Brent crude futures gained 47 cents, or 0.8%, to $58.93 a barrel, by 0317 GMT with levels reaching $59 by 0745GMT, having earlier hit their highest since Feb. 21, 2020 in the wake of the OPEC+ decision. U.S. West Texas Intermediate (WTI) crude futures climbed 49 cents, or 0.9%, to $56.18 a barrel after reaching its highest settlement level in a year on Wednesday.
EIA week ending 1/29
Crude oil: -1.0M
Gasoline: +4.5M
Distillates: NC
Refiner utilz: 82.3%
Impld mogas demand: 7.77Mbpd
OPEC commitments to uphold current output quotas are seemingly working to rebalance the oil market and the urgency to keep these in place is high as the group have revised sown their oil demand forecasts in 2021, with supply following suit accordingly. Yesterday, EIA figures released showed of a 994,000-barrel draw but many were expecting this figure to be more than double the published figures, yet it demonstrates the tightness of the market as the global economy looks ahead to a world beyond the pandemic. (S&P Global Platts)
The US are creeping closer to a stimulus package which would give the US economy a much-needed boost to circumnavigate the negative effects of the pandemic.
Shell released its Q4 figures today, and surprisingly shows that it is due to increase its dividends by 4% on the last in a sign of confidence of a recovery from the falling oil prices during 2020, annual earnings were down 71% from a year earlier. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 336.02
* Rott 3.5%: 324.83
* Sing 0.5%: 448.52
* Rott 0.5%: 420.33
MARKETS NEWS:
* U.S. Moves to Seize Oil Shipment It Says Iran Exported Covertly
* U.S. Oil Production Could Return to 2019 Levels in 2 Years: EIA
* Houston Spot Gasoline Prices Drop With Storage Tanks Filling Up
* Oil’s Rally Is Another Kick in the Teeth for Tanker Owners
* Some Asian Oil Stocks Rise After OPEC, Allies Pledge Rebalancing
* Biden’s Interior Department Authorizes Oil Drilling in Alaska
* Iraq Jan. Commitment With OPEC+ Deal Was 106%: SOMO
* Myanmar Unrest May Delay Oil Projects, Hit LNG Imports: WoodMac
* OIL DEMAND MONITOR: Chinese Roads Get Busier Even as Flights Dip
OTHER NEWS:
* EU Carbon Surges to a Record as Speculation Boosts Market
* Chesapeake Energy Cuts Staff by 15% Ahead of Bankruptcy Exit
* India’s Reliance to Sell Marcellus Shale Assets to Northern Oil
* Socar Trading Moves Luc Chevallier to Global Operations Head
OIL PRODUCT NEWS:
* U.S.: Gulf Coast Gasoline Dropping on Supply Build
* ASIA: Aviation Recovery Faltering; Stockpiles Fall
ECONOMIC DATA/EVENTS: (Times are London. )
* Saudi Arabia announces official selling prices for March crude oil sales to global customers
* Singapore onshore oil-product stockpile weekly data
* Russian weekly refinery outage data from ministry
* EARNINGS: Royal Dutch Shell Plc, Suncor Energy Inc., Nov Inc., Aker BP, Hindustan Petroleum
Sing VLSFO 0.5% INDIC
Mar-21 450.50 / 453.00
Apr-21 446.25 / 449.25
May-21 443.25 / 446.25
Jun-21 440.50 / 444.00
Jul-21 438.00 / 441.50
Aug-21 435.50 / 439.50
Q2-21 442.75 / 446.75
Q3-21 435.25 / 439.75
Q4-21 429.25 / 434.25
Q1-22 423.50 / 429.50
CAL22 418.25 / 424.25
Rott VLSFO 0.5% INDIC
Mar-21 425.50 / 428.00
Apr-21 422.25 / 425.25
May-21 419.50 / 422.50
Jun-21 416.75 / 420.25
Jul-21 414.25 / 417.75
Aug-21 411.50 / 415.50
Q2-21 419.00 / 423.00
Q3-21 411.25 / 415.75
Q4-21 405.00 / 410.00
Q1-22 400.25 / 406.25
CAL22 395.75 / 401.75
Sing 10ppm GO INDIC
Mar-21 64.56 / 64.68
Apr-21 64.47 / 64.61
May-21 64.38 / 64.54
Jun-21 64.29 / 64.47
Jul-21 64.20 / 64.38
Aug-21 64.10 / 64.30
Q2-21 64.36 / 64.54
Q3-21 64.09 / 64.29
Q4-21 63.77 / 64.01
Q1-22 63.58 / 63.88
CAL22 63.29 / 63.59
ICE Gasoil 10ppm INDIC
Mar-21 481.75 / 482.75
Apr-21 482.25 / 483.25
May-21 482.50 / 483.50
Jun-21 482.25 / 483.75
Jul-21 482.50 / 484.00
Aug-21 482.50 / 484.00
Q2-21 482.50 / 483.50
Q3-21 482.75 / 484.25
Q4-21 481.25 / 482.75
Q1-22 478.75 / 481.25
CAL22 476.50 / 479.50
Sing 380 cst INDIC
Mar-21 343.75 / 345.25
Apr-21 342.00 / 343.50
May-21 339.25 / 341.25
Jun-21 336.25 / 338.25
Jul-21 332.75 / 335.25
Aug-21 329.50 / 332.00
Q2-21 338.75 / 341.25
Q3-21 329.25 / 332.25
Q4-21 319.75 / 322.75
Q1-22 312.75 / 316.25
CAL22 304.25 / 309.25
Rotterdam 3.5% INDIC
Mar-21 329.75 / 331.25
Apr-21 328.00 / 329.50
May-21 324.75 / 326.75
Jun-21 320.75 / 322.75
Jul-21 316.25 / 318.75
Aug-21 315.75 / 318.25
Q2-21 324.25 / 326.75
Q3-21 314.25 / 317.25
Q4-21 302.50 / 305.50
Q1-22 294.75 / 298.25
CAL22 287.00 / 292.00
Sing hi5 Rdam hi5
Mar-21 107.00 96.00
Apr-21 105.00 95.00
May-21 104.00 95.00
Jun-21 105.00 97.00
Jul-21 106.00 98.00
Aug-21 107.00 96.00
Q2-21 105.00 96.00
Q3-21 107.00 98.00
Q4-21 111.00 103.00
Q1-22 112.00 107.00
CAL22 115.00 109.00
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