Brent crude oil futures slid 22 cents, or 0.3%, to $72.19 a barrel, as of 0129 GMT. U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.5%, to $70.23 a barrel. Both futures fell on Tuesday to their lowest since July 21 before regaining some ground by the close.
The United States and China, the world’s two biggest oil consumers, are grappling with rapidly spreading outbreaks of the highly contagious Delta variant that analysts fear will limit fuel demand at a time when it traditionally rises in both countries. In the peak travel season, it is particularly concerning as the movement on the population can speed up the spread of the more contagious variant, and as a result there was some heavy selling on the Brent yesterday afternoon to keep a cap on oil gains.
U.S. crude oil and distillate inventories fell last week, according to two market sources, citing American Petroleum Institute figures on Tuesday, while gasoline stocks rose. Crude stocks fell by 879,000 barrels for the week ended July 30. Gasoline inventories fell by 5.8 million barrels and distillate stocks fell by 717,000 barrels (Reuters)
ICE Brent neared US$71/bbl at one stage yesterday, although made a comeback after reports of a tanker hijacking off the coast of the UAE. There are suggestions that the hijacking could have been carried out by Iranian backed forces. This latest incident follows the attack on an Israeli operated tanker last week, which the US, UK and Israel have blamed on Iran. (ING)
OIL MARKET ROUND-UP:
* Ship Incident East of Fujairah Is Potential Hijack: UKMTO
* China’s Virus Resurgence Stokes Concern Over Global Crude Demand
* API Reports U.S. Crude Stockpiles Fell 879K Bbl Last Week
* Plains All American Sees Stable Permian Oil Output Through 2022
* Phillips 66 CEO Says Europe Fuel Demand Slower to Recover
* Shale Drillers Leave $12 Billion on Table With Bad Oil Bets
Rotterdam 3.5% INDIC
Sep21 382.00 / 384.00
Oct21 377.25 / 379.25
Nov21 373.50 / 375.50
Dec21 370.50 / 372.50
Jan22 368.25 / 370.25
Feb22 366.50 / 368.50
Q4-21 373.75 / 375.75
Q1-22 366.50 / 368.50
Q2-22 361.00 / 363.00
Q3-22 354.25 / 357.25
CAL22 358.75 / 361.75
Singapore 380 INDIC
Sep21 400.00 / 402.00
Oct21 394.50 / 396.50
Nov21 390.50 / 392.50
Dec21 388.00 / 390.00
Jan22 385.75 / 387.75
Feb22 384.00 / 386.00
Q4-21 391.00 / 393.00
Q1-22 384.00 / 386.00
Q2-22 378.50 / 380.50
Q3-22 372.25 / 375.25
CAL22 377.25 / 380.25
Rott VLSFO 0.5% INDIC
Sep21 498.00 / 503.00
Oct21 496.00 / 501.00
Nov21 494.00 / 499.00
Dec21 491.50 / 496.50
Jan22 489.25 / 494.25
Feb22 487.00 / 492.00
Q4-21 493.75 / 498.75
Q1-22 487.00 / 492.00
Q2-22 479.75 / 485.75
Q3-22 473.00 / 479.00
CAL22 476.25 / 482.25
Singapore VLSFO 0.5% INDIC
Sep21 517.25 / 522.25
Oct21 515.00 / 520.00
Nov21 512.50 / 517.50
Dec21 510.00 / 515.00
Jan22 507.75 / 512.75
Feb22 505.50 / 510.50
Q4-21 512.50 / 517.50
Q1-22 505.50 / 510.50
Q2-22 498.25 / 504.25
Q3-22 492.00 / 498.00
CAL22 495.25 / 501.25
Sing 10ppm GO INDIC
Sep21 78.42 / 78.56
Oct21 78.20 / 78.40
Nov21 77.86 / 78.06
Dec21 77.52 / 77.72
Jan22 77.19 / 77.39
Feb22 76.87 / 77.07
Q4-21 77.85 / 78.05
Q1-22 76.90 / 77.10
Q2-22 76.21 / 76.41
Q3-22 75.70 / 75.90
CAL22 75.88 / 76.28
Ice Gasoil Swap
Sep21 594.05 / 596.05
Oct21 592.66 / 594.66
Nov21 589.19 / 591.19
Dec21 586.67 / 588.67
Jan22 585.20 / 587.20
Feb22 583.47 / 585.47
Q4-21 589.50 / 591.50
Q1-22 583.83 / 585.83
Q2-22 577.68 / 579.68
Q3-22 574.11 / 576.11
CAL22 576.21 / 579.21
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