Brent crude for June delivery was up by 31 cents, or 0.5%, at $63.05 a barrel by 0159 GMT after falling 2.2% overnight before pushing up over 40 cents by 0730BST to $63.45. U.S. oil was up 38 cents, or 0.6%, at $59.54 a barrel, having dropped 2.3% on Wednesday.
EIA week ending 3/26
Crude oil: -0.9M
Gasoline: -1.7M
Distillates: +2.5M
Refiner utilz: 83.9%
Impld mogas demand: 8.89Mbpd
EIA figures released yesterday showed of a positive draw on both the Crude and Gasoline stock, but there was a greater that expected build on distillate stocks which left the market reaction pretty flat as a result, with oil coming off over 2% over the day.
Eyes are all on the OPEC meeting scheduled for today, where OPEC and its allies are discussing the way forward for the production schedules into May. With the market as it is, and the fragilities that are persisting with the Coronavirus, many are expecting that the production schedule will remain similar to the levels at current, with only an increase in production according to seasonal demand increases.
A lowering of the OPEC+ oil demand growth forecast for this year by 300,000 barrels per day (bpd) also weighed on prices and made it more likely the meeting would result in continued restraint. On Wednesday, the Joint Technical Committee, which advises the group of oil-producing nations that includes Saudi Arabia and Russia, made no formal recommendation, three OPEC+ sources said. (Reuters)
In fuel, To address growing demand from its power sector as electricity demand starts to grow, Pakistan State Oil has already issued buy tenders seeking two 65,000-mt cargoes of 180 CST high sulfur fuel oil for delivery over June, according to market traders. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 380.40
* Rott 3.5%: 365.48
* Sing 0.5%: 488.64
* Rott 0.5%: 468.99
OIL MARKET ROUND-UP:
* OPEC+ Panel Ended Without Oil Policy Recommendation: Delegates
* U.S. Oil Demand Is Picking Up as Americans Get Ready to Travel
* Libyan Crude Moves Through Suez Canal as Backlog Eases
* North Sea Johan Sverdrup Exports Set at Record 535K B/D in May
* U.S. Monthly Oil Output Falls 0.2% in Jan. to 3-Month Low: EIA
* U.S. Imports of Saudi Crude Oil Rise 23%: EIA
* EIA: Crude -876k Bbl, Median Est. -1,500k Bbl
* 6pm: Baker Hughes weekly rig count report (instead of on Friday due to holiday)
Rotterdam 3.5% INDIC
May21 343.25 / 345.25
Jun21 340.75 / 342.75
Jul21 337.50 / 339.50
Aug21 333.00 / 335.00
Sep21 328.00 / 330.00
Oct21 323.00 / 325.00
Q3-21 332.75 / 334.75
Q4-21 318.50 / 320.50
Q1-22 311.25 / 313.25
Q2-22 307.00 / 310.00
CAL22 304.50 / 307.50
Singapore 380 INDIC
May21 355.50 / 357.50
Jun21 353.50 / 355.50
Jul21 351.00 / 353.00
Aug21 348.00 / 350.00
Sep21 344.50 / 346.50
Oct21 340.75 / 342.75
Q3-21 347.75 / 349.75
Q4-21 337.75 / 339.75
Q1-22 331.25 / 333.25
Q2-22 326.75 / 329.75
CAL22 326.50 / 329.50
Rott VLSFO 0.5% INDIC
May21 437.75 / 442.75
Jun21 437.00 / 442.00
Jul21 436.25 / 441.25
Aug21 435.50 / 440.50
Sep21 434.50 / 439.50
Oct21 433.50 / 438.50
Q3-21 435.25 / 440.25
Q4-21 432.50 / 437.50
Q1-22 428.50 / 434.50
Q2-22 424.75 / 430.75
CAL22 422.75 / 428.75
Singapore VLSFO 0.5% INDIC
May21 456.50 / 461.50
Jun21 456.50 / 461.50
Jul21 456.00 / 461.00
Aug21 455.25 / 460.25
Sep21 454.50 / 459.50
Oct21 453.75 / 458.75
Q3-21 455.25 / 460.25
Q4-21 452.75 / 457.75
Q1-22 449.50 / 455.50
Q2-22 446.50 / 452.50
CAL22 445.00 / 451.00
Sing 10ppm GO INDIC
May21 66.29 / 66.43
Jun21 66.42 / 66.62
Jul21 66.54 / 66.74
Aug21 66.64 / 66.84
Sep21 66.75 / 66.95
Oct21 66.74 / 66.94
Q3-21 66.65 / 66.85
Q4-21 66.60 / 66.80
Q1-22 66.42 / 66.62
Q2-22 66.42 / 66.62
CAL22 66.23 / 66.63
Ice Gasoil Swap
May21 499.25 / 501.25
Jun21 501.19 / 503.19
Jul21 502.60 / 504.60
Aug21 503.72 / 505.72
Sep21 505.06 / 507.06
Oct21 505.25 / 507.25
Q3-21 503.80 / 505.80
Q4-21 504.75 / 506.75
Q1-22 505.48 / 507.48
Q2-22 507.96 / 509.96
CAL22 507.45 / 510.45
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