Brent crude for May dropped 56 cents, or 0.8%, to $66.96 a barrel by 0414 GMT, while U.S. West Texas Intermediate crude for April was at $63.56 a barrel, down 45 cents, or 0.7%.
#API
#Crude +12.792M VS Est.-0.833M
#Cushing +0.295M
#Gasoline -8.499M VS Est.-4.167M
#Distillate -4.796M VS Est.-3.667M
Crude stocks in the US according to the API rose by over 12 million barrels after various analysts had predicted a draw in the crude stocks after the cold snap in the South. As a result, oil prices softened over the course of the night and into Asia open. OPEC are in a position where the higher oil prices are incentivising more crude production to come online which threatens the oil prices over the medium term. For WTI, the rate needed to incentivise production stands at around $56, and prices are currently well above. (Reuters)
US crude oil production is expected to fall by 160,000 barrels per day in 2021 to 11.15 million barrels per day which is a revision upwards from a previous figure released by the EIA of 290,000 reduction per day previously forecast. (Reuters)
OIL MARKET ROUND-UP:
* Adnoc Increases Murban Crude OSP to $1.05/Bbl Premium for April
* Rising Oil Demand Spurs Restart of Idled Refinery in Philippines
* Chevron Revives Million-Barrel Permian Target After Cuts
* API Reports U.S. Crude Stockpiles Rose 12.8M Bbl Last Week
* EIA Sees U.S. Oil Output Rising to 11M B/D in March After Freeze
* Giant Oil Tankers Are Losing Almost $7,000 a Day Amid OPEC Cuts
OTHER NEWS:
* Oil Bulls Who Stayed Course Through Free-Fall Reap 2021 Rewards
* In Their Own Words, Big Oil Warms to Climate and Shuns Growth
* Rutgers Fund to Exit From Fossil-Fuel Investments Over 10 years
* Exporters Take Unusual Steps to Ease Container Shortage
OIL PRODUCT WRAPS:
* U.S.: New York Tolls Up, Total Restarting in Texas
* EUROPE: ICE Gasoil M1-M2 Weakens; Exxon Supply Deal
* ASIA: China Mega-Refinery; India Eyes Alternatives
ECONOMIC DATA/EVENTS: (Times are London. )
* 9am. Genscape weekly crude inventories in Europe’s ARA region, 9am London time
* EIA weekly report on U.S. oil inventories, supply and demand
Sing VLSFO 0.5% INDIC
Apr-21 495.50 / 498.00
May-21 493.75 / 496.75
Jun-21 492.00 / 495.00
Jul-21 489.75 / 493.25
Aug-21 487.75 / 491.25
Sep-21 485.50 / 489.50
Q2-21 493.25 / 497.25
Q3-21 487.25 / 491.75
Q4-21 481.00 / 486.00
Q1-22 473.75 / 479.75
CAL22 464.25 / 470.25
Rott VLSFO 0.5% INDIC
Apr-21 473.75 / 476.25
May-21 471.50 / 474.50
Jun-21 469.75 / 472.75
Jul-21 467.75 / 471.25
Aug-21 466.00 / 469.50
Sep-21 463.25 / 467.25
Q2-21 471.25 / 475.25
Q3-21 465.25 / 469.75
Q4-21 457.75 / 462.75
Q1-22 449.75 / 455.75
CAL22 439.75 / 445.75
Sing 10ppm GO INDIC
Apr-21 71.19 / 71.31
May-21 71.21 / 71.35
Jun-21 71.14 / 71.30
Jul-21 71.06 / 71.24
Aug-21 70.98 / 71.16
Sep-21 70.86 / 71.06
Q2-21 71.17 / 71.35
Q3-21 70.98 / 71.18
Q4-21 70.47 / 70.71
Q1-22 69.80 / 70.10
CAL22 69.01 / 69.31
ICE Gasoil 10ppm INDIC
Apr-21 534.50 / 535.50
May-21 535.50 / 536.50
Jun-21 536.00 / 537.00
Jul-21 535.75 / 537.25
Aug-21 535.75 / 537.25
Sep-21 535.75 / 537.25
Q2-21 535.25 / 536.25
Q3-21 535.75 / 537.25
Q4-21 533.00 / 534.50
Q1-22 528.00 / 530.50
CAL22 522.50 / 525.50
Sing 380 cst INDIC
Apr-21 382.75 / 384.25
May-21 380.50 / 382.00
Jun-21 377.00 / 379.00
Jul-21 373.25 / 375.25
Aug-21 368.75 / 371.25
Sep-21 364.00 / 366.50
Q2-21 379.75 / 382.25
Q3-21 368.50 / 371.50
Q4-21 355.00 / 358.00
Q1-22 347.00 / 350.50
CAL22 336.00 / 341.00
Rotterdam 3.5% INDIC
Apr-21 370.25 / 371.75
May-21 367.50 / 369.00
Jun-21 363.00 / 365.00
Jul-21 358.00 / 360.00
Aug-21 352.25 / 354.75
Sep-21 346.50 / 349.00
Q2-21 366.50 / 369.00
Q3-21 352.00 / 355.00
Q4-21 335.50 / 338.50
Q1-22 326.25 / 329.75
CAL22 316.25 / 321.25
Sing hi5 Rdam hi5
Apr-21 113.00 104.00
May-21 114.00 105.00
Jun-21 115.00 107.00
Jul-21 117.00 110.00
Aug-21 119.00 114.00
Sep-21 122.00 117.00
Q2-21 114.00 105.00
Q3-21 120.00 114.00
Q4-21 127.00 123.00
Q1-22 128.00 125.00
CAL22 129.00 124.00
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