At 11:32 am Singapore time (0332 GMT), the ICE October Brent futures contract was up 14 cents/b (0.2%) from the previous close at $71.48/b, while the NYMEX September light sweet crude contract rose 12 cents/b (0.17%) at $69.21/b.
The pandemic continues to be at the forefront of the mind of many, not just in the oil market but also across the globe as the US struggles to contain the spread of the virus, with vaccination rates in certain states relatively low. West Texas Intermediate crude is heading for the biggest weekly loss since October 2020 as the fast-spreading delta variant stokes fears over the global demand recovery. Prices have lost more than 6% this week as China hunkered down to contain an outbreak and some Southeast Asian nations record large numbers of daily infections. While a surprise gain in American crude inventories added to the bearish sentiment. (Bloomberg)
The market nevertheless remains optimistic that oil demand in the US, and in the west, will defy the rise in COVID-19 cases, as higher vaccination rates may preclude the need for lockdown measures. The market is now awaiting the US nonfarm payrolls report, due to be released later Aug. 6, for further insight into the country’s economic recovery. A strong reading could bring back chatter of tapering from the US Federal Reserve, steepening the US Treasuries yield curve and triggering an appreciation of the dollar. A stronger dollar will weigh on sentiment for crude futures. (S&P Global Platts)
OIL MARKET ROUND-UP:
* Shale to Restrain 2022 Output Even as Demand Rebounds, EOG Says
* U.S. Highway Vehicle Miles Match Pre-Pandemic Level
* Refiners Are Getting Best Gasoline Margin in Four Years
* U.S. Crude Exports to India Doubled in June to Make It Top Buyer
* Benchmark Oil Tanker Rates Slump to Lowest Since June 18
* China’s Traffic Thins in Some Cities as Virus Threatens Oil Use
Singapore 380 INDIC
Sep21 397.75 / 399.75
Oct21 392.00 / 394.00
Nov21 388.25 / 390.25
Dec21 385.50 / 387.50
Jan22 383.25 / 385.25
Feb22 381.75 / 383.75
Q4-21 388.50 / 390.50
Q1-22 381.75 / 383.75
Q2-22 377.25 / 379.25
Q3-22 371.75 / 374.75
CAL22 374.25 / 377.25
Rotterdam 3.5% INDIC
Sep21 380.75 / 382.75
Oct21 375.75 / 377.75
Nov21 372.00 / 374.00
Dec21 369.25 / 371.25
Jan22 367.00 / 369.00
Feb22 365.50 / 367.50
Q4-21 372.25 / 374.25
Q1-22 365.50 / 367.50
Q2-22 360.75 / 362.75
Q3-22 354.75 / 357.75
CAL22 356.25 / 359.25
Singapore VLSFO 0.5% INDIC
Sep21 516.50 / 521.50
Oct21 513.75 / 518.75
Nov21 511.25 / 516.25
Dec21 508.75 / 513.75
Jan22 506.50 / 511.50
Feb22 504.25 / 509.25
Q4-21 511.25 / 516.25
Q1-22 504.50 / 509.50
Q2-22 498.00 / 504.00
Q3-22 492.75 / 498.75
CAL22 495.50 / 501.50
Rott VLSFO 0.5% INDIC
Sep21 497.00 / 502.00
Oct21 495.00 / 500.00
Nov21 493.00 / 498.00
Dec21 490.75 / 495.75
Jan22 488.50 / 493.50
Feb22 486.25 / 491.25
Q4-21 493.00 / 498.00
Q1-22 486.25 / 491.25
Q2-22 479.50 / 485.50
Q3-22 473.75 / 479.75
CAL22 477.00 / 483.00
Sing 10ppm GO INDIC
Sep21 77.59 / 77.73
Oct21 77.42 / 77.62
Nov21 77.12 / 77.32
Dec21 76.82 / 77.02
Jan22 76.57 / 76.77
Feb22 76.32 / 76.52
Q4-21 77.10 / 77.30
Q1-22 76.33 / 76.53
Q2-22 75.70 / 75.90
Q3-22 75.35 / 75.55
CAL22 75.43 / 75.83
CAL23 75.22 / 75.62
Ice Gasoil Swap
Sep21 588.60 / 590.60
Oct21 587.43 / 589.43
Nov21 584.42 / 586.42
Dec21 582.06 / 584.06
Jan22 580.61 / 582.61
Feb22 579.35 / 581.35
Q4-21 584.65 / 586.65
Q1-22 579.55 / 581.55
Q2-22 574.15 / 576.15
Q3-22 570.11 / 572.11
CAL22 572.39 / 575.39
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