Oil and Products Morning Report 01/12/21

Good Morning. Oil rebounded from a sharp decline on speculation that recent deep losses were excessive and OPEC+ may decide to pause hikes in production, with the abrupt reversal fanning already-elevated volatility. West Texas Intermediate rallied 3.2% after tumbling by more than 5% on Tuesday, when a sell-off was driven by escalating concerns about the impact of the omicron virus variant on global energy demand and prospects for a faster tapering of stimulus by the U.S. Federal Reserve. Crude oil’s deteriorating fundamentals were reflected in a weakening price structure along the curve.
The sudden emergence of the new variant has rattled investors as the strain may evade existing vaccines, and spur fresh anti-virus curbs, especially for overseas travel. Still, Goldman Sachs Group Inc. said the oil market has “far overshot“ the likely impact of omicron, according to a Nov. 30 note. (Bloomberg)

OIL MARKET ROUND-UP: (Bloomberg)
* Oil Sinks Into Bear Market on Reserves Releases
* China Averts Diesel Crisis With Exports Poised to Climb
* API Reports U.S. Crude Stockpiles Fell 700K Bbl Last Week
* OPEC+ Should Keep Increasing Output to Safeguard Economy: IEA
* U.S. West Coast September Imports of Saudi Oil at 2-Year High
* U.S. September Crude Output Fell to Lowest Since February

Rotterdam 3.5% INDIC
Jan22 376.75 / 378.75
Feb22 376.50 / 378.50
Mar22 375.75 / 377.75
Apr22 374.75 / 376.75
May22 373.50 / 375.50
Jun22 372.00 / 374.00
Q1-22 376.50 / 378.50
Q2-22 373.50 / 375.50
Q3-22 367.50 / 369.50
Q4-22 357.75 / 360.75
CAL22 368.50 / 371.50
CAL23 347.00 / 355.00

Singapore 380 INDIC
Jan22 394.00 / 396.00
Feb22 393.75 / 395.75
Mar22 393.25 / 395.25
Apr22 392.50 / 394.50
May22 391.50 / 393.50
Jun22 390.25 / 392.25
Q1-22 393.75 / 395.75
Q2-22 391.50 / 393.50
Q3-22 387.00 / 389.00
Q4-22 380.75 / 383.75
CAL22 388.00 / 391.00
CAL23 370.25 / 378.25

Rott VLSFO 0.5% INDIC
Jan22 491.50 / 496.50
Feb22 487.50 / 492.50
Mar22 484.50 / 489.50
Apr22 482.00 / 487.00
May22 479.75 / 484.75
Jun22 477.50 / 482.50
Q1-22 487.75 / 492.75
Q2-22 479.75 / 484.75
Q3-22 473.00 / 479.00
Q4-22 467.75 / 473.75
CAL22 476.75 / 482.75
CAL23 455.50 / 464.50

Singapore VLSFO 0.5% INDIC
Jan22 520.00 / 525.00
Feb22 510.00 / 515.00
Mar22 505.50 / 510.50
Apr22 502.50 / 507.50
May22 500.25 / 505.25
Jun22 498.00 / 503.00
Q1-22 512.00 / 517.00
Q2-22 500.25 / 505.25
Q3-22 493.75 / 499.75
Q4-22 488.50 / 494.50
CAL22 498.50 / 504.50
CAL23 481.75 / 490.75

Sing 10ppm GO INDIC
Jan22 79.82 / 79.96
Feb22 79.45 / 79.65
Mar22 79.14 / 79.34
Apr22 78.86 / 79.06
May22 78.58 / 78.78
Jun22 78.30 / 78.50
Q1-22 79.45 / 79.65
Q2-22 78.58 / 78.78
Q3-22 77.90 / 78.10
Q4-22 77.38 / 77.58
CAL22 78.23 / 78.63
CAL23 76.06 / 76.46

Ice Gasoil Swap
Jan22 606.02 / 608.02
Feb22 604.23 / 606.23
Mar22 601.38 / 603.38
Apr22 597.42 / 600.42
May22 594.70 / 597.70
Jun22 592.86 / 595.86
Q1-22 603.35 / 606.35
Q2-22 595.00 / 598.00
Q3-22 591.66 / 594.66
Q4-22 585.63 / 588.63
CAL22 593.92 / 596.92

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