Brent crude oil futures rose by 19 cents, or 0.3%, to $70.57 a barrel by 0438 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased by 23 cents, or 0.3%, to $68.38 a barrel. Both benchmarks fell by more than $2 a barrel on Wednesday.
EIA week ending 7/30
Crude oil: +3.6M
Gasoline: -5.3M
Distillates: +0.8M
Refiner utilz: 91.3%
Impld mogas demand: 9.78 Mbpd
Helping check gains, a rise in locally transmitted COVID-19 cases in second-largest oil consumer China has prompted restrictions in some cities and cancellation of flights and is threatening fuel demand, analysts said. Prices also fell steeply in the previous session after the U.S. Energy Information Administration (EIA) said crude stockpiles rose by an unexpected 3.6 million barrels last week. Some analysts, though, pointed to a bigger-than-forecast fall of 5.3 million barrels in fuel stockpiles. (Reuters)
China is currently battling its worst outbreak since the virus first emerged in Wuhan in late 2019. The country on Aug 4 reported 71 new locally transmitted cases, data from the National Health Commission showed, up from 61 the day before and the highest daily tally since Jan 30. Travel across the country has been sharply curtailed as the authorities impose movement controls to contain the virus. (S&P Global Platts)
OIL MARKET ROUND-UP:
* Gasoline Use Jumps as Cooped-Up Indian Drivers, Shoppers Get Out
* Aramco Raises Asia, U.S. Oil Prices in Sign Demand Seen Rising
* Russia Captures No. 2 Rank Among Foreign Oil Suppliers to U.S.
* Key Oil Spread Tumbles on China’s Delta Outbreak Worries
* Crude Stockpiles Climb; Gasoline Demand Rises: EIA Takeaways
* U.S. Jet Fuel Demand Surges But Full Recovery Is Still Elusive
* Benchmark Oil Tanker Rates Slip; Mideast-NWE Clean Route Surges
* Suspected Ship Hijack Ends as Tensions With Iran Soar
Singapore 380 INDIC
Sep21 388.50 / 390.50
Oct21 382.75 / 384.75
Nov21 379.00 / 381.00
Dec21 376.25 / 378.25
Jan22 374.00 / 376.00
Feb22 372.25 / 374.25
Q4-21 379.25 / 381.25
Q1-22 372.25 / 374.25
Q2-22 367.75 / 369.75
Q3-22 362.25 / 365.25
CAL22 365.25 / 368.25
Rotterdam 3.5% INDIC
Sep21 370.75 / 372.75
Oct21 365.75 / 367.75
Nov21 362.00 / 364.00
Dec21 359.25 / 361.25
Jan22 357.00 / 359.00
Feb22 355.25 / 357.25
Q4-21 362.25 / 364.25
Q1-22 355.25 / 357.25
Q2-22 350.50 / 352.50
Q3-22 344.50 / 347.50
CAL22 347.25 / 350.25
Singapore VLSFO 0.5% INDIC
Sep21 501.50 / 506.50
Oct21 499.25 / 504.25
Nov21 497.00 / 502.00
Dec21 494.75 / 499.75
Jan22 492.50 / 497.50
Feb22 490.50 / 495.50
Q4-21 497.00 / 502.00
Q1-22 490.50 / 495.50
Q2-22 484.25 / 490.25
Q3-22 479.00 / 485.00
CAL22 481.75 / 487.75
Rott VLSFO 0.5% INDIC
Sep21 481.50 / 486.50
Oct21 479.50 / 484.50
Nov21 477.25 / 482.25
Dec21 475.00 / 480.00
Jan22 472.75 / 477.75
Feb22 470.75 / 475.75
Q4-21 477.25 / 482.25
Q1-22 470.75 / 475.75
Q2-22 464.25 / 470.25
Q3-22 458.25 / 464.25
CAL22 461.50 / 467.50
Sing 10ppm GO INDIC
Sep21 76.02 / 76.16
Oct21 75.83 / 76.03
Nov21 75.53 / 75.73
Dec21 75.22 / 75.42
Jan22 74.94 / 75.14
Feb22 74.69 / 74.89
Q4-21 75.50 / 75.70
Q1-22 74.70 / 74.90
Q2-22 74.13 / 74.33
Q3-22 73.78 / 73.98
CAL22 73.87 / 74.27
Ice Gasoil Swap
Sep21 576.10 / 578.10
Oct21 575.10 / 577.10
Nov21 572.25 / 574.25
Dec21 570.01 / 572.01
Jan22 568.61 / 570.61
Feb22 567.50 / 569.50
Q4-21 572.45 / 574.45
Q1-22 567.63 / 569.63
Q2-22 562.33 / 564.33
Q3-22 566.31 / 568.31
CAL22 564.21 / 567.21
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