Brent crude futures for March fell 8 cents, or 0.1%, to $55.38 a barrel by 0717 GMT, while U.S. West Texas Intermediate crude for March was at $52.26 a barrel, down 1 cent.
EIA week ending 1/15
Crude oil: +4.4M
Gasoline: -0.3M
Distillates: +0.5M
Refiner utilz: 82.5%
Impld mogas demand: 8.11 Mbpd
Prices of oil came under pressure last Friday as the EIA reported a build in Crude stocks at over 4.4 million barrels. Lockdowns in the UK and Germany continue as cases rise, with France and China looking to impose further restrictions intra-nation to try and curb the spread. The rising cases in the worlds largest oil importer is causing a murmur in the oil market as participants are cautious on the effects. (Reuters)
The number of oil and natural gas rigs added by U.S. energy firms rose for a ninth week in a row in the week to Jan. 22, but are still 52% below this time last year, data from Baker Hughes showed.
Asia residual fuel markets are expected to be supported going into the last trading week of the month. An optimistic sentiment was underpinned by expectations that the markets — both low sulphur and high sulphur — would remain balanced going into trading second half February loading cargoes. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 324.30
* Rott 3.5%: 310.98
* Sing 0.5%: 425.41
* Rott 0.5%: 398.48
MARKETS NEWS:
* Libya Guards to Halt Oil Exports at Eastern Ports in Pay Spat
* East Coast Leads Jet Fuel Pile-Up During U.S. Air Travel Slump
* Pipeline Giants’ Houston Oil Futures Seen Launching in Months
* Iran Says It’s Reviving Oil Output to Pre-Sanctions Levels
* Trafigura CEO Says Oil Prices to Rise as Economy ‘Kicks On’
* Exxon Lifts Force Majeure on Qua Iboe Crude Oil Shipments
* U.S. Crude Posts Build, Gasoline Inventories Fall: EIA Takeaways
* Azerbaijan’s State Oil Fund Says Assets Grew 0.6% in 2020
* Norway’s Dec. Oil Production 5% Above NPD’s Prognosis
* U.S. Oil Rig Count Up 2 to 289, Baker Hughes Says
OTHER NEWS:
* Climate Change’s ‘Vicious Circle’ Boosts Demand for Fossil Fuels
* Boeing Sets 2030 Sustainable Fuels Target for Commercial Planes
* Oil’s Hired Hands See Spending Recovery Everywhere But Home
OIL PRODUCT NEWS:
* ASIA: Formosa Buys Naphtha; China’s Festive Demand
* EUROPE: Middle East Flows Drop; Pernis VDU Restarts
* U.S.: Jet Fuel Piles Up During U.S. Travel Slump
ECONOMIC DATA:
* Nigeria crude-loading programs for March expected this week
* Russian Urals program for February expected
* HOLIDAYS: New Zealand, Egypt
ANALYST VIEWS/COLUMNS:
* Goldman Says Biden’s First Steps Are Bullish for Oil Prices
* Biden Oil, Gas Moratorium Risks Lower Volume, Higher Benchmarks
* OIL MKT RESEARCH: Market May Tighten on Biden; China Virus Hit
Sing VLSFO 0.5% INDIC
Feb-21 423.25 / 425.75
Mar-21 420.50 / 423.50
Apr-21 418.75 / 421.75
May-21 417.25 / 420.75
Jun-21 416.00 / 419.50
Jul-21 414.50 / 418.50
Q2-21 417.00 / 421.00
Q3-21 413.00 / 417.50
Q4-21 409.50 / 414.50
Q1-22 406.00 / 412.00
CAL22 403.25 / 409.25
Rott VLSFO 0.5% INDIC
Feb-21 400.75 / 403.25
Mar-21 398.50 / 401.50
Apr-21 396.75 / 399.75
May-21 395.00 / 398.50
Jun-21 393.50 / 397.00
Jul-21 391.75 / 395.75
Q2-21 394.75 / 398.75
Q3-21 390.00 / 394.50
Q4-21 386.00 / 391.00
Q1-22 382.75 / 388.75
CAL22 380.50 / 386.50
Sing 10ppm GO INDIC
Feb-21 60.18 / 60.34
Mar-21 60.34 / 60.50
