Brent crude dropped 70 cents, or 1.1%, to $62.99 a barrel by 0457 GMT, after losing 1.1% the previous day. U.S. West Texas Intermediate (WTI) crude fell 71 cents, or 1.2%, to $59.93 a barrel, having lost 1.4% on Monday.
The OPEC meeting that is due on the 4th March is making oil market participants cautious as the aim of the meeting is to address the output cuts currently in place and the route forwards for the oil market as the pandemic is left behind and global oil demand begins to bounce back. The main concerns pushing oil prices down is the 1 million barrels per day of voluntary cuts from Saudi Arabia, which if put back into the market, may continue to weigh down on prices in April. (Reuters)
Oil price declines accelerated late in the session as the US dollar tested three-week highs. The ICE US dollar index was around 0.8% higher in afternoon trading at around 90.905, the highest since Feb. 17 and testing levels last seen in early February. This also added to the fact that supply levels could increase by around 2.25 million barrels per day in April as Saudi spare capacity and OPEC raise output. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 378.59
* Rott 3.5%: 363.25
* Sing 0.5%: 498.99
* Rott 0.5%: 470.50
OIL MARKET ROUND-UP:
* Oil Exports From U.S. Supertanker Port Crash to Zero From Record
* Texas Hauls Gasoline From Other States for First Time Since 2017
* Post-Freeze Driving Sent U.S. Gasoline Demand Soaring Last Week
* Venezuela Oil Exports Drop After U.S. Sanctions on Key Traders
* Post-Freeze Driving Sent U.S. Gasoline Demand Soaring Last Week
* High Pump Prices, Infections Erode India’s Gasoline Recovery
* U.S. Airlines’ Latest Hedging Positions, Jet Fuel Costs
OTHER NEWS:
* Oil Staffing Company Now Puts Roughnecks in Renewable Jobs
* Oil Industry’s Chief Trade Group Mulls Embrace of Carbon Pricing
* Exxon Board Adds Activist After Attacks on Returns, Climate
* Citigroup and Exxon Must Let Investors Vote on ESG Issues
OIL PRODUCT NEWS:
* U.S.: U.S. Fuel Demand Rises After Freeze
* EUROPE: ICE Gasoil Bets; Valero Buys Diesel to U.K.
* ASIA: China’s Stockpiles Swell; India Exports Fall
ECONOMIC DATA: (Times are London.)
* 9:30pm: API weekly report on U.S. oil inventories
* OPEC+ Joint Technical Committee meeting
* Morgan Stanley 2021 Virtual Global Energy & Power Conference
* Russia publishes monthly oil production data for February
Sing VLSFO 0.5% INDIC
Apr-21 473.50 / 476.00
May-21 471.25 / 474.25
Jun-21 469.00 / 472.00
Jul-21 466.50 / 470.00
Aug-21 464.25 / 467.75
Sep-21 461.50 / 465.50
Q2-21 470.50 / 474.50
Q3-21 463.50 / 468.00
Q4-21 456.00 / 461.00
Q1-22 449.75 / 455.75
CAL22 443.00 / 449.00
Rott VLSFO 0.5% INDIC
Apr-21 451.50 / 454.00
May-21 449.25 / 452.25
Jun-21 447.00 / 450.00
Jul-21 444.25 / 447.75
Aug-21 441.75 / 445.25
Sep-21 439.00 / 443.00
Q2-21 448.50 / 452.50
Q3-21 441.25 / 445.75
Q4-21 433.50 / 438.50
Q1-22 427.50 / 433.50
CAL22 420.75 / 426.75
Sing 10ppm GO INDIC
Apr-21 68.42 / 68.54
May-21 68.28 / 68.42
Jun-21 68.13 / 68.29
Jul-21 67.98 / 68.16
Aug-21 67.85 / 68.03
Sep-21 67.71 / 67.91
Q2-21 68.26 / 68.44
Q3-21 67.83 / 68.03
Q4-21 67.34 / 67.58
Q1-22 66.73 / 67.03
CAL22 66.19 / 66.49
ICE Gasoil 10ppm INDIC
Apr-21 513.25 / 514.25
May-21 513.50 / 514.50
Jun-21 513.00 / 514.00
Jul-21 512.25 / 513.75
Aug-21 512.00 / 513.50
Sep-21 512.00 / 513.50
Q2-21 513.25 / 514.25
Q3-21 512.00 / 513.50
Q4-21 509.25 / 510.75
Q1-22 505.25 / 507.75
CAL22 501.50 / 504.50
Sing 380 cst INDIC
Apr-21 361.00 / 362.50
May-21 358.00 / 359.50
Jun-21 354.25 / 356.25
Jul-21 350.50 / 352.50
Aug-21 346.25 / 348.75
Sep-21 341.75 / 344.25
Q2-21 357.50 / 360.00
Q3-21 346.00 / 349.00
Q4-21 333.75 / 336.75
Q1-22 325.75 / 329.25
CAL22 317.50 / 322.50
Rotterdam 3.5% INDIC
Apr-21 347.75 / 349.25
May-21 343.25 / 344.75
Jun-21 338.25 / 340.25
Jul-21 333.25 / 335.25
Aug-21 327.75 / 330.25
Sep-21 322.25 / 324.75
Q2-21 342.75 / 345.25
Q3-21 327.50 / 330.50
Q4-21 312.00 / 315.00
Q1-22 304.25 / 307.75
CAL22 297.00 / 302.00
Sing hi5 Rdam hi5
Apr-21 113.00 104.00
May-21 114.00 107.00
Jun-21 115.00 109.00
Jul-21 117.00 112.00
Aug-21 118.00 114.00
Sep-21 120.00 117.00
Q2-21 114.00 107.00
Q3-21 118.00 114.00
Q4-21 123.00 123.00
Q1-22 125.00 124.00
CAL22 126.00 124.00
sing fogo rott fogo
Apr-21 -35.50 -61.00
May-21 -36.50 -63.25
Jun-21 -37.75 -65.00
Jul-21 -39.00 -67.00
Aug-21 -40.25 -69.25
Sep-21 -41.75 -71.75
Q2-21 -36.50 -63.00
Q3-21 -40.25 -69.25
Q4-21 -44.00 -74.00
Q1-22 -45.50 -76.00
CAL22 -48.75 -79.25
For more information please contact
FIS Oil Desk
info@freightinvestor.com
UK number: +44 (0) 207 090 1134
Shanghai number: +86 (0)21 63012568
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
Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987