Brent crude was down 66 cents, or 1%, at $68.66 a barrel by 0444 GMT, after gaining 1% on Wednesday. West Texas Intermediate (WTI) was down 67 cents, or 1%, to $65.41 a barrel, having risen 1.2% in the previous session.
EIA week ending 5/7
Crude oil: -0.4M
Gasoline: +0.4M
Distillates: -1.7M
Refiner utilz: 86.1%
Impld mogas demand: 8.80Mbpd
Figures from the EIA yesterday proved to be more bullish overall than the API figure released on Tuesday, as gasoline stocks rose by only 0.4 million barrels as opposed to 5 million as reported by the API. Through Wednesday’s trading, oil pulled back from eight week highs as the concerns rise surrounding the Indian variant of COVID-19, which has forces many European countries to remain cautions and vigilant. The UK’s SAGE group have expressed concerns of the final unlocking stage scheduled for the middle of June with some calling for this date to be pushed back if the case count of the new strain continues to rise.
Fuel shortages are continuing in the US as the Colonial pipeline remains under control of the group DarkSide, however there are reports filtering through that supplies are slowly back up and running through the pipeline and Biden expects to have the hackers off of the system by the end of the week. Gasoline prices for consumers are pushing highs not seen since 2014, with many gas station on the brink of running dry, with the population told not to hoard supplies. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 383.36
* Rott 3.5%: 371.93
* Sing 0.5%: 495.63
* Rott 0.5%: 479.79
*Rotterdam 3.5% INDIC*
Jun21 368.25 / 370.25
Jul21 367.50 / 369.50
Aug21 365.00 / 367.00
Sep21 361.25 / 363.25
Oct21 356.75 / 358.75
Nov21 352.75 / 354.75
Q3-21 364.75 / 366.75
Q4-21 353.25 / 355.25
Q1-22 346.75 / 348.75
Q2-22 341.75 / 344.75
CAL22 338.00 / 344.00
*Singapore 380 INDIC*
Jun21 379.00 / 381.00
Jul21 379.00 / 381.00
Aug21 378.00 / 380.00
Sep21 375.75 / 377.75
Oct21 372.75 / 374.75
Nov21 370.25 / 372.25
Q3-21 377.50 / 379.50
Q4-21 370.25 / 372.25
Q1-22 364.75 / 366.75
Q2-22 359.75 / 362.75
CAL22 356.50 / 362.50
*Rott VLSFO 0.5% INDIC*
Jun21 474.25 / 479.25
Jul21 474.75 / 479.75
Aug21 475.00 / 480.00
Sep21 474.75 / 479.75
Oct21 474.25 / 479.25
Nov21 473.25 / 478.25
Q3-21 475.00 / 480.00
Q4-21 473.25 / 478.25
Q1-22 469.75 / 475.75
Q2-22 465.25 / 473.25
CAL22 462.50 / 470.50
*Sing VLSFO 0.5% INDIC*
Jun21 493.00 / 498.00
Jul21 494.75 / 499.75
Aug21 496.00 / 501.00
Sep21 496.50 / 501.50
Oct21 496.50 / 501.50
Nov21 496.00 / 501.00
Q3-21 495.75 / 500.75
Q4-21 496.00 / 501.00
Q1-22 493.50 / 499.50
Q2-22 489.50 / 497.50
CAL22 486.75 / 494.75
*Sing 10ppm GO INDIC*
Jun21 74.57 / 74.71
Jul21 74.47 / 74.67
Aug21 74.41 / 74.61
Sep21 74.35 / 74.55
Oct21 74.20 / 74.40
Nov21 73.97 / 74.17
Q3-21 74.35 / 74.65
Q4-21 73.90 / 74.20
Q1-22 73.38 / 73.68
Q2-22 72.96 / 73.26
CAL22 72.74 / 73.14
*ICE Gasoil 10ppm INDIC*
Jun21 559.56 / 563.56
Jul21 560.47 / 564.47
Aug21 561.55 / 565.55
Sep21 560.98 / 564.98
Oct21 558.58 / 562.58
Nov21 557.23 / 561.23
Q3-21 561.00 / 565.00
Q4-21 557.63 / 561.63
Q1-22 554.48 / 558.48
Q2-22 550.73 / 554.73
CAL22 554.14 / 558.14
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