Brent crude futures fell 7 cents, or 0.1%, to $68.32 a barrel by 0458 GMT, after initially gaining as much as 23 cents. U.S. West Texas Intermediate (WTI) crude futures rose 4 cents to $64.84, after climbing as much as 28 cents in early trade. The benchmarks were choppy on Wednesday with both swinging between positive and negative territory during Asian trade.
#API
#Crude -1.000M VS Est.+2.715M
#Gasoline -0.926M VS Est.-3.134M
#Distillate +0.904M VS Est.-3.470M
A surprise draw in US crude stocks gave some hope to the increasing demand woes that are circulating at present, as European countries shun the use of the AstraZeneca vaccine due to fears that it could lead to blood clots. This would ultimately effect fuel demand if the respective vaccine programmes are affected in the lack of supplies of the other approved vaccines, something that was already a slight obstacle in the EU before the suspension of use of the UK developed vaccine.
The figures for gasoline this week indicated that the refineries are on track to recovering from the big freeze as runs are normalising and operations are getting back to normal. Market participants will wait for the official EIA data today at 1530GMT.
Uncertainty surrounding the recovery from the pandemic is puzzling oil market participants over the pace and strength, with many betting on the recovery being quick, with some still cautious as the OPEC supply cuts come to and end in April, it will be interesting to see whether the market will be able to absorb the extra capacity at that stage in the recovery.
INDEX: (MTD Estimates)
* Sing 380: 388.15
* Rott 3.5%: 374.52
* Sing 0.5%: 502.42
* Rott 0.5%: 483.59
OIL MARKET ROUND-UP:
* Traders Snap Up Europe’s Gasoline After U.S. Stockpiles Collapse
* Russia Sees Compliance With OPEC+ Deal at 100.7%: Sorokin
* India State Refiners Plan to Reduce May Saudi Oil Imports
* SOMO Denies That Oil Cargo Seized by U.S. Was From Iraq
* Saudi Tanker Tracker: Observed Exports Steady for 1H March
* Europe-to-U.S. Gasoline Tanker Rates Ease; VLCC Losses Grow
* API Reports U.S. Crude Stockpiles Fell 1M Bbl Last Week
Rotterdam 3.5% INDIC
Apr21 379.00 / 381.00
May21 375.75 / 377.75
Jun21 371.50 / 373.50
Jul21 366.25 / 368.25
Aug21 360.75 / 362.75
Sep21 354.75 / 356.75
Q2-21 375.25 / 377.25
Q3-21 360.50 / 362.50
Q4-21 343.00 / 345.00
Q1-22 333.00 / 336.00
CAL22 326.00 / 329.00
Singapore 380 INDIC
Apr21 392.50 / 394.50
May21 389.25 / 391.25
Jun21 385.50 / 387.50
Jul21 381.25 / 383.25
Aug21 376.75 / 378.75
Sep21 372.00 / 374.00
Q2-21 389.25 / 391.25
Q3-21 376.75 / 378.75
Q4-21 362.75 / 364.75
Q1-22 352.50 / 355.50
CAL22 346.50 / 349.50
Rott VLSFO 0.5% INDIC
Apr21 479.75 / 484.75
May21 478.50 / 483.50
Jun21 477.00 / 482.00
Jul21 475.25 / 480.25
Aug21 473.50 / 478.50
Sep21 471.50 / 476.50
Q2-21 478.50 / 483.50
Q3-21 473.50 / 478.50
Q4-21 466.50 / 472.50
Q1-22 460.00 / 466.00
CAL22 452.25 / 458.25
Singapore VLSFO 0.5% INDIC
Apr21 500.50 / 505.50
May21 499.50 / 504.50
Jun21 498.00 / 503.00
Jul21 496.25 / 501.25
Aug21 494.50 / 499.50
Sep21 492.75 / 497.75
Q2-21 499.25 / 504.25
Q3-21 494.50 / 499.50
Q4-21 488.75 / 494.75
Q1-22 484.00 / 490.00
CAL22 477.25 / 483.25
Sing 10ppm GO INDIC
Apr21 72.18 / 72.32
May21 72.23 / 72.43
Jun21 72.25 / 72.45
Jul21 72.26 / 72.46
Aug21 72.25 / 72.45
Sep21 72.17 / 72.37
Q2-21 72.20 / 72.40
Q3-21 72.23 / 72.43
Q4-21 71.81 / 72.01
Q1-22 71.21 / 71.41
CAL22 70.50 / 70.90
Ice Gasoil Swap
Apr21 542.01 / 544.01
May21 543.95 / 545.95
Jun21 544.88 / 546.88
Jul21 545.13 / 547.13
Aug21 545.30 / 547.30
Sep21 545.53 / 547.53
Q2-21 543.60 / 545.60
Q3-21 545.32 / 547.32
Q4-21 543.32 / 545.32
Q1-22 537.82 / 539.82
CAL22 531.50 / 534.50
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