At 11:15 am Singapore time (0315 GMT), the ICE September Brent futures contract was up 5 cents/b (0.07%) from the previous close at $74.17/b, while the NYMEX August light sweet crude contract was up 14 cents/b (0.19%) at $73.08/b.
EIA (wk ending 2 July)
Crude: -6.866M
Cushing: -0.614M
Gasoline: -6.076M
Distillates: 1.616M
Data released by the EIA late July 8 showed a headline 6.87 million-barrel draw in US crude inventories in the week ended July 2, leaving inventories more than 7% behind the five-year average and at their lowest since late February 2020. The crude draw was in line with analysts’ expectations of a 6.2 million-barrel draw, but was slightly more conservative compared with the American Petroleum Institute’s report of a 7.98 million-barrel draw. However, downstream products data was mixed with the US’ gasoline inventories falling 6.08 million barrels during the week ended July 2 to 235.5 million barrels, but distillate inventories rising 1.62 million barrels to 138.69 million barrels. (S&P Global Platts)
However, gains in oil prices were capped by worries that members of the OPEC+ group could be tempted to abandon output limits that they have followed during the pandemic due to the breakdown in discussions between major oil producers Saudi Arabia and the United Arab Emirates. The two Gulf OPEC allies are at odds over a proposed deal that would have brought more oil to the market. Russia was trying to mediate to help strike a deal to raise output, OPEC+ sources said on Wednesday. The United States had high level conversations with officials in Saudi Arabia and the UAE, the White House said on Tuesday. (Reuters)
OIL MARKET ROUND-UP:
* U.S. Gasoline Demand at Record 10 Million Barrels: EIA Takeaways
* Benchmark Oil Tanker Rates Slip; Clean Vessel Rates Move Higher
* U.S. Imports of Mexican Crude Oil Fall 45%: EIA
* Libya Revises Up Crude Loading From Hariga to 7M Bbl in July
* Gasoil Stockpiles Fall in Europe’s ARA Region: Insights Global
Singapore 380 INDIC
Aug21 404.50 / 406.50
Sep21 402.25 / 404.25
Oct21 399.50 / 401.50
Nov21 397.25 / 399.25
Dec21 394.75 / 396.75
Jan22 392.50 / 394.50
Q4-21 397.00 / 399.00
Q1-22 390.50 / 392.50
Q2-22 384.50 / 386.50
Q3-22 376.75 / 379.75
CAL22 378.50 / 381.50
Rotterdam 3.5% INDIC
Aug21 391.50 / 393.50
Sep21 388.00 / 390.00
Oct21 384.50 / 386.50
Nov21 381.25 / 383.25
Dec21 378.00 / 380.00
Jan22 375.50 / 377.50
Q4-21 381.25 / 383.25
Q1-22 373.25 / 375.25
Q2-22 366.25 / 368.25
Q3-22 358.00 / 361.00
CAL22 361.00 / 364.00
Singapore VLSFO 0.5% INDIC
Aug21 527.50 / 532.50
Sep21 525.75 / 530.75
Oct21 523.50 / 528.50
Nov21 521.25 / 526.25
Dec21 519.00 / 524.00
Jan22 516.75 / 521.75
Q4-21 521.25 / 526.25
Q1-22 514.50 / 519.50
Q2-22 505.75 / 511.75
Q3-22 497.50 / 503.50
CAL22 501.75 / 507.75
Rott VLSFO 0.5% INDIC
Aug21 509.25 / 514.25
Sep21 506.75 / 511.75
Oct21 504.25 / 509.25
Nov21 501.75 / 506.75
Dec21 499.00 / 504.00
Jan22 496.75 / 501.75
Q4-21 501.75 / 506.75
Q1-22 494.50 / 499.50
Q2-22 486.50 / 492.50
Q3-22 478.25 / 484.25
CAL22 482.25 / 488.25
Sing 10ppm GO INDIC
Aug21 79.54 / 79.68
Sep21 79.41 / 79.61
Oct21 79.20 / 79.40
Nov21 78.84 / 79.04
Dec21 78.47 / 78.67
Jan22 78.19 / 78.39
Q4-21 78.85 / 79.05
Q1-22 77.92 / 78.12
Q2-22 77.13 / 77.33
Q3-22 76.57 / 76.77
CAL22 76.80 / 77.20
Ice Gasoil Swap
Aug21 598.60 / 600.60
Sep21 599.30 / 601.30
Oct21 597.92 / 599.92
Nov21 595.06 / 597.06
Dec21 592.43 / 594.43
Jan22 590.85 / 592.85
Q4-21 595.15 / 597.15
Q1-22 589.42 / 591.42
Q2-22 581.02 / 583.02
Q3-22 576.60 / 578.60
CAL22 579.41 / 582.41
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Mobile: (+65) 87984987
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