At 10:21 am Singapore time (0221 GMT), the ICE September Brent futures contract was up 30 cents/b (0.40%) from the previous settle at $74.92/b, while the NYMEX August light sweet crude contract was 28 cents/b (0.38%) higher at $73.75/b.
EIA week ending 6/26
Crude oil: -6.7M
Gasoline: +1.5M
Distillates: -0.9M
Refiner utilz: 92.9%
Impld mogas demand: 9.17Mbpd
The end of Q2 bought with it relatively little volatility in yesterday’s trading as the market anticipates the updates from today’s OPEC+ meeting in which August’s output quotas will be decided if all members can come to an agreement. Its widely thought that the output level will rise by 500k barrels but nothing is yet to be confirmed until the group meet virtually later today.
EIA data released late June 30 showed a headline US crude draw of 6.72 million barrels to 452.34 million barrels in the week ended June 25, almost 7% below the five-year average for this time of year and marking the sixth consecutive week of decline amid rising US refinery demand. Total US net crude inputs rose 190,000 b/d to average 16.3 million b/d in the week, while refinery utilization climbed 0.7 percentage points to 92.9% of total capacity, the highest since the week ended Jan. 3, 2020. (S&P Global Platts)
The OPEC+ alliance could discuss on Thursday extending the current oil production pact beyond its original end date, April 2022, Reuters reported on Wednesday, quoting two OPEC+ sources. The ministers of the OPEC+ producers meet on July 1 to decide how to proceed with the easing of the oil production cuts from August, when the group will have returned around 2 million barrels per day (bpd) from its oil output on the market. However, OPEC+ still keeps some 5.7 million bpd off the market, and analysts and traders expect the group’s decision tomorrow. (OilPrice.com)
OIL MARKET ROUND-UP:
* U.S. Crude Stocks Are Falling at Record Rates as Demand Surges
* Shale Will Wait for OPEC Before Opening Taps, Conoco Says
* Russia Able to Boost Oil Production Quickly If OPEC+ Agrees
* Japan’s Monthly Gasoline Imports Jump to Highest in 30 Years
* China Jet Fuel Into California Flowing Again in Oil Comeback
* U.S. April Oil Output Inches Lower After Pandemic-High: EIA
* Benchmark Oil Tanker Rates Dip; U.S.-Europe Clean Route Jumps
Rotterdam 3.5% INDIC
Aug21 401.75 / 403.75
Sep21 398.00 / 400.00
Oct21 394.50 / 396.50
Nov21 391.25 / 393.25
Dec21 388.00 / 390.00
Jan22 385.50 / 387.50
Q4-21 391.25 / 393.25
Q1-22 383.00 / 385.00
Q2-22 375.25 / 377.25
Q3-22 374.75 / 377.75
CAL22 371.00 / 374.00
Singapore 380 INDIC
Aug21 413.25 / 415.25
Sep21 411.25 / 413.25
Oct21 409.00 / 411.00
Nov21 406.75 / 408.75
Dec21 404.75 / 406.75
Jan22 402.00 / 404.00
Q4-21 407.00 / 409.00
Q1-22 399.75 / 401.75
Q2-22 392.50 / 394.50
Q3-22 392.00 / 395.00
CAL22 389.50 / 392.50
Rott VLSFO 0.5% INDIC
Aug21 512.25 / 517.25
Sep21 510.75 / 515.75
Oct21 509.25 / 514.25
Nov21 507.50 / 512.50
Dec21 505.75 / 510.75
Jan22 503.75 / 508.75
Q4-21 507.50 / 512.50
Q1-22 501.50 / 506.50
Q2-22 493.75 / 499.75
Q3-22 493.75 / 499.75
CAL22 489.75 / 495.75
Singapore VLSFO 0.5% INDIC
Aug21 532.00 / 537.00
Sep21 530.75 / 535.75
Oct21 529.25 / 534.25
Nov21 527.50 / 532.50
Dec21 525.75 / 530.75
Jan22 524.00 / 529.00
Q4-21 527.50 / 532.50
Q1-22 522.00 / 527.00
Q2-22 515.00 / 521.00
Q3-22 515.00 / 521.00
CAL22 511.50 / 517.50
Sing 10ppm GO INDIC
Aug21 79.85 / 79.99
Sep21 79.78 / 79.98
Oct21 79.63 / 79.83
Nov21 79.33 / 79.53
Dec21 79.00 / 79.20
Jan22 78.82 / 79.02
Q4-21 79.30 / 79.50
Q1-22 78.61 / 78.81
Q2-22 77.97 / 78.17
Q3-22 77.97 / 78.17
CAL22 77.63 / 78.03
Ice Gasoil Swap
Aug21 601.23 / 603.23
Sep21 601.86 / 603.86
Oct21 600.81 / 602.81
Nov21 598.42 / 600.42
Dec21 596.55 / 598.55
Jan22 595.32 / 597.32
Q4-21 598.60 / 600.60
Q1-22 594.29 / 596.29
Q2-22 587.64 / 589.64
Q3-22 587.64 / 589.64
CAL22 586.26 / 589.26
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