Brent crude was down 37 cents, or 0.5%, at $67.63 a barrel by 0535 GMT after dropping 0.6% on Wednesday. U.S. oil was also down 32 cents, or 0.5%, at $64.28 a barrel, having fallen 0.3% the previous session.
EIA week ending 3/12
Crude oil: +2.4M
Gasoline: +0.5M
Distillates: +0.3M
Refiner utilz: 76.1%
Impld mogas demand: 8.44Mbpd
EIA numbers released yesterday proved to be more bearish that the API figures, with many expecting a draw on crude stocks, but it is now 4 weeks-worth of increasing crude stocks as refiners are still feeling the knock-on effect of the cold snap in the US.
The International Energy Agency published its latest medium-term oil market outlook on March. 17 containing closely watched forecasts for oil supply and demand fundamentals to 2026. After collapsing by 8.7 million b/d in 2020, the IEA estimates demand growth will rebound by 13.1 million b/d to 104.1 million b/d by 2026. Global oil demand, including biofuels, will recover to reach 103.2 million b/d in 2025, up from 91 million b/d in 2020 and almost 100 million b/d in 2019. (S&P Global Platts)
The IEA have also said that an oil super cycle is unlikely in the current climate even though oil hit $70 only just last week. This comes as the agency have said that gasoline demand mau have already reached its peak with the prevalence of hybrid and electric cars meaning that the use of gasoline could diminish. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 388.84
* Rott 3.5%: 374.58
* Sing 0.5%: 502.36
* Rott 0.5%: 483.95
OIL MARKET ROUND-UP:
* U.S. Warns China It Will Enforce Iran Oil Shipment Sanctions
* India to Cut Saudi Arabian Oil Imports and Buy More From U.S.
* U.S. Gasoline Prices Near $3 on Record Run of Increases
* Eni and Shell Acquitted in Milan of Nigeria Bribery Charges
* Off-Specification Marine Fuel Detected in ARA, FOBAS Says
*Rotterdam 3.5% INDIC*
Apr21 371.50 / 373.50
May21 368.50 / 370.50
Jun21 364.50 / 366.50
Jul21 359.50 / 361.50
Aug21 354.00 / 356.00
Sep21 348.25 / 350.25
Q2-21 368.00 / 370.00
Q3-21 353.75 / 355.75
Q4-21 337.00 / 339.00
Q1-22 327.75 / 330.75
CAL22 316.50 / 322.50
*Singapore 380 INDIC*
Apr21 385.50 / 387.50
May21 382.50 / 384.50
Jun21 379.00 / 381.00
Jul21 374.75 / 376.75
Aug21 370.25 / 372.25
Sep21 365.75 / 367.75
Q2-21 382.25 / 384.25
Q3-21 370.25 / 372.25
Q4-21 357.25 / 359.25
Q1-22 348.00 / 351.00
CAL22 336.50 / 342.50
*Rott VLSFO 0.5% INDIC*
Apr21 468.25 / 473.25
May21 467.00 / 472.00
Jun21 465.50 / 470.50
Jul21 463.75 / 468.75
Aug21 462.00 / 467.00
Sep21 460.00 / 465.00
Q2-21 467.00 / 472.00
Q3-21 462.00 / 467.00
Q4-21 455.00 / 461.00
Q1-22 447.75 / 455.75
CAL22 439.75 / 447.75
*Sing VLSFO 0.5% INDIC*
Apr21 489.25 / 494.25
May21 489.00 / 494.00
Jun21 488.25 / 493.25
Jul21 487.00 / 492.00
Aug21 485.75 / 490.75
Sep21 484.50 / 489.50
Q2-21 489.00 / 494.00
Q3-21 485.75 / 490.75
Q4-21 481.25 / 487.25
Q1-22 475.75 / 483.75
CAL22 470.25 / 478.25
*Sing 10ppm GO INDIC*
Apr21 70.70 / 70.84
May21 70.77 / 70.97
Jun21 70.85 / 71.05
Jul21 70.92 / 71.12
Aug21 70.96 / 71.16
Sep21 70.93 / 71.13
Q2-21 70.70 / 71.00
Q3-21 70.89 / 71.19
Q4-21 70.62 / 70.92
Q1-22 70.10 / 70.40
CAL22 69.50 / 69.90
*ICE Gasoil 10ppm INDIC*
Apr21 529.50 / 533.50
May21 531.84 / 535.84
Jun21 533.38 / 537.38
Jul21 534.30 / 538.30
Aug21 534.93 / 538.93
Sep21 535.68 / 539.68
Q2-21 531.55 / 535.55
Q3-21 534.97 / 538.97
Q4-21 534.39 / 538.39
Q1-22 531.39 / 535.39
CAL22 528.78 / 532.78
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