Morning Oil Report
At 11:38 am Singapore time (0338 GMT), the ICE October Brent futures contract was up 11 cents/b (0.15%) from the previous close at $71.55/b while the NYMEX September light sweet crude contract was also up 11 cents/b (0.16%) at $69.36/b.
EIA week ending 8/6
Crude oil: -0.4M
Gasoline: -1.4M
Distillates: +1.8M
Refiner utilz: 91.8%
Impld mogas demand: 9.43 Mbpd
It was only a matter of days between the US president stressing the need for everyone to tackle climate change in the lead up to the COP2026, before breaking news on the wires yesterday reported that the US had suggested that OPEC increased production quotas to keep a lid on rising gasoline prices.
Meanwhile, the weekly EIA report released late Aug. 11 showed total US crude commercial stocks declining 450,000 barrels in the week ended Aug. 6 to 438.78 million barrels. The draw reported by the EIA came in short of the 600,000-barrel draw expected by analysts, and was also smaller than the 816,000 barrel draw reported by the American Petroleum Institute a day earlier. (S&P Global Platts)
Analysts said the market also has come under pressure after media reports surfaced that the Biden administration has called for OPEC+ to increase oil supply in excess of the coalition’s current plan to add back 400,000 b/d of oil monthly from August onward. The US dollar index was trading at 92.90 at 11:28 am Singapore time, down 0.167% from Aug. 10 close. (S&P Global Platts)
OIL MARKET ROUND-UP:
* Biden Pressures OPEC to Speed Production to Lower Gas Prices
* Biden’s OPEC Plea Pits Fuel Price Fears Against Climate Push
* U.S. Crude Production Firmly Above 11m b/d Yet Growth is Weak
* Jet Fuel Demand Gains Were Temporary, EIA Report Shows
* Europe-Americas Fuel Flows Fizzle Even With NY Gasoline Shortage
* Profits From Making Naphtha in Asia Surge to Highest in 5 Years
Rotterdam 3.5% INDIC
Sep21 378.75 / 380.75
Oct21 373.75 / 375.75
Nov21 369.75 / 371.75
Dec21 367.00 / 369.00
Jan22 365.00 / 367.00
Feb22 363.75 / 365.75
Q4-21 370.25 / 372.25
Q1-22 363.75 / 365.75
Q2-22 359.50 / 361.50
Q3-22 353.50 / 356.50
CAL22 357.00 / 360.00
Singapore 380 INDIC
Sep21 395.75 / 397.75
Oct21 390.50 / 392.50
Nov21 386.75 / 388.75
Dec21 384.25 / 386.25
Jan22 382.00 / 384.00
Feb22 380.75 / 382.75
Q4-21 387.00 / 389.00
Q1-22 380.75 / 382.75
Q2-22 376.75 / 378.75
Q3-22 371.75 / 374.75
CAL22 374.75 / 377.75
Rott VLSFO 0.5% INDIC
Sep21 491.50 / 496.50
Oct21 489.75 / 494.75
Nov21 487.75 / 492.75
Dec21 485.75 / 490.75
Jan22 483.50 / 488.50
Feb22 483.25 / 488.25
Q4-21 487.75 / 492.75
Q1-22 482.75 / 487.75
Q2-22 476.75 / 482.75
Q3-22 470.75 / 476.75
CAL22 473.75 / 479.75
Singapore VLSFO 0.5% INDIC
Sep21 511.75 / 516.75
Oct21 509.25 / 514.25
Nov21 506.75 / 511.75
Dec21 504.25 / 509.25
Jan22 501.75 / 506.75
Feb22 499.75 / 504.75
Q4-21 506.75 / 511.75
Q1-22 499.75 / 504.75
Q2-22 493.50 / 499.50
Q3-22 488.25 / 494.25
CAL22 491.00 / 497.00
Sing 10ppm GO INDIC
Sep21 77.15 / 77.29
Oct21 76.97 / 77.17
Nov21 76.71 / 76.91
Dec21 76.44 / 76.64
Jan22 76.23 / 76.43
Feb22 76.05 / 76.25
Q4-21 76.70 / 76.90
Q1-22 76.05 / 76.25
Q2-22 75.71 / 75.91
Q3-22 75.52 / 75.72
CAL22 75.47 / 75.87
Ice Gasoil Swap
Sep21 584.53 / 586.53
Oct21 585.81 / 587.81
Nov21 585.17 / 587.17
Dec21 582.58 / 584.58
Jan22 580.54 / 582.54
Feb22 579.36 / 581.36
Q4-21 584.50 / 586.50
Q1-22 579.35 / 581.35
Q2-22 575.54 / 577.54
Q3-22 568.88 / 570.88
CAL22 571.92 / 574.92
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