API inventories
Crude +1.026M VS Est. -5.372M
Cushing +2.783M VS Prev. -3.034M
Gasoline +0.066M VS Est. -3.427M
Distillate -4.489M VS Est. -3.905M
Crude stockpiles rose by 1 million barrels in the week to Feb. 19, the American Petroleum Institute (API) reported on Tuesday, against estimates for a draw of 5.2 million barrels in a Reuters poll. API data showed refinery crude runs fell by 2.2 million bpd. U.S. West Texas Intermediate (WTI) crude futures were down 56 cents or 0.9% at $61.11 a barrel at 0506 GMT, after slipping 3 cents on Tuesday. Brent crude futures fell 35 cents, or 0.5%, to $65.02 a barrel, erasing Tuesday’s 13 cents gain.
The API builds come after a period of intense freezing weather in the oil-rich region of the Texas Gulf in which much of the production in the area was offline due to operational fragilities and frozen equipment meaning refineries were unable to process any further crude that was extracted. As a result, news coming from the region states that top executives of the Electric grid have resigned over failures in supply of heating, light and water during the deep freeze. (Reuters)
MARKETS NEWS:
* Shale Drillers Lost Thousands of Oil Barrels to Deep Freeze
* Texas Refiners Rush to Fix Leaks, Burst Pipes After Storm
* California Gasoline Prices Are Rising With Texas Refiners Shut
* API Reports U.S. Crude Stockpiles Rose 1.03M Bbl Last Week
* Oil Demand Monitor: Americas Fuel Demand Recovery Beating Europe
* Oil Market Pricing in Strong Short-Term Deficit: Vitol’s Serio
* Norway Gets Medium Sweet Brazilian Crude Grades for First Time
* Keystone XL’s Death Sparks Rush to Ship Oil-Sands Crude by Rail
OTHER NEWS:
* Petrobras Board Defies Bolsonaro Over Market-Based Fuel Prices
* U.S. Freeze Chills Asian Plastic Makers With Feedstocks Soaring
* China’s Latest Carbon Plan Would Top Even President Xi’s Targets
* U.S. Shale Drillers Reverse Decline as Earnings Lift Stocks
OIL PRODUCT NEWS:
* U.S.: Total Port Arthur Refinery May Need Weeks
* EUROPE: Varo CEO on Jet Fuel; Sarroch CDU Restarts
* ASIA: Floating Fuel Stockpiles Rise; U.S. Freeze
ECONOMIC DATA/EVENTS: (Times are London.)
* IP Week, day 2 of 3
* 3:30pm: EIA weekly report on U.S. oil inventories,
* EARNINGS: Petrobras, Apache, HollyFrontier, Petrofac Ltd., TechnipFMC Plc
*Rotterdam 3.5% INDIC*
Mar21 357.50 / 359.50
Apr21 354.75 / 356.75
May21 351.75 / 353.75
Jun21 347.75 / 349.75
Jul21 343.50 / 345.50
Aug21 338.75 / 340.75
Q2-21 351.50 / 353.50
Q3-21 338.75 / 340.75
Q4-21 324.00 / 326.00
Q1-22 316.00 / 319.00
CAL22 307.25 / 313.25
*Singapore 380 INDIC*
Mar21 370.00 / 372.00
Apr21 368.25 / 370.25
May21 366.00 / 368.00
Jun21 363.00 / 365.00
Jul21 359.75 / 361.75
Aug21 356.25 / 358.25
Q2-21 365.75 / 367.75
Q3-21 356.25 / 358.25
Q4-21 345.00 / 347.00
Q1-22 338.25 / 341.25
CAL22 327.25 / 333.25
*Rott VLSFO 0.5% INDIC*
Mar21 471.00 / 476.00
Apr21 468.00 / 473.00
May21 465.25 / 470.25
Jun21 462.50 / 467.50
Jul21 459.75 / 464.75
Aug21 457.00 / 462.00
Q2-21 465.25 / 470.25
Q3-21 456.75 / 461.75
Q4-21 447.75 / 453.75
Q1-22 440.00 / 448.00
CAL22 431.25 / 439.25
*Singapore VLSFO 0.5% INDIC*
Mar21 495.25 / 500.25
Apr21 491.00 / 496.00
May21 487.75 / 492.75
Jun21 484.75 / 489.75
Jul21 482.00 / 487.00
Aug21 479.50 / 484.50
Q2-21 487.75 / 492.75
Q3-21 479.50 / 484.50
Q4-21 471.00 / 477.00
Q1-22 461.75 / 469.75
CAL22 459.25 / 467.25
*Sing 10ppm GO INDIC*
Mar21 70.65 / 70.79
Apr21 70.52 / 70.72
May21 70.32 / 70.52
Jun21 70.10 / 70.30
Jul21 69.89 / 70.09
Aug21 69.69 / 69.89
Q2-21 70.25 / 70.55
Q3-21 69.64 / 69.94
Q4-21 69.04 / 69.34
Q1-22 68.33 / 68.63
CAL22 67.65 / 68.05
*ICE Gasoil 10ppm INDIC*
Mar21 531.13 / 533.13
Apr21 530.89 / 532.89
May21 529.46 / 531.46
Jun21 528.00 / 530.00
Jul21 526.82 / 528.82
Aug21 526.16 / 528.16
Q2-21 529.45 / 531.45
Q3-21 526.27 / 528.27
Q4-21 523.02 / 525.02
Q1-22 518.52 / 520.52
CAL22 513.67 / 515.67
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