Brent crude futures added 53 cents, or 0.8%, to $64.60 a barrel, as of 0553 GMT, after climbing more than 2% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures gained 46 cents, or 0.8% to $61.74 a barrel.
EIA week ending 2/26
Crude oil: +21.6M
Gasoline: -13.6M
Distillates: -9.7M
Refiner utilz: 56.0%
Impld mogas demand: 8.15Mbpd
The figures presented by the EIA last night showed of the biggest build in crude stocks since 1982 at over 21 million barrels, but market reacted positively as a larger than expected draw on products ensued, with the largest ever recorded draw in Gasoline since 1992.
OPEC are meeting today to address the output cuts in what should be a day full of volatility, similar to yesterday as sources are suggesting that output cuts are due to roll over to April as opposed to being implemented next month. This would see output levels remain at similar levels and as a result oil prices could react in a positive way throughout the day.
India, the world’s third largest oil importer and consumer, wants major OPEC+ producers to boost output in order to fulfil their promise of stable crude markets, the nation’s oil minister Dharmendra Pradhan said on Wednesday. (Reuters)
OIL MARKET ROUND-UP:
* OPEC+ Ministerial Panel Ends Without Output Recommendation
* Iran Taps Old Oil Customers as It Eyes End of U.S. Sanctions
* U.S. Weekly Crude Inventories Jumped the Most Since 1982
* Gasoline Is Headed Toward $3 in U.S. For First Time in Six Years
* Platts Says Sorry to Oil Traders for Sudden Overhaul to Brent
* Oil-Market Uncertainties Remain, But Situation Is Better: Novak
* Alaska, West Canada Crude Exports to Asia Steady in February
OTHER NEWS:
* Energy Secretary Says Oil Industry Must Embrace Green Transition
* Russia May Slash Borrowing This Year as Oil Revenues Surge
* Transnet Calls for End to Total’s South African Oil-Tariff Break
* Israel Accuses Iran of ‘Environmental Terrorism’ in Oil Spill
OIL PRODUCT NEWS:
* U.S.: Record U.S. Fuel Supply Drop May Boost Prices
* EUROPE: U.S. Pulls Fuel; Roads Quiet; Exxon Work
* ASIA: India Set For Record Demand; YNCC’s Naphtha
ECONOMIC DATA: (Times are London. )
* OPEC+ ministerial meeting, via video conference, where ministers will discuss and decide on oil production limits
* Chinese People’s Political Consultative Conference begins in Beijing
* Singapore onshore oil-product stockpile weekly data
* Russian weekly refinery outage data from ministry
Sing VLSFO 0.5% INDIC
Apr-21 487.75 / 490.25
May-21 485.25 / 488.25
Jun-21 483.00 / 486.00
Jul-21 480.50 / 484.00
Aug-21 478.50 / 482.00
Sep-21 476.25 / 480.25
Q2-21 484.75 / 488.75
Q3-21 478.00 / 482.50
Q4-21 471.25 / 476.25
Q1-22 464.25 / 470.25
CAL22 456.75 / 462.75
Rott VLSFO 0.5% INDIC
Apr-21 465.25 / 467.75
May-21 462.75 / 465.75
Jun-21 460.50 / 463.50
Jul-21 457.75 / 461.25
Aug-21 455.25 / 458.75
Sep-21 452.50 / 456.50
Q2-21 462.25 / 466.25
Q3-21 454.75 / 459.25
Q4-21 447.00 / 452.00
Q1-22 441.00 / 447.00
CAL22 434.25 / 440.25
Sing 10ppm GO INDIC
Apr-21 69.97 / 70.09
May-21 69.87 / 70.01
Jun-21 69.75 / 69.91
Jul-21 69.63 / 69.81
Aug-21 69.52 / 69.70
Sep-21 69.39 / 69.59
Q2-21 69.84 / 70.02
Q3-21 69.52 / 69.72
Q4-21 68.95 / 69.19
Q1-22 68.38 / 68.68
CAL22 68.08 / 68.38
ICE Gasoil 10ppm INDIC
Apr-21 524.25 / 525.25
May-21 525.00 / 526.00
Jun-21 525.00 / 526.00
Jul-21 524.50 / 526.00
Aug-21 524.25 / 525.75
Sep-21 524.25 / 525.75
Q2-21 524.75 / 525.75
Q3-21 524.50 / 526.00
Q4-21 521.25 / 522.75
Q1-22 517.75 / 520.25
CAL22 515.50 / 518.50
Sing 380 cst INDIC
Apr-21 367.75 / 369.25
May-21 365.50 / 367.00
Jun-21 362.50 / 364.50
Jul-21 359.25 / 361.25
Aug-21 355.50 / 358.00
Sep-21 351.75 / 354.25
Q2-21 365.00 / 367.50
Q3-21 355.25 / 358.25
Q4-21 343.50 / 346.50
Q1-22 336.50 / 340.00
CAL22 330.00 / 335.00
Rotterdam 3.5% INDIC
Apr-21 356.00 / 357.50
May-21 352.50 / 354.00
Jun-21 348.25 / 350.25
Jul-21 343.75 / 345.75
Aug-21 338.75 / 341.25
Sep-21 333.75 / 336.25
Q2-21 352.00 / 354.50
Q3-21 338.50 / 341.50
Q4-21 324.00 / 327.00
Q1-22 316.50 / 320.00
CAL22 310.00 / 315.00
Sing hi5 Rdam hi5
Apr-21 120.00 110.00
May-21 120.00 111.00
Jun-21 121.00 113.00
Jul-21 122.00 115.00
Aug-21 123.00 117.00
Sep-21 125.00 119.00
Q2-21 121.00 111.00
Q3-21 123.00 117.00
Q4-21 129.00 124.00
Q1-22 129.00 126.00
CAL22 127.00 125.00
sing fogo rott fogo
Apr-21 -32.75 -58.25
May-21 -34.25 -61.25
Jun-21 -35.75 -63.50
Jul-21 -37.25 -66.00
Aug-21 -38.25 -68.25
Sep-21 -39.50 -70.50
Q2-21 -34.25 -61.00
Q3-21 -38.25 -68.25
Q4-21 -41.00 -72.50
Q1-22 -43.50 -75.00
CAL22 -48.50 -79.75
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