Apr-21 60.42 / 60.62
May-21 60.48 / 60.68
Jun-21 60.49 / 60.69
Jul-21 60.61 / 60.81
Q2-21 60.48 / 60.68
Q3-21 60.52 / 60.92
Q4-21 60.59 / 60.99
Q1-22 60.51 / 60.91
CAL22 60.52 / 60.92
ICE Gasoil 10ppm INDIC
Feb-21 450.25 / 451.25
Mar-21 452.75 / 453.75
Apr-21 454.25 / 455.25
May-21 455.00 / 456.50
Jun-21 456.25 / 457.75
Jul-21 457.50 / 459.00
Q2-21 455.00 / 460.00
Q3-21 458.00 / 461.25
Q4-21 458.50 / 461.00
Q1-22 458.00 / 460.25
CAL22 457.75 / 460.75
Sing 380 cst INDIC
Feb-21 323.75 / 325.75
Mar-21 324.00 / 326.00
Apr-21 322.75 / 324.75
May-21 320.75 / 322.75
Jun-21 318.25 / 320.25
Jul-21 315.75 / 317.75
Q2-21 320.00 / 323.00
Q3-21 312.00 / 315.50
Q4-21 303.50 / 307.50
Q1-22 297.25 / 301.75
CAL22 291.25 / 296.25
Rotterdam 3.5% INDIC
Feb-21 311.00 / 313.00
Mar-21 310.75 / 312.75
Apr-21 309.00 / 311.00
May-21 306.25 / 308.25
Jun-21 303.00 / 305.00
Jul-21 299.25 / 301.25
Q2-21 305.50 / 308.50
Q3-21 294.75 / 298.25
Q4-21 283.50 / 287.50
Q1-22 277.25 / 281.75
CAL22 272.00 / 277.00
Sing hi5 Rdam hi5
Feb-20 100.00 90.00
Mar-20 97.00 88.00
Apr-20 96.00 88.00
May-20 97.00 89.00
Jun-20 98.00 91.00
Jul-20 100.00 93.00
Q2-21 97.00 90.00
Q3-21 101.00 96.00
Q4-21 107.00 103.00
Q1-22 110.00 106.00
Cal 22 112.00 109.00
The information provided in this communication is not intended for retail clients. It is general in nature only and does not constitute advice or an offer to sell, or the solicitation of an offer to purchase any swap or other financial instruments, nor constitute any recommendation on our part. The information has been prepared without considering your investment objectives, financial situation, or knowledge and experience. This material is not a research report and is not intended as such. FIS is not responsible for any trading decisions taken based on this communication. Trading swaps and over-the-counter derivatives, exchange-traded derivatives, and options involve substantial risk and are not suitable for all investors. You are advised to perform an independent investigation to determine whether a transaction is suitable for you. No part of this material may be copied or duplicated in any form by any means or redistributed without our prior written consent. Freight Investor Services Ltd (FIS) is authorised and regulated by the Financial Conduct Authority (FRN: 211452) and is a member of the National Futures Association (“NFA”). Freight Investor Services PTE Ltd (‘FIS PTE’) is a private limited company, incorporated and registered in Singapore with company number 200603922G, and has subsidiary offices in India and Shanghai. Freight Investor Solutions DMCC (‘FIS DMCC’) is a private limited company, incorporated and registered in Dubai with company number DMCC1225. Further information about FIS including the location of its offices can be found on our website at www.freightinvestorservices.com
For more information please contact
FIS Oil Desk
info@freightinvestor.com
UK number: +44 (0) 207 090 1134
Shanghai number: +86 (0)21 63012568
Singapore: +65 87984987
Luke Longhurst
Email: LukeL@freightinvestor.com
Mobile: (+44) 7966 968761
Ricky Forman
Email: RickyF@freightinvestor.com
Mobile: (+44) 7868 708719
Chris Hudson
Email: ChrisH@freightinvestor.com
Mobile: (+44) 7951 556947
Jessie Deng
Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987