Morning Oil Report 8/10/20

Brent crude futures rose 9 cents, or 0.2%, to $42.08 a barrel, after falling 1.6% on yesterday. WTI crude futures rose 3 cents, or 0.1%, to $39.98 a barrel at 0435 GMT, after falling 1.8% yesterday.

 

EIA Data week ending 10/2

Crude oil: +0.5M

Gasoline: -1.4M

Distillates: -1.0M

Refiner utilz: 77.1%

 

Prices moved up in morning Asian trading despite the reported build in crude stocks from the EIA of 500k barrels in the week ending 2nd October. Support for prices were coming from the expected draws in supply from the Gulf Coast and Norwegian oil fields. (S&P Global Platts)

 

The strengthening of Storm Delta into a hurricane has forced the closure of 29.2% of offshore crude production in the US Regulated northern Gulf on Tuesday. The storm has developed into a category 4 which has turned off 8.6% of natural gas output from the Gulf of Mexico. 183 offshore facilities have been evacuated by oil producers in the expectation of the storm. (Reuters)

 

Saudi has raised its price of its Arab Light crude oil for November according to Bloomberg. This could be a sign of an uptick in the market as a whole, or at least Aramco think it is looking up as refining markets increased towards the end of September (Oilprice.com)

 

INDEX: (MTD Estimates)

* Sing 380: 237.67

* Rott 3.5%: 221.90

* Sing 0.5%: 315.94

* Rott 0.5%: 292.00

 

MARKETS NEWS:
* Delta Targets Louisiana After Hitting Mexico: Hurricane Update
* Murphy, BP Shut Gulf of Mexico Facilities Due to Hurricane Delta
* Key Asian Jet Fuel Price Reaches 8-Month High Amid Winter Demand
* Abu Dhabi Sets Nov. Murban Oil Price at -35C/Bbl to Dubai Crude
* U.S. Petroleum Inventories at Lowest Since May: EIA Takeaways
* U.S. Gasoline Stockpiles Below 5-Year Avg. For Time Since March
* U.S. Oil Imports From Canada Highest Since July: EIA
* Equinor Says Ongoing Oil Strike Threatens Main North Sea Field

OTHER NEWS:
* Mexico’s Oil Hedge Under Wraps, But Traders Suspect Activity
* Chevron Employees Being Asked to Reapply for Positions: Rtrs
* Exxon’s Market-Value Crown in Energy Passes to Chevron, NextEra
* U.S. Big Oil Should Weigh Power M&A, Morgan Stanley Says

OIL PRODUCT WRAPS:
* U.S.: Delta Menaces Gulf, Houston May Halt Arrivals
* EUROPE: Fuel Exports to WAF Rise: Grangemouth CDU

ECONOMIC EVENTS: (Times are London.)
* 1pm: OPEC publishes its annual World Oil Outlook, with data on upstream, downstream, supply, demand and projections out to 2045
* Singapore onshore oil-product stockpile weekly data
* Insights Global weekly report on European refined product inventories in ARA region

 

Rotterdam 3.5% INDIC

Nov20 231.50 / 233.50

Dec20 232.00 / 234.00

Jan21 233.75 / 235.75

Feb21 235.50 / 237.50

Mar21 237.25 / 239.25

Apr21 239.00 / 241.00

Q1-21 235.50 / 237.50

Q2-21 240.75 / 242.75

Q3-21 244.50 / 246.50

Q4-21 245.50 / 248.50

CAL21 239.25 / 245.25

 

Singapore 380 INDIC

Nov20 245.00 / 247.00

Dec20 246.25 / 248.25

Jan21 247.75 / 249.75

Feb21 249.50 / 251.50

Mar21 251.25 / 253.25

Apr21 253.00 / 255.00

Q1-21 249.50 / 251.50

Q2-21 254.50 / 256.50

Q3-21 258.75 / 260.75

Q4-21 261.50 / 264.50

CAL21 255.00 / 261.00

 

Rott VLSFO 0.5% INDIC

Nov20 298.25 / 303.25

Dec20 298.75 / 303.75

Jan21 299.50 / 304.50

Feb21 300.75 / 305.75

Mar21 302.00 / 307.00

Apr21 303.25 / 308.25

Q1-21 300.75 / 305.75

Q2-21 304.75 / 309.75

Q3-21 308.75 / 314.75

Q4-21 311.50 / 319.50

CAL21 304.75 / 312.75

 

Singapore VLSFO 0.5% INDIC

Nov20 319.75 / 324.75

Dec20 319.00 / 324.00

Jan21 319.00 / 324.00

Feb21 320.25 / 325.25

Mar21 321.50 / 326.50

Apr21 322.75 / 327.75

Q1-21 320.25 / 325.25

Q2-21 324.00 / 329.00

Q3-21 327.75 / 333.75

Q4-21 330.50 / 338.50

CAL21 324.00 / 332.00

 

Sing 10ppm GO INDIC

Nov20 46.09 / 46.23

Dec20 46.48 / 46.68

Jan21 46.87 / 47.07

Feb21 47.29 / 47.49

Mar21 47.73 / 47.93

Apr21 48.19 / 48.39

Q1-21 47.25 / 47.55

Q2-21 48.57 / 48.87

Q3-21 49.89 / 50.19

Q4-21 50.78 / 51.08

CAL21 49.45 / 49.85

 

ICE Gasoil 10ppm INDIC

Nov20 345.01 / 347.01

Dec20 348.76 / 350.76

Jan21 353.31 / 355.31

Feb21 357.68 / 359.68

Mar21 360.90 / 362.90

Apr21 364.45 / 366.45

Q1-21 357.30 / 359.30

Q2-21 366.56 / 368.56

Q3-21 376.46 / 378.46

Q4-21 380.39 / 382.39

CAL21 372.65 / 374.65

Leave a comment

Your email address will not be published. Required fields are marked *