Brent crude futures slid $1.33, or 2.1%, to $63.08 a barrel at 0559 GMT, after jumping 6% overnight. U.S. West Texas Intermediate (WTI) crude futures dropped by $1.40, or 2.3%, to $59.78 a barrel, after climbing 5.9% overnight.
EIA week ending 3/19
Crude oil: +1.9M
Gasoline: +0.2M
Distillates: +3.8M
Refiner utilz: 81.6%
Impld mogas demand: 8.62Mbpd
EIA figures released yesterday show that although crude stocks continue to post builds, there are positive signs that the gasoline demand is improving, and refinery run rates were a lot more bullish than last weeks. However, they were overshadowed with the ominous sense of resurgence of the coronavirus in key economies, with cases rising around the globe with India reporting the highest daily tally for cases and deaths from COVID-19. The consensus in the market seems that a push in oil will not occur until at least after the OPEC meeting due to occur on the 1st April.
The 400-meter-long container vessel that ran aground in the Suez-canal may be stopping flows of 10 tankers carrying up to 13 million barrels of oil, amongst ships also carrying other freight. The disruption is expected to last for at least a few more days, with authorities looking at how to best manoeuvre the carrier out of the way to restart flows along the canal. The ship has been partially re-floated and as there is the expectation that flows could resume quickly after the blockade is removed. Tugboats are working hard to free the vessel, but the sheer size and weather conditions are making the rescue efforts even more difficult.
INDEX: (MTD Estimates)
* Sing 380: 384.15
* Rott 3.5%: 396.38
* Sing 0.5%: 494.01
* Rott 0.5%: 474.85
OIL MARKET ROUND-UP:
* U.S. Crude Stocks Rise on Production, Imports: EIA Takeaways
* WTI Posts Best Day Since November on U.S. Supply Report: Chart
* Urals Crude Loadings From Baltic to Drop to 3.9M Tons in April
* Benchmark Tanker Rates Turn Positive For First Time Since Feb. 2
* Shut Suez Means Around 2M B/d of Oil Flows Are Halted: Braemar
* Canal Blockage May Tighten Asian Naphtha, Fuel Oil
* Suez Blockage Lifts Rates for Ships Moving Products, Oil to Asia
Sing VLSFO 0.5% INDIC
Apr-21 463.00 / 465.50
May-21 462.75 / 465.75
Jun-21 462.25 / 465.25
Jul-21 461.50 / 465.00
Aug-21 461.00 / 464.50
Sep-21 460.25 / 464.25
Q2-21 462.50 / 466.00
Q3-21 460.75 / 464.75
Q4-21 458.50 / 463.00
Q1-22 456.00 / 461.00
CAL22 450.25 / 456.25
Rott VLSFO 0.5% INDIC
Apr-21 444.00 / 446.50
May-21 443.25 / 446.25
Jun-21 442.75 / 445.75
Jul-21 441.75 / 445.25
Aug-21 441.00 / 444.50
Sep-21 440.00 / 444.00
Q2-21 443.00 / 446.50
Q3-21 440.75 / 444.75
Q4-21 437.75 / 442.25
Q1-22 434.00 / 439.00
CAL22 427.75 / 433.75
Sing 10ppm GO INDIC
Apr-21 66.89 / 67.01
May-21 67.08 / 67.22
Jun-21 67.23 / 67.39
Jul-21 67.31 / 67.49
Aug-21 67.35 / 67.53
Sep-21 67.39 / 67.59
Q2-21 67.07 / 67.25
Q3-21 67.34 / 67.54
Q4-21 67.22 / 67.46
Q1-22 66.98 / 67.28
CAL22 66.83 / 67.13
ICE Gasoil 10ppm INDIC
Apr-21 503.50 / 504.50
May-21 505.50 / 506.50
Jun-21 507.00 / 508.00
Jul-21 508.00 / 509.50
Aug-21 509.00 / 510.50
Sep-21 510.00 / 511.50
Q2-21 505.25 / 506.25
Q3-21 509.00 / 510.50
Q4-21 509.75 / 511.25
Q1-22 508.00 / 510.50
CAL22 507.00 / 510.00
Sing 380 cst INDIC
Apr-21 361.50 / 363.00
May-21 359.75 / 361.25
Jun-21 356.75 / 358.75
Jul-21 353.50 / 355.50
Aug-21 349.50 / 352.00
Sep-21 345.25 / 347.75
Q2-21 358.75 / 361.25
Q3-21 349.00 / 352.00
Q4-21 336.75 / 339.75
Q1-22 330.00 / 333.50
CAL22 322.00 / 327.00
Rotterdam 3.5% INDIC
Apr-21 348.75 / 350.25
May-21 347.25 / 348.75
Jun-21 343.75 / 345.75
Jul-21 340.00 / 342.00
Aug-21 335.00 / 337.50
Sep-21 329.25 / 331.75
Q2-21 346.00 / 348.50
Q3-21 334.25 / 337.25
Q4-21 318.00 / 321.00
Q1-22 310.50 / 314.00
CAL22 302.50 / 307.50
Sing hi5 Rdam hi5
Apr-21 102.00 96.00
May-21 104.00 97.00
Jun-21 106.00 100.00
Jul-21 109.00 103.00
Aug-21 112.00 107.00
Sep-21 116.00 112.00
Q2-21 104.00 97.00
Q3-21 112.00 107.00
Q4-21 122.00 121.00
Q1-22 127.00 124.00
CAL22 129.00 126.00
sing fogo rott fogo
Apr-21 -34.50 -58.75
May-21 -36.00 -61.00
Jun-21 -37.75 -63.25
Jul-21 -38.75 -65.00
Aug-21 -39.75 -66.75
Sep-21 -40.50 -68.75
Q2-21 -36.00 -61.00
Q3-21 -39.75 -67.00
Q4-21 -41.00 -70.25
Q1-22 -41.50 -72.75
CAL22 -46.00 -77.75
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