: (+44) 7951 556947
Jessie Deng
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Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987