Brent crude futures for March rose 4 cents, or 0.1%, to $55.57 a barrel at 0520 GMT, after falling 0.5% in the previous session. The Brent March contract expires on Friday. The more active April contract rose 13 cents, or 0.2%, to $55.23. U.S. West Texas Intermediate (WTI) crude futures slipped 7 cents to $52.27 a barrel, after falling 1.0% on Thursday.
Valero Energy expects refined product demand to gradually pick up in the second quarter of 2021 and be close to normal by the third quarter as coronavirus vaccinations increase along with personal mobility, which will shift disposable income spending toward funding pent-up travel demand. (S&P Global Platts)
Saudi Arabia is set to cut output by 1 million barrels per day (bpd) in February and March, and compliance with output curbs by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, has improved in January.
The Saudi cut effectively means OPEC+ supply cuts will rise from 7.2 million bpd in January to 8.125 million bpd in February, Commonwealth Bank analyst Vivek Dhar said. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 324.94
* Rott 3.5%: 311.12
* Sing 0.5%: 427.16
* Rott 0.5%: 400.40
*Rotterdam 3.5% INDIC*
Feb21 308.00 / 310.00
Mar21 307.75 / 309.75
Apr21 305.75 / 307.75
May21 302.75 / 304.75
Jun21 299.25 / 301.25
Jul21 295.50 / 297.50
Q2-21 302.50 / 304.50
Q3-21 291.75 / 293.75
Q4-21 280.50 / 282.50
Q1-22 273.50 / 276.50
CAL22 268.75 / 274.75
*Singapore 380 INDIC*
Feb21 322.50 / 324.50
Mar21 322.50 / 324.50
Apr21 321.00 / 323.00
May21 319.25 / 321.25
Jun21 316.50 / 318.50
Jul21 313.75 / 315.75
Q2-21 318.75 / 320.75
Q3-21 310.75 / 312.75
Q4-21 302.25 / 304.25
Q1-22 295.75 / 298.75
CAL22 288.75 / 294.75
*Rott VLSFO 0.5% INDIC*
Feb21 399.75 / 404.75
Mar21 397.25 / 402.25
Apr21 394.75 / 399.75
May21 392.75 / 397.75
Jun21 390.75 / 395.75
Jul21 388.75 / 393.75
Q2-21 392.75 / 397.75
Q3-21 387.00 / 392.00
Q4-21 381.50 / 387.50
Q1-22 378.50 / 386.50
CAL22 377.75 / 385.75
*Singapore VLSFO 0.5% INDIC*
Feb21 425.00 / 430.00
Mar21 421.00 / 426.00
Apr21 418.25 / 423.25
May21 415.75 / 420.75
Jun21 413.50 / 418.50
Jul21 411.50 / 416.50
Q2-21 415.75 / 420.75
Q3-21 409.75 / 414.75
Q4-21 404.75 / 410.75
Q1-22 400.00 / 408.00
CAL22 398.75 / 406.75
*Sing 10ppm GO INDIC*
Feb21 60.37 / 60.51
Mar21 60.38 / 60.58
Apr21 60.37 / 60.57
May21 60.34 / 60.54
Jun21 60.30 / 60.50
Jul21 60.32 / 60.52
Q2-21 60.30 / 60.60
Q3-21 60.28 / 60.58
Q4-21 60.47 / 60.77
Q1-22 61.02 / 61.32
CAL22 61.54 / 61.94
*ICE Gasoil 10ppm INDIC*
Feb21 449.78 / 451.78
Mar21 451.25 / 453.25
Apr21 451.93 / 453.93
May21 452.37 / 454.37
Jun21 453.04 / 455.04
Jul21 453.83 / 455.83
Q2-21 452.45 / 454.45
Q3-21 454.55 / 456.55
Q4-21 454.72 / 456.72
Q1-22 455.76 / 457.76
CAL22 455.39 / 457.39
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