Morning Oil Report
At 10:32 am Singapore time (0232 GMT), the ICE October Brent futures contract was down $1.03/b (1.51%) from the previous close at $67.18/b, while the NYMEX September light sweet crude contract fell $1.07/b (1.63%) at $64.39/b.
EIA week ending 8/13
Crude oil: -3.2M
Gasoline: +0.7M
Distillates: -2.7M
Refiner utilz: 92.2%
Impld mogas demand: 9.33 Mbpd
Total US gasoline inventories climbed 700,000 barrels to 228.17 million barrels in the week ended Aug. 13, the Energy Information Administration data released late Aug. 18 showed, snapping four consecutive weekly draws and narrowing the deficit to the five-year average to around 3%.
WTI has dropped over 7% while Brent has slumped more than 5% during the six-day losing streak, the longest since a six-day decline for both contracts that ended on Feb. 28, 2020.
Prices have fallen as investors remained worried over the increase in infections caused by the Delta variant of the coronavirus worldwide, with virus-related deaths in the United States, the world’s largest oil user, spiking over the past month. Slower growth in China, the world’s biggest oil importer, as it imposes further restrictions in response to rising COVID-19 cases and some weakness in a few U.S. data points this past week has driven the softness in oil prices, he cited. (Reuters)
OIL MARKET ROUND-UP:
Record-Busting LPG Rally Has Room to Run With Winter Looming
Libyan Oil Minister Asks Government to Replace NOC Chair Sanalla
U.S. Gasoline Demand Dips With Delta Curbing Late Summer Travel
U.S. East Coast Crude Oil Imports Rise 66%: EIA
EIA: Crude -3,233k Bbl, Median Est. -1,450k Bbl
U.S. Gulf-to-Europe Clean Tankers Drop; Benchmark Nudges Up
*Rotterdam 3.5% INDIC*
Sep21 356.00 / 358.00
Oct21 350.75 / 352.75
Nov21 346.50 / 348.50
Dec21 343.50 / 345.50
Jan22 341.50 / 343.50
Feb22 340.00 / 342.00
Q4-21 346.75 / 348.75
Q1-22 340.00 / 342.00
Q2-22 335.50 / 337.50
Q3-22 329.50 / 332.50
CAL22 335.25 / 341.25
*Singapore 380 INDIC*
Sep21 372.50 / 374.50
Oct21 366.75 / 368.75
Nov21 362.25 / 364.25
Dec21 359.75 / 361.75
Jan22 357.50 / 359.50
Feb22 356.00 / 358.00
Q4-21 363.00 / 365.00
Q1-22 356.00 / 358.00
Q2-22 351.75 / 353.75
Q3-22 347.00 / 350.00
CAL22 352.75 / 358.75
*Rott VLSFO 0.5% INDIC*
Sep21 461.00 / 466.00
Oct21 459.75 / 464.75
Nov21 458.00 / 463.00
Dec21 456.25 / 461.25
Jan22 454.25 / 459.25
Feb22 452.25 / 457.25
Q4-21 458.00 / 463.00
Q1-22 452.25 / 457.25
Q2-22 445.75 / 451.75
Q3-22 439.00 / 447.00
CAL22 442.00 / 450.00
*Sing VLSFO 0.5% INDIC*
Sep21 482.25 / 487.25
Oct21 479.75 / 484.75
Nov21 477.50 / 482.50
Dec21 475.25 / 480.25
Jan22 473.50 / 478.50
Feb22 471.75 / 476.75
Q4-21 477.50 / 482.50
Q1-22 471.75 / 476.75
Q2-22 466.00 / 472.00
Q3-22 459.75 / 467.75
CAL22 462.50 / 470.50
*Sing 10ppm GO INDIC*
Sep21 73.03 / 73.17
Oct21 72.83 / 73.03
Nov21 72.56 / 72.76
Dec21 72.29 / 72.49
Jan22 72.07 / 72.27
Feb22 71.88 / 72.08
Q4-21 72.50 / 72.80
Q1-22 71.84 / 72.14
Q2-22 71.51 / 71.81
Q3-22 71.32 / 71.62
CAL22 71.32 / 71.72
*ICE Gasoil 10ppm INDIC*
Sep21 553.85 / 557.85
Oct21 553.10 / 557.10
Nov21 550.46 / 554.46
Dec21 548.18 / 552.18
Jan22 547.07 / 551.07
Feb22 546.09 / 550.09
Q4-21 550.60 / 554.60
Q1-22 546.01 / 550.01
Q2-22 543.12 / 547.12
Q3-22 550.85 / 554.85
CAL22 547.42 / 551.42
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