Brent oil futures fell 0.79% to $74.51 by 1:18 AM ET (5:18 AM GMT) after climbing 1.75% on Thursday. WTI futures were down 0.736 to $73.06, whittling down a 1.7% rise.
Both Brent and WTI futures were set for gains of around 2% for the week, over signs of tight crude supplies and strong fuel demand in the U.S., the world’s biggest oil consumer. Both the American Petroleum Institute and the U.S. Energy Information Administration reported a draw in U.S. crude oil supplies, with crude stocks at Cushing at their lowest since January 2020.
Oil prices rose on Thursday, with global benchmark Brent topping $76 a barrel, as supplies in the United States tightened further after shrinking to the smallest levels since January 2020. Data from information provider Genscape indicated that the inventories at the Cushing, Oklahoma storage hub have continued to draw, traders said on Thursday. Cushing stockpiles were seen at 36.299 million barrels by Tuesday afternoon, down 360,917 barrels from July 23.
Meanwhile, the Organization of the Petroleum Exporting Countries and allies (OPEC+) will start hiking monthly supplies by 400,000 barrels a day beginning in August. The hikes will continue until all OPEC+ production halted thanks to COVID-19 is revived, and it is expected that the market will be able to absorb these additional barrels as demand grows through the second half of 2021. (Investing.com)
OIL MARKET ROUND-UP:
* Venezuela Takes Over Petrocedeno After Negotiations: Maduro
* Norway’s J. Sverdrup Crude Loads Slip to 533k B/D in Sept.: Plan
* Libya to Boost Hariga Crude Exports to 8M Bbl in August: Program
* Gasoil Stockpiles Fall in Europe’s ARA Region: Insights Global
* Saudi Aramco Raises Propane Price to Highest in Almost 7 Years
Sing VLSFO 0.5% INDIC
Aug-21 535.50 / 539.50
Sep-21 533.25 / 537.25
Oct-21 530.75 / 534.75
Nov-21 528.25 / 532.25
Dec-21 525.75 / 529.75
Jan-22 523.25 / 527.25
Q4-21 528.25 / 532.25
Q1-22 521.00 / 525.00
Q2-22 513.75 / 518.75
Q3-22 507.00 / 512.00
CAL22 510.50 / 515.50
Rott VLSFO 0.5% INDIC
Aug-21 516.00 / 520.00
Sep-21 513.75 / 517.75
Oct-21 511.50 / 515.50
Nov-21 509.25 / 513.25
Dec-21 506.75 / 510.75
Jan-22 504.25 / 508.25
Q4-21 509.00 / 513.00
Q1-22 501.75 / 505.75
Q2-22 494.25 / 499.25
Q3-22 487.50 / 492.50
CAL22 491.00 / 496.00
Sing 10ppm GO INDIC
Aug-21 80.63 / 80.75
Sep-21 80.53 / 80.67
Oct-21 80.30 / 80.46
Nov-21 79.92 / 80.10
Dec-21 79.56 / 79.74
Jan-22 79.19 / 79.39
Q4-21 79.89 / 80.07
Q1-22 78.84 / 79.04
Q2-22 77.99 / 78.23
Q3-22 77.50 / 77.80
CAL22 77.76 / 78.06
ICE Gasoil 10ppm INDIC
Aug-21 608.75 / 610.75
Sep-21 609.00 / 611.00
Oct-21 607.75 / 609.75
Nov-21 604.00 / 606.00
Dec-21 601.25 / 603.25
Jan-22 599.50 / 601.50
Q4-21 604.25 / 606.25
Q1-22 597.25 / 599.25
Q2-22 590.50 / 592.50
Q3-22 588.00 / 590.50
CAL22 589.50 / 592.50
Sing 380 cst INDIC
Aug-21 413.50 / 415.50
Sep-21 410.25 / 412.25
Oct-21 405.25 / 407.25
Nov-21 401.75 / 403.75
Dec-21 399.25 / 401.25
Jan-22 396.75 / 398.75
Q4-21 402.00 / 404.50
Q1-22 395.00 / 397.00
Q2-22 389.50 / 391.50
Q3-22 383.00 / 386.00
CAL22 385.75 / 388.75
Rotterdam 3.5% INDIC
Aug-21 402.00 / 404.00
Sep-21 396.50 / 398.50
Oct-21 391.50 / 393.50
Nov-21 387.25 / 389.25
Dec-21 383.75 / 385.75
Jan-22 381.25 / 383.25
Q4-21 387.25 / 389.75
Q1-22 379.25 / 381.25
Q2-22 373.00 / 375.00
Q3-22 365.50 / 368.50
CAL22 369.00 / 372.00
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