U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to $59.93 a barrel by 0356 GMT, recovering from three days of losses. Brent crude futures rose 29 cents, or 0.46%, to $62.99 a barrel, up from four days of losses. Both futures had dipped in Asia’s early morning trading. Both markers have been on a downward trajectory since late last week, falling 5.16% and 5.95% from the Feb. 25 settle to close at $59.75/b and $62.70/b respectively on March 2.
API:
Crude +7.356M VS Est.-1.850M
Cushing +0.732M
Gasoline -9.933M VS Est.-2.125M
Distillate -9.053M VS Est.-2.900M
US have announced that every US adult will be offered the chance to have the vaccine by May as pharmaceutical companies step up I the race to develop more vaccines to meet the huge population.
The main focus of this first week in March will be the OPEC meeting due this Thursday as members look to discuss output cuts and it is expected that the deepest ever cuts made will be gradually phased back into the market as the 2-month voluntary period of cuts by Saudi Arabia comes to an end at the end of this month. And extra 1.5 million barrels of oil a day could re-enter the market in April.
API inventories showed a huge build on crude stocks of over seven million barrels, but on the positive side, gasoline stocks posted a larger that expected draw to buoy oil prices as demand begins to return to the oil markets as lockdowns are slowly being lifted around the world. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 371.21
* Rott 3.5%: 358.25
* Sing 0.5%: 488.64
* Rott 0.5%: 468.00
OIL MARKET ROUND-UP:
* Exxon Mobil to Cut Jobs in Singapore as Big Oil Retrenches
* OPEC+ Is Poised to Cool Down Oil Market With Extra Production
* OPEC Core’s Crude Exports Gain Despite Saudis’ Output Sacrifice
* API Reports U.S. Crude Stockpiles Rose 7.36M Bbl Last Week
* Conoco Sees Global Oil Demand Recovery by 2022
* U.S. Oil Buyers Making Rare Foray Into Asia as Fuel Demand Gains
* EUROPE-AMERICAS FUEL: Flows Swell to 3-Month High on U.S. Pull
* Mexican Oil Port Resumes Normal Loadings of Isthmus Crude
OTHER NEWS:
* Oil Industry Trade Group Mulls Embrace of Carbon Pricing
* Exxon CEO Pledges Support for Carbon Price
OIL PRODUCT NEWS:
* U.S.: Total About to Restart Units at Port Arthur
* EUROPE: Valero Seeks Diesel Into U.K.; ISAB South
* ASIA: India’s Gasoline Sales Slip; Cheap Ships
ECONOMIC DATA: (Times are London. )
* OPEC+ Joint Ministerial Monitoring Committee meeting, ahead of Thursday’s full meeting
* 3:30pm: EIA weekly report on U.S. oil inventories
* Exxon Mobil investor day
Rotterdam 3.5% INDIC
Apr21 344.50 / 346.50
May21 340.75 / 342.75
Jun21 336.50 / 338.50
Jul21 332.00 / 334.00
Aug21 327.25 / 329.25
Sep21 322.25 / 324.25
Q2-21 340.75 / 342.75
Q3-21 327.25 / 329.25
Q4-21 312.75 / 314.75
Q1-22 305.25 / 308.25
CAL22 303.75 / 306.75
Singapore 380 INDIC
Apr21 357.00 / 359.00
May21 354.75 / 356.75
Jun21 351.75 / 353.75
Jul21 348.50 / 350.50
Aug21 345.00 / 347.00
Sep21 341.00 / 343.00
Q2-21 354.50 / 356.50
Q3-21 345.00 / 347.00
Q4-21 333.50 / 335.50
Q1-22 326.50 / 329.50
CAL22 323.75 / 326.75
Rott VLSFO 0.5% INDIC
Apr21 452.25 / 457.25
May21 450.25 / 455.25
Jun21 448.25 / 453.25
Jul21 445.75 / 450.75
Aug21 443.25 / 448.25
Sep21 440.75 / 445.75
Q2-21 450.25 / 455.25
Q3-21 443.25 / 448.25
Q4-21 435.50 / 441.50
Q1-22 429.50 / 435.50
CAL22 422.25 / 428.25
Singapore VLSFO 0.5% INDIC
Apr21 477.25 / 482.25
May21 475.00 / 480.00
Jun21 472.75 / 477.75
Jul21 470.50 / 475.50
Aug21 468.25 / 473.25
Sep21 466.00 / 471.00
Q2-21 475.00 / 480.00
Q3-21 468.25 / 473.25
Q4-21 461.00 / 467.00
Q1-22 454.75 / 460.75
CAL22 447.25 / 453.25
Sing 10ppm GO INDIC
Apr21 68.77 / 68.91
May21 68.64 / 68.84
Jun21 68.50 / 68.70
Jul21 68.35 / 68.55
Aug21 68.21 / 68.41
Sep21 68.07 / 68.27
Q2-21 68.65 / 68.85
Q3-21 68.21 / 68.41
Q4-21 67.65 / 67.85
Q1-22 67.06 / 67.26
CAL22 66.57 / 66.97
Ice Gasoil Swap
Apr21 515.36 / 517.36
May21 515.45 / 517.45
Jun21 515.13 / 517.13
Jul21 514.66 / 516.66
Aug21 514.33 / 516.33
Sep21 514.41 / 516.41
Q2-21 515.30 / 517.30
Q3-21 514.47 / 516.47
Q4-21 512.10 / 514.10
Q1-22 509.90 / 511.90
CAL22 507.03 / 510.03
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