| At 10:19 am Singapore time (0219 GMT), the ICE February Brent futures contract was up 58 cents/b (0.79%) from the previous close at $74.46/b, while the NYMEX January light sweet crude contract rose 70 cents/b (0.99%) to $71.57/b.
EIA
Crude oil: -4.6M
SPR: -2.0M
Gasoline: -0.7M
Distillates: -2.9M
Oil prices were also drawing support from the US Energy Information Administration’s latest inventory report released Dec. 15. Total US commercial crude stocks fell 4.58 million barrels to 428.29 million barrels in the week ended Dec. 10, the EIA said — the biggest one-week draw since the week ended Sept. 10. The draw put nationwide crude stocks at an eight-week low and left them 7.5% behind the five-year average for this time of year. (S&P Global Platts)
Earlier, the American Petroleum Institute’s weekly report Dec. 14 said crude stocks fell 815,000 barrels in the week to Dec. 10, while analysts surveyed by S&P Global Platts on Dec. 13 had pointed to a 1.7 million-barrel decline over the period. Nationwide US gasoline stocks saw a counter-seasonal draw of 720,000 barrels to 218.59 million barrels, while distillate stocks fell by 2.85 million barrels to 123.76 million barrels. Despite the US bullish data, analysts cautioned that the coronavirus omicron variant threat globally remained ever-present. (S&P Global Platts)
OIL MARKET ROUND-UP: (Bloomberg)
* Top Oil Trader Vitol Expects High Prices, Volatility in 2022
* Surging U.S. Gasoline Demand Could Keep Pump Prices Elevated
* Petronas Sets MCO Price Adjustment Factor at $6/Bbl for January
* U.S. Petroleum Product Demand Rose to Highest Ever: EIA
* Benchmark Oil Tanker Rates Gain; Baltic-Continent Routes Advance |
