Oil prices rebounded more than $1 on Monday after the U.S. House of Representatives passed a huge stimulus package, although a drop in China’s February factory activity growth capped gains. Brent crude futures for May rose $1.07, or 1.7%, to $65.49 per barrel by 0410 GMT. The April contract expired on Friday. U.S. West Texas Intermediate (WTI) crude futures jumped $1.01, or 1.6%, to $62.51 a barrel. Front-month prices for both contracts touched 13-month highs last week, slipping back on Friday along with wider financial markets following a bond rout amid inflation fears.
US Oil output was down in December as EIA figures show a fall in of 58,000 barrels per day to 11.063 million bpd in December Total U.S. oil demand in December was down 1.49 million bpd, or 7.4%, from a year earlier. Demand for gasoline was down 1.109 million bpd, or 12.4% from a year earlier as the worlds largest crude oil producers battles with the effect of the Coronavirus pandemic and the fallout of collapsing demand for oil. (Reuters)
The UAE have addressed the potential relaxation of output cuts with acknowledging that any increase in supply would depend on the rollout of vaccines globally and the success of any such vaccine programme as the global economy would need to be able to absorb 1.5 million extra barrels per day. These levels would also need to take into account any crude stocks accrued since the start of 2021 in a bid to balance the supply and demand fundamentals going forwards. (S&P Global Platts)
Baker Hughes announced that active oil and gas rigs rose by 5 in the past week, 388 lower than at the same point in 2020 as oil prices tumbled throughout the previous year. WTI and Brent were both trading sharply down on Friday, after sizable gains made last week as the market senses a tightening of supply is taking shape, with oil inventories in the United States
now at the five-year average. (OilPrice.com)
OIL MARKET ROUND-UP:
* U.S. Freeze Hammers Europe’s Bottom-of-the-Barrel Oil Exports
* Net Bullish Brent, WTI Oil Bets Boosted to Most in 13 Months
* Oil Crash Pushed 2020 U.S. Output to First Drop in Four Years
* EOG Plunges on Plan to Boost Output as Shale Rivals Retreat
* Sinopec Supplies Its First IMO-Grade Bunker Fuel in Sri Lanka
* Libya’s Oil Company Wins Arbitration Over Ras Lanuf Refinery
OIL PRODUCT NEWS:
* EUROPE: Exxon Rotterdam Maintenance, Tupras Restart
* ASIA: Teapot Margins to Gain; China Carbon Target
* U.S.: Refining Margins Jump Prompts Race to Restart
ECONOMIC DATA/EVENTS:
* Bloomberg OPEC production survey for February
* Credit Suisse 26th Annual Virtual Energy Summit, through March 3
* HOLIDAY: South Korea
*Rotterdam 3.5% INDIC*
Apr21 362.25 / 364.25
May21 358.00 / 360.00
Jun21 353.50 / 355.50
Jul21 348.50 / 350.50
Aug21 343.25 / 345.25
Sep21 337.50 / 339.50
Q2-21 358.00 / 360.00
Q3-21 343.00 / 345.00
Q4-21 328.50 / 330.50
Q1-22 322.25 / 325.25
CAL22 310.75 / 316.75
*Singapore 380 INDIC*
Apr21 375.25 / 377.25
May21 372.50 / 374.50
Jun21 369.00 / 371.00
Jul21 365.25 / 367.25
Aug21 361.25 / 363.25
Sep21 357.00 / 359.00
Q2-21 372.25 / 374.25
Q3-21 361.25 / 363.25
Q4-21 348.75 / 350.75
Q1-22 341.50 / 344.50
CAL22 331.50 / 337.50
*Rott VLSFO 0.5% INDIC*
Apr21 474.25 / 479.25
May21 472.00 / 477.00
Jun21 469.50 / 474.50
Jul21 467.00 / 472.00
Aug21 464.25 / 469.25
Sep21 461.50 / 466.50
Q2-21 471.75 / 476.75
Q3-21 464.25 / 469.25
Q4-21 455.50 / 461.50
Q1-22 448.00 / 456.00
CAL22 433.75 / 441.75
*Singapore VLSFO 0.5% INDIC*
Apr21 495.50 / 500.50
May21 492.75 / 497.75
Jun21 490.25 / 495.25
Jul21 487.75 / 492.75
Aug21 485.25 / 490.25
Sep21 482.75 / 487.75
Q2-21 492.75 / 497.75
Q3-21 485.25 / 490.25
Q4-21 477.25 / 483.25
Q1-22 469.25 / 477.25
CAL22 459.50 / 467.50
*Sing 10ppm GO INDIC*
Apr21 71.28 / 71.42
May21 71.09 / 71.29
Jun21 70.92 / 71.12
Jul21 69.12 / 69.32
Aug21 68.93 / 69.13
Sep21 68.75 / 68.95
Q2-21 71.05 / 71.35
Q3-21 68.88 / 69.18
Q4-21 68.29 / 68.59
Q1-22 67.67 / 67.97
CAL22 66.93 / 67.33
*ICE Gasoil 10ppm INDIC*
Apr21 534.79 / 536.79
May21 534.25 / 536.25
Jun21 533.33 / 535.33
Jul21 532.49 / 534.49
Aug21 532.08 / 534.08
Sep21 531.84 / 533.84
Q2-21 534.10 / 536.10
Q3-21 532.14 / 534.14
Q4-21 529.02 / 531.02
Q1-22 523.02 / 525.02
CAL22 518.31 / 520.31
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