Morning Oil Report
After flitting around Tuesday’s close in Asian morning trade, Brent crude was up 23 cents or 0.3% at $69.26 a barrel by 0512 GMT. U.S. oil gained 24 cents or 0.4% to $66.83 a barrel.
API
Crude -1.163M
Cushing -1.735M
Gasoline -1.1979M
Distillate +0.502M
US crude inventories declined by about 1.16 million barrels for the week ended Aug. 13, latest data from the API showed, while China, the world’s largest energy consumer, has reported that its daily crude processing in July had dived to its lowest in nearly 15 months. The API data also showed that gasoline inventories declined by about 1.2 million barrels last week, compared with a 1.1 million-barrel draw the prior week. (S&P Global Platts)
However, analysts said further upside was capped by a stronger US dollar as disappointing economic data from China and the spread of the delta variant weighed on the risk appetite for commodity prices. Analysts said that poor data out of China remains a concern as mobility in key cities such as Beijing has been curtailed by authorities trying to curb the outbreak. S&P Global Platts Analytics has also forecasted China’s Q3 refinery throughput to dive to about 14.6 million b/d from 14.7 million b/d in Q2. (S&P Global Platts)
In the United States, more supply is set to hit the market if official forecasts prove right. U.S. shale oil production is expected to rise to 8.1 million barrels per day (bpd) in September, the highest since April 2020, according to the government’s Energy Information Administration’s monthly drilling output report. (Reuters)
Rotterdam 3.5% INDIC
Sep21 368.25 / 370.25
Oct21 363.75 / 365.75
Nov21 359.75 / 361.75
Dec21 357.00 / 359.00
Jan22 355.00 / 357.00
Feb22 353.75 / 355.75
Q4-21 360.25 / 362.25
Q1-22 353.75 / 355.75
Q2-22 349.75 / 351.75
Q3-22 344.25 / 347.25
CAL22 345.00 / 348.00
Singapore 380 INDIC
Sep21 384.00 / 386.00
Oct21 379.25 / 381.25
Nov21 375.75 / 377.75
Dec21 373.50 / 375.50
Jan22 371.25 / 373.25
Feb22 370.00 / 372.00
Q4-21 376.25 / 378.25
Q1-22 370.00 / 372.00
Q2-22 366.25 / 368.25
Q3-22 361.50 / 364.50
CAL22 362.50 / 365.50
Rott VLSFO 0.5% INDIC
Sep21 474.75 / 479.75
Oct21 473.75 / 478.75
Nov21 472.50 / 477.50
Dec21 471.00 / 476.00
Jan22 469.00 / 474.00
Feb22 467.00 / 472.00
Q4-21 472.50 / 477.50
Q1-22 467.00 / 472.00
Q2-22 460.50 / 466.50
Q3-22 454.50 / 460.50
CAL22 457.75 / 463.75
Singapore VLSFO 0.5% INDIC
Sep21 497.00 / 502.00
Oct21 495.00 / 500.00
Nov21 492.75 / 497.75
Dec21 490.50 / 495.50
Jan22 488.75 / 493.75
Feb22 487.00 / 492.00
Q4-21 492.75 / 497.75
Q1-22 487.00 / 492.00
Q2-22 481.25 / 487.25
Q3-22 476.00 / 482.00
CAL22 478.50 / 484.50
Sing 10ppm GO INDIC
Sep21 75.18 / 75.32
Oct21 75.00 / 75.20
Nov21 74.74 / 74.94
Dec21 74.49 / 74.69
Jan22 74.27 / 74.47
Feb22 74.08 / 74.28
Q4-21 74.75 / 74.95
Q1-22 74.09 / 74.29
Q2-22 73.75 / 73.95
Q3-22 73.57 / 73.77
CAL22 73.52 / 73.92
Ice Gasoil Swap
Sep21 570.85 / 572.85
Oct21 570.10 / 572.10
Nov21 567.64 / 569.64
Dec21 565.22 / 567.22
Jan22 564.04 / 566.04
Feb22 563.11 / 565.11
Q4-21 567.65 / 569.65
Q1-22 562.96 / 564.96
Q2-22 559.78 / 561.78
Q3-22 560.56 / 562.56
CAL22 559.84 / 562.84
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