Morning Oil Report
Brent crude futures dropped 25 cents, or 0.4%, to $70.80 a barrel by 0525 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 28 cents, or 0.4%, to $67.26. Both benchmark contracts rose by about 8% over the previous two days, erasing most of the slump from a seven-day losing streak.
API
Crude -1.622M
Cushing -0.485M
Gasoline -0.985M
Distillate -0.245M
American Petroleum Institute data showed crude inventories fell 1.6 million barrels for the week ended Aug. 20, while gasoline stockpiles fell 1 million barrels, according to sources, who spoke on condition of anonymity. Analysts were expecting crude stockpiles to fall by 2.7 million barrel and gasoline stocks to drop by 1.6 million barrels, according to a Reuters poll. Official data from the U.S. Energy Information Administration is due to be released on Wednesday at 1430 GMT. (Reuters)
In a promising sign that the spread of Delta infections was easing in China, the country on Wednesday reported just 20 new confirmed coronavirus cases for Aug. 24, down from 35 a day earlier. This is the key factor at present with regards to oil prices over the short term- having seen infection rates in China and the US rise quite significantly in the midst of summer.
The value of Saudi Arabia’s oil exports in June increased 123% to 61.5 billion riyals ($16.4 billion) from a year earlier while non-oil exports rose by around 41%, official data showed on Tuesday. Overall exports increased by nearly 92% in June compared to a year earlier when international trade was curbed by lockdowns and travel disruptions related to the coronavirus crisis, said the General Authority for Statistics. (Reuters)
*Rotterdam 3.5% INDIC*
Sep21 378.50 / 380.50
Oct21 373.25 / 375.25
Nov21 368.50 / 370.50
Dec21 364.75 / 366.75
Jan22 362.50 / 364.50
Feb22 361.00 / 363.00
Q4-21 368.75 / 370.75
Q1-22 361.00 / 363.00
Q2-22 356.25 / 358.25
Q3-22 350.00 / 353.00
CAL22 349.75 / 355.75
*Singapore 380 INDIC*
Sep21 399.50 / 401.50
Oct21 391.75 / 393.75
Nov21 386.00 / 388.00
Dec21 382.25 / 384.25
Jan22 379.75 / 381.75
Feb22 378.00 / 380.00
Q4-21 386.50 / 388.50
Q1-22 378.00 / 380.00
Q2-22 373.25 / 375.25
Q3-22 367.50 / 370.50
CAL22 367.25 / 373.25
*Rott VLSFO 0.5% INDIC*
Sep21 487.50 / 492.50
Oct21 485.00 / 490.00
Nov21 482.75 / 487.75
Dec21 480.50 / 485.50
Jan22 478.25 / 483.25
Feb22 476.25 / 481.25
Q4-21 482.75 / 487.75
Q1-22 476.25 / 481.25
Q2-22 470.00 / 476.00
Q3-22 463.75 / 471.75
CAL22 466.50 / 474.50
*Sing VLSFO 0.5% INDIC*
Sep21 508.75 / 513.75
Oct21 505.25 / 510.25
Nov21 502.50 / 507.50
Dec21 500.00 / 505.00
Jan22 497.75 / 502.75
Feb22 495.75 / 500.75
Q4-21 502.75 / 507.75
Q1-22 495.75 / 500.75
Q2-22 489.25 / 495.25
Q3-22 482.50 / 490.50
CAL22 485.75 / 493.75
*Sing 10ppm GO INDIC*
Sep21 76.89 / 77.03
Oct21 76.67 / 76.87
Nov21 76.36 / 76.56
Dec21 76.06 / 76.26
Jan22 75.78 / 75.98
Feb22 75.53 / 75.73
Q4-21 76.30 / 76.60
Q1-22 75.50 / 75.80
Q2-22 75.05 / 75.35
Q3-22 74.70 / 75.00
CAL22 74.78 / 75.18
*ICE Gasoil 10ppm INDIC*
Sep21 582.85 / 586.85
Oct21 581.34 / 585.34
Nov21 578.08 / 582.08
Dec21 575.20 / 579.20
Jan22 573.23 / 577.23
Feb22 571.53 / 575.53
Q4-21 578.20 / 582.20
Q1-22 571.45 / 575.45
Q2-22 567.07 / 571.07
Q3-22 566.23 / 570.23
CAL22 567.00 / 571.00
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
Sam Twyford
Email: SamT@freightinvestor.com
Mobile: (+44) 7729 118643
Jessie Deng
Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987