FIS Fuel Oil Morning Report 03/03/21

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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