Brent crude futures fell 57 cents, or 0.9%, to $64.75 a barrel by 0157 GMT, following a drop of $1.25 on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down 58 cents, or 1.0%, at $60.77 a barrel, after losing $1.32 on Wednesday.
EIA week ending 4/16
Crude oil: 0.6M
Gasoline: +0.1M
Distillates: -1.1M
Refiner utilz: 85.0%
Impld mogas demand: 9.10Mbpd
EIA figures released yesterday did little to give oil market participants any indication of the long term direction for oil as the market gets ready to welcome the extra supply due into the market from OPEC group and the relaxation of voluntary cuts from Saudi Arabia. Initial polls suggested of a 2 million+ barrel draw on crude but instead a 0.6 million barrel build was reported in yesterday’s figures. In a more positive reading was that gasoline remained relatively flat with the pick of the figures being a 1.1 million barrel draw on distillates as the US economy looks to leave lockdown behind and open its doors once more.
There is also a full ministerial meeting for OPEC+ members due next week, odd considering that output quotas have already been agreed for the next three months from May. There is reason to think that this may be downgraded to a Joint Ministerial Monitoring Committee meeting in which a few leaders look at the state of the markets as opposed to just policy. (ING)
Oil fell to lowest levels since 13th April yesterday as the prevalence of the new strain of coronavirus grips the Indian economy. Cases reached 315,000 in a single 24 hour period in the last reported figures and further lockdowns are looming in various big cities as there are real concerns that another, more vicious wave of the pandemic may rear its ugly head. This is similar to the story in Japan, whereby officials are considering measures to put a halt to the increase in cases, in order to ensure the smooth running of the Olympics due to take place this summer. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 365.18
* Rott 3.5%: 351.90
* Sing 0.5%: 478.28
* Rott 0.5%: 456.38
OIL MARKET ROUND-UP:
* Oil Traders Say India’s Demand for Nigerian Crude Holds
* Venezuela Crude Inventories at 16-Month Low on Exports, Output
* China March Gasoline Output rose 32.8% to 12.38m Tons
* U.S. Imports of Saudi Crude Oil Rise 98%: EIA
* EUROPE: U.K. Road Use Back at 99% of Pre-Covid Rate
Sing VLSFO 0.5% INDIC
May-21 474.25 / 476.75
Jun-21 473.25 / 476.25
Jul-21 472.50 / 475.50
Aug-21 471.50 / 475.00
Sep-21 470.75 / 474.25
Oct-21 469.75 / 473.75
Q3-21 471.50 / 475.00
Q4-21 469.00 / 473.00
Q1-22 465.75 / 470.25
Q2-22 462.00 / 467.00
CAL22 460.50 / 466.50
Rott VLSFO 0.5% INDIC
May-21 453.75 / 456.25
Jun-21 452.50 / 455.50
Jul-21 451.50 / 454.50
Aug-21 450.00 / 453.50
Sep-21 448.75 / 452.25
Oct-21 447.25 / 451.25
Q3-21 450.00 / 453.50
Q4-21 446.00 / 450.00
Q1-22 442.00 / 446.50
Q2-22 438.00 / 443.00
CAL22 437.25 / 443.25
Sing 10ppm GO INDIC
May-21 68.53 / 68.65
Jun-21 68.77 / 68.91
Jul-21 68.93 / 69.09
Aug-21 69.03 / 69.21
Sep-21 69.09 / 69.27
Oct-21 69.07 / 69.27
Q3-21 69.02 / 69.20
Q4-21 68.91 / 69.11
Q1-22 68.63 / 68.87
Q2-22 68.34 / 68.64
CAL22 68.20 / 68.50
ICE Gasoil 10ppm INDIC
May-21 516.25 / 517.25
Jun-21 518.50 / 519.50
Jul-21 520.25 / 521.25
Aug-21 521.50 / 523.00
Sep-21 522.50 / 524.00
Oct-21 522.75 / 524.25
Q3-21 521.50 / 522.50
Q4-21 522.00 / 523.50
Q1-22 520.75 / 522.25
Q2-22 517.25 / 519.75
CAL22 517.00 / 520.00
Sing 380 cst INDIC
May-21 369.25 / 370.75
Jun-21 368.25 / 369.75
Jul-21 365.25 / 367.25
Aug-21 361.75 / 363.75
Sep-21 357.50 / 360.00
Oct-21 353.25 / 355.75
Q3-21 361.25 / 363.75
Q4-21 349.75 / 352.75
Q1-22 342.50 / 345.50
Q2-22 337.25 / 340.75
CAL22 336.75 / 341.75
Rotterdam 3.5% INDIC
May-21 357.25 / 358.75
Jun-21 356.25 / 357.75
Jul-21 352.50 / 354.50
Aug-21 348.00 / 350.00
Sep-21 342.25 / 344.75
Oct-21 336.50 / 339.00
Q3-21 347.25 / 349.75
Q4-21 331.75 / 334.75
Q1-22 323.50 / 326.50
Q2-22 317.75 / 321.25
CAL22 317.75 / 322.75
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