The week began with gains in early trading for both Brent and U.S. crude. Brent futures increasing 36c to $55.40 per barrel and WTI rising 24c to $52.44 (06:12GMT.) Prices have been boosted by vaccination programmes getting underway in hard-hit countries as well as output cuts by major producers. (Reuters)
A delegate has claimed that OPEC+ implemented 99% of agreed supply curbs in January, withholding around 7% of global supply. The group of nations has decided to keep output unchanged in Feb and March, though Saudi Arabia pledged to cut one million barrels per day in the period. Iraq said it would also reduce its daily output to 3.6 million per day after breaching previous quotas. (Bloomberg)
Exxon and Chevron discussed a potential merger last year, during the early stages of the pandemic, which would have created the second largest oil company in the world the WSJ reported on Sunday. The talks are not said to be ongoing, though the two CEOs may resume discussions. Market caps. currently stand at $190 billion, Exxon and $164 billion, Chevron. (Business Insider)
INDEX: (Jan Month Averages)
* Sing 380: 324.90
* Rott 3.5%: 311.12
* Sing 0.5%: 427.95
* Rott 0.5%: 400.61
MARKETS NEWS:
* OPEC+ Sees Almost Full Compliance With January Oil-Supply Cuts
* Iraq to Get Funding From Litasco to Raise Nassiriya Oil Output
* Chevron Says Permian Growth Restart Depends on Pandemic, OPEC+
* Libya Zawiya Port’s Oil Exports to Ease Slightly in February
* ASIA-AMERICAS FUEL: Feb. Shipments Inch Up; Jan. Volumes Drop
* Asian Fuel Deliveries to Europe Collapse to Zero in January
* Pakistan Government Raises Domestic Fuel Prices for 15 Days
OTHER NEWS:
* Exxon, Chevron CEOs Discussed Merger Last Year, Dow Jones Says
* Biden Aides Say Market Oversight of GameStop Frenzy Is Working
* What to Watch in Commodities: Silver, OPEC, Exxon, Biden, Iron
OIL PRODUCT WRAPS:
* ASIA: India’s Weak Diesel Demand; Hin Leong Saga
* EUROPE: Bleak Air Traffic Forecast; Lebanon Tenders
* U.S.: Phillips 66 Sees Demand Rebound on Vaccines
ECONOMIC DATA/EVENTS:
* Bloomberg to publish OPEC production survey for January
* Bloomberg to publish January crude export tanker tracking
analysis for various OPEC and non-OPEC nations from Monday
onward
* HOLIDAY: Mexico
ECONOMIC DATA/EVENTS:
* Bloomberg to publish OPEC production survey for January
* Bloomberg to publish January crude export tanker tracking
analysis for various OPEC and non-OPEC nations from Monday
onward
* HOLIDAY: Mexico
OTHER FINANCIAL MARKETS:
* Asian Stocks Climb With Futures; Silver Surges: Markets Wrap
Sing VLSFO 0.5% INDIC
Mar-21 428.25 / 430.75
Apr-21 424.75 / 427.75
May-21 422.25 / 425.25
Jun-21 419.50 / 423.00
Jul-21 417.50 / 421.00
Aug-21 415.50 / 419.50
Q2-21 421.75 / 425.75
Q3-21 415.25 / 419.75
Q4-21 410.25 / 415.25
Q1-22 406.50 / 412.50
CAL22 403.75 / 409.75
Rott VLSFO 0.5% INDIC
Mar-21 403.00 / 405.50
Apr-21 400.25 / 403.25
May-21 398.25 / 401.25
Jun-21 396.00 / 399.50
Jul-21 394.00 / 397.50
Aug-21 391.75 / 395.75
Q2-21 397.75 / 401.75
Q3-21 391.50 / 396.00
Q4-21 385.75 / 390.75
Q1-22 382.00 / 388.00
CAL22 380.00 / 386.00
Sing 10ppm GO INDIC
Mar-21 61.15 / 61.27
Apr-21 61.07 / 61.21
May-21 60.97 / 61.13
Jun-21 60.91 / 61.09
Jul-21 60.89 / 61.07
Aug-21 60.88 / 61.08
Q2-21 60.94 / 61.12
Q3-21 60.89 / 61.09
Q4-21 60.73 / 60.97
Q1-22 60.61 / 60.91
CAL22 60.70 / 61.00
ICE Gasoil 10ppm INDIC
Mar-21 454.75 / 455.75
Apr-21 455.75 / 456.75
May-21 456.00 / 457.00
Jun-21 456.50 / 458.00
Jul-21 457.50 / 459.00
Aug-21 458.25 / 459.75
Q2-21 456.25 / 457.25
Q3-21 458.25 / 459.75
Q4-21 458.50 / 460.00
Q1-22 457.75 / 460.25
CAL22 457.50 / 460.50
Sing 380 CST INDIC
Mar-21 326.25 / 327.75
Apr-21 324.75 / 326.25
May-21 322.25 / 324.25
Jun-21 319.50 / 321.50
Jul-21 316.50 / 319.00
Aug-21 313.50 / 316.00
Q2-21 322.00 / 324.50
Q3-21 313.25 / 316.25
Q4-21 304.75 / 307.75
Q1-22 299.00 / 302.50
CAL22 292.25 / 297.25
Rotterdam 3.5% INDIC
Mar-21 312.00 / 313.50
Apr-21 312.00 / 313.50
May-21 310.25 / 312.25
Jun-21 307.50 / 309.50
Jul-21 303.75 / 306.25
Aug-21 300.00 / 302.50
Q2-21 309.75 / 312.25
Q3-21 299.75 / 302.75
Q4-21 287.75 / 290.75
Q1-22 279.00 / 282.50
CAL22 272.25 / 277.25
Sing Hi5 Rdam Hi5
Mar-21 102.00 91.00
Apr-21 101.00 89.00
May-21 100.00 88.00
Jun-21 101.00 89.00
Jul-21 101.00 91.00
Aug-21 103.00 92.00
Q2-21 101.00 89.00
Q3-21 103.00 93.00
Q4-21 107.00 99.00
Q1-22 109.00 104.00
CAL22 112.00 108.00
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