Brent crude oil futures for May rose 55 cents, or 0.8%, to $68.45 a barrel by 0328 GMT, while U.S. West Texas Intermediate crude for April was up 52 cents, or 0.8%, at $64.96.
EIA week ending 3/5
Crude oil: +13.8M
Gasoline: -11.9M
Distillates: -5.5M
Refiner utilz: 69.0%
Impld mogas demand: 8.73Mbpd
Gains on oil as a result of the bright economic outlook following the Stimulus package in the US and the increasing vaccine programmes around the world were capped as crude oil stocks grew by over 13 million barrels even through fuel stocks were showing of drawdowns to the tune of over 16 million barrels yesterday – figures from the EIA showed as vaccines rollouts and better weather boosted road travel in the nation. A weaker dollar supported prices on Wednesday with other economic data such as strong manufacturing figures in some parts of Europe supported oil. (S&P Global Platts)
The Oil market was spooked yesterday at comments made by the Russian Oil minister Novak, who pointed at the fact that non-OPEC countries may be encouraged at these higher prices to start increasing production. There also seemed to be a comment lost in translation when he said that Russia would begin raise output by just under 900k barrels with what seemed many unaware that this was an increase on May 2020 levels, and as fast as it fell brent recovered the dollar loss.
Saudi Arabia are taking action against the possibility of future attacks on this oil terminals after Ras Tanura was targeted by Houthi fighters with drones and missiles, 18-month after a previous attack on the Kingdoms oil terminals. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 382.55
* Rott 3.5%: 370.84
* Sing 0.5%: 498.38
* Rott 0.5%: 480.51
OIL MARKET ROUND-UP:
* Saudi Arabia Vows to Protect Oil Facilities After Drone Attack
* Crude Inventories Rise, Gasoline Stockpiles Fall: EIA
* U.S. Gasoline Demand Rises to Highest Since November: EIA
* U.S. Crude Output Rises Almost One Million Barrels a Day: EIA
* OIL DEMAND MONITOR: Drivers Hit the Road; Uptick in Flying
* OPEC+ Agreement Is Positive for Russia, Novak tells Putin
*Rotterdam 3.5% INDIC*
Apr21 376.75 / 378.75
May21 374.00 / 376.00
Jun21 369.75 / 371.75
Jul21 364.25 / 366.25
Aug21 358.75 / 360.75
Sep21 353.00 / 355.00
Q2-21 373.50 / 375.50
Q3-21 358.75 / 360.75
Q4-21 342.00 / 344.00
Q1-22 333.00 / 336.00
CAL22 321.25 / 327.25
*Singapore 380 INDIC*
Apr21 388.75 / 390.75
May21 386.50 / 388.50
Jun21 383.50 / 385.50
Jul21 379.50 / 381.50
Aug21 375.25 / 377.25
Sep21 370.75 / 372.75
Q2-21 386.25 / 388.25
Q3-21 375.25 / 377.25
Q4-21 361.75 / 363.75
Q1-22 353.00 / 356.00
CAL22 341.75 / 347.75
*Rott VLSFO 0.5% INDIC*
Apr21 479.00 / 484.00
May21 477.00 / 482.00
Jun21 475.00 / 480.00
Jul21 473.00 / 478.00
Aug21 471.25 / 476.25
Sep21 469.25 / 474.25
Q2-21 477.00 / 482.00
Q3-21 471.25 / 476.25
Q4-21 464.25 / 470.25
Q1-22 457.00 / 465.00
CAL22 449.25 / 457.25
*Sing VLSFO 0.5% INDIC*
Apr21 500.25 / 505.25
May21 498.75 / 503.75
Jun21 497.25 / 502.25
Jul21 495.50 / 500.50
Aug21 493.75 / 498.75
Sep21 492.00 / 497.00
Q2-21 498.75 / 503.75
Q3-21 493.75 / 498.75
Q4-21 487.50 / 493.50
Q1-22 481.00 / 489.00
CAL22 471.75 / 479.75
*Sing 10ppm GO INDIC*
Apr21 71.84 / 71.98
May21 71.90 / 72.10
Jun21 71.88 / 72.08
Jul21 71.84 / 72.04
Aug21 71.77 / 71.97
Sep21 71.68 / 71.88
Q2-21 71.80 / 72.10
Q3-21 71.71 / 72.01
Q4-21 71.26 / 71.56
Q1-22 70.83 / 71.13
CAL22 70.07 / 70.47
*ICE Gasoil 10ppm INDIC*
Apr21 538.96 / 542.96
May21 540.17 / 544.17
Jun21 540.76 / 544.76
Jul21 541.05 / 545.05
Aug21 541.20 / 545.20
Sep21 541.42 / 545.42
Q2-21 539.95 / 543.95
Q3-21 541.22 / 545.22
Q4-21 538.76 / 542.76
Q1-22 531.09 / 535.09
CAL22 528.20 / 532.20
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