Morning Oil Report
Brent crude rose $1.20, or 1.7%, to settle at $72.25 a barrel. U.S. West Texas Intermediate (WTI) crude gained 82 cents, or 1.2%, to end at $68.36 a barrel. U.S. gasoline futures rose 5.5% to settle at $2.3008 a gallon. During the session, prices reached $2.3026 a gallon, their highest since Aug. 12.
EIA week ending 8/20
Crude oil: -3.0M
Gasoline: -2.2M
Distillates: +0.6M
Refiner utilz: 92.4%
Impld mogas demand: 9.57Mbpd
The four-week average for U.S. total product supplied, a proxy for fuel demand, soared to nearly 21 million barrels per day, its highest since March 2020, when governments first began to widely impose pandemic-related restrictions, U.S. Energy Information Administration data for last week showed. Refiners have ramped up production to 92.4% of operable capacity, the highest since late June, helping send U.S. crude inventories to the lowest since January 2020. Last week, crude inventories fell by 3 million barrels to 432.6 million barrels, their lowest since January 2020, the EIA said. (Reuters)
OIL MARKET ROUND-UP:
* Americans Keep Driving Despite Virus Concerns, Aiding Oil Prices
* Crude Stored in Europe’s Oil Trading Hub Falls to 17-Month Low
* U.S. Gulf Sour Crudes Strengthen Amid Mexico Platform Woes
* U.S. Oil Prices Widen Gap to Brent Before Government Supply Sale
* Rising Canadian Oil Prices Signal Doubts Over Mexico Restart
* Heavy Fuel Stocks Lowest in Almost Five-Months at Fujairah
*Rotterdam 3.5% INDIC*
Sep21 383.25 / 385.25
Oct21 378.00 / 380.00
Nov21 373.00 / 375.00
Dec21 369.25 / 371.25
Jan22 367.00 / 369.00
Feb22 365.50 / 367.50
Q4-21 373.50 / 375.50
Q1-22 365.50 / 367.50
Q2-22 360.50 / 362.50
Q3-22 354.00 / 357.00
CAL22 355.75 / 361.75
*Singapore 380 INDIC*
Sep21 405.25 / 407.25
Oct21 397.00 / 399.00
Nov21 391.00 / 393.00
Dec21 387.00 / 389.00
Jan22 384.50 / 386.50
Feb22 383.00 / 385.00
Q4-21 391.75 / 393.75
Q1-22 383.00 / 385.00
Q2-22 378.25 / 380.25
Q3-22 372.50 / 375.50
CAL22 373.50 / 379.50
*Rott VLSFO 0.5% INDIC*
Sep21 493.50 / 498.50
Oct21 491.00 / 496.00
Nov21 488.75 / 493.75
Dec21 486.50 / 491.50
Jan22 484.25 / 489.25
Feb22 482.25 / 487.25
Q4-21 488.75 / 493.75
Q1-22 482.25 / 487.25
Q2-22 476.00 / 482.00
Q3-22 469.75 / 477.75
CAL22 472.50 / 480.50
*Sing VLSFO 0.5% INDIC*
Sep21 514.00 / 519.00
Oct21 510.75 / 515.75
Nov21 508.25 / 513.25
Dec21 505.75 / 510.75
Jan22 503.50 / 508.50
Feb22 501.50 / 506.50
Q4-21 508.25 / 513.25
Q1-22 501.50 / 506.50
Q2-22 495.00 / 501.00
Q3-22 488.00 / 496.00
CAL22 491.25 / 499.25
*Sing 10ppm GO INDIC*
Sep21 77.84 / 77.98
Oct21 77.61 / 77.81
Nov21 77.28 / 77.48
Dec21 76.95 / 77.15
Jan22 76.67 / 76.87
Feb22 76.42 / 76.62
Q4-21 77.25 / 77.55
Q1-22 76.40 / 76.70
Q2-22 75.94 / 76.24
Q3-22 75.60 / 75.90
CAL22 75.67 / 76.07
*ICE Gasoil 10ppm INDIC*
Sep21 590.28 / 594.28
Oct21 588.50 / 592.50
Nov21 585.04 / 589.04
Dec21 582.08 / 586.08
Jan22 580.02 / 584.02
Feb22 578.19 / 582.19
Q4-21 585.20 / 589.20
Q1-22 578.11 / 582.11
Q2-22 573.25 / 577.25
Q3-22 570.98 / 574.98
CAL22 572.52 / 576.52
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