Morning Oil Report
At 9:46 am Singapore time (0147 GMT), the ICE October Brent futures contract was up 2 cents/b (0.03%) from the previous close at $70.65/b, while the NYMEX September light sweet crude contract was unchanged over the same period at $68.29/b.
API
Crude -0.816M
Cushing -0.413M
Gasoline -1.114M
Distillate +0.673M
Oil prices were also supported by news of a 816,000-barrel draw in US crude oil inventories reported by the American Petroleum Institute overnight, which exceeded the expectations of analysts surveyed by S&P Global Platts Aug. 9 of a 600,000-barrel draw. Investors will be looking to the Energy Information Administration’s weekly report due for release at 10:30 am EST (1430 GMT) Aug. 11 to confirm the draw. (S&P Global Platts)
Iraq wants to boost its oil production to 8 million b/ by 2027, the country’s oil minister told state-run Iraqi News Agency on Aug. 10, as OPEC’s second biggest producer targets a higher output level than previous plans. EIA cut its estimate for 2022 global oil demand growth by 100,000 b/d from last month’s outlook, now predicting demand will increase by 3.6 million b/d from 2021 to 101.3 million b/d in 2022. That would put 2022 global oil demand above pre-pandemic levels for the first time, or 350,000 b/d above the 2019 average.
OIL MARKET ROUND-UP:
* China’s Green Targets Seen as One Reason Behind Fuel Quota Cut
* API Reports U.S. Crude Stockpiles Dropped 816K Bbl Last Week
* New York Gasoline Jumps to 9-Month High on Short Summer Supply
* Oil Demand Monitor: Global Air Traffic Dragged Down by China
* EIA Lowers 2022 U.S. Crude Output Forecast to 11.77m b/d
* Big Oil Payouts Will Take Years to Recover From Pandemic
Singapore 380 INDIC
Sep21 395.25 / 397.25
Oct21 389.50 / 391.50
Nov21 385.50 / 387.50
Dec21 383.00 / 385.00
Jan22 381.00 / 383.00
Feb22 379.75 / 381.75
Q4-21 386.00 / 388.00
Q1-22 379.75 / 381.75
Q2-22 375.75 / 377.75
Q3-22 370.75 / 373.75
CAL22 371.50 / 374.50
Rotterdam 3.5% INDIC
Sep21 377.75 / 379.75
Oct21 372.75 / 374.75
Nov21 369.25 / 371.25
Dec21 366.50 / 368.50
Jan22 364.50 / 366.50
Feb22 363.25 / 365.25
Q4-21 369.50 / 371.50
Q1-22 363.25 / 365.25
Q2-22 358.75 / 360.75
Q3-22 353.00 / 356.00
CAL22 354.50 / 357.50
Singapore VLSFO 0.5% INDIC
Sep21 508.00 / 513.00
Oct21 505.50 / 510.50
Nov21 503.00 / 508.00
Dec21 500.50 / 505.50
Jan22 498.00 / 503.00
Feb22 496.00 / 501.00
Q4-21 503.00 / 508.00
Q1-22 496.00 / 501.00
Q2-22 489.75 / 495.75
Q3-22 484.50 / 490.50
CAL22 487.25 / 493.25
Rott VLSFO 0.5% INDIC
Sep21 488.25 / 493.25
Oct21 486.50 / 491.50
Nov21 484.50 / 489.50
Dec21 482.25 / 487.25
Jan22 480.00 / 485.00
Feb22 477.75 / 482.75
Q4-21 484.50 / 489.50
Q1-22 477.75 / 482.75
Q2-22 471.25 / 477.25
Q3-22 465.75 / 471.75
CAL22 468.75 / 474.75
Sing 10ppm GO INDIC
Sep21 76.78 / 76.92
Oct21 76.58 / 76.78
Nov21 76.31 / 76.51
Dec21 76.03 / 76.23
Jan22 75.79 / 75.99
Feb22 75.58 / 75.78
Q4-21 76.30 / 76.50
Q1-22 75.58 / 75.78
Q2-22 75.15 / 75.35
Q3-22 74.86 / 75.06
CAL22 74.86 / 75.26
Ice Gasoil Swap
Sep21 581.81 / 583.81
Oct21 581.02 / 583.02
Nov21 578.42 / 580.42
Dec21 576.34 / 578.34
Jan22 575.24 / 577.24
Feb22 574.10 / 576.10
Q4-21 578.60 / 580.60
Q1-22 574.28 / 576.28
Q2-22 569.75 / 571.75
Q3-22 567.65 / 569.65
CAL22 568.61 / 571.61
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