Morning Oil Report
At 11:18 am Singapore time (0318 GMT), the ICE October Brent futures contract was up 18 cents/b (0.26%) from the previous close at $69.22/b, while the NYMEX September light sweet crude contract was 36 cents/b (0.54%) higher at $66.84/b.
Front month Brent fell by over 4% yesterday in the European morning, with the spread of the delta variant causing major concerns to the global economies and recoveries. Although the vaccine rollout continues to gather pace, the transmissibility of the delta variant means that the vaccines are offering little resistance to the proliferation of the new strain. The major worry at present is that China is battling against the largest outbreak of the virus since the initial spread in Wuhan in 2019.
Still, U.S. crude, gasoline, and other product inventories are likely to have dropped last week, with gasoline stocks forecast to fall for a fourth consecutive period, a preliminary Reuters poll showed on Monday. Crude oil inventories are expected to have fallen by about 1.1 barrels in the week to Aug. 6, according to the average estimate of six analysts polled by Reuters. (Reuters)
OIL MARKET ROUND-UP:
* Chinese Air Travel Has Biggest Drop Since Start of Pandemic
* China’s Crude Imports Slip to Lowest Since May on Typhoon Halt
* India’s July Demand for Oil Products Jumps Most in Three Months
* U.S. Gasoline Imports From Europe Rebound to 3-Week High: Data
* Micro WTI Crude Futures Volume Tops 1 Million Contracts
* Key Oil Spread Squeezed by Delta as OPEC+ Adds Barrels
*Rotterdam 3.5% INDIC*
Sep21 371.00 / 373.00
Oct21 366.00 / 368.00
Nov21 362.50 / 364.50
Dec21 359.75 / 361.75
Jan22 357.75 / 359.75
Feb22 356.50 / 358.50
Q4-21 362.75 / 364.75
Q1-22 356.50 / 358.50
Q2-22 352.25 / 354.25
Q3-22 346.25 / 349.25
CAL22 345.50 / 351.50
*Singapore 380 INDIC*
Sep21 388.75 / 390.75
Oct21 383.00 / 385.00
Nov21 379.00 / 381.00
Dec21 376.25 / 378.25
Jan22 374.25 / 376.25
Feb22 373.00 / 375.00
Q4-21 379.50 / 381.50
Q1-22 373.00 / 375.00
Q2-22 369.00 / 371.00
Q3-22 364.00 / 367.00
CAL22 363.50 / 369.50
*Rott VLSFO 0.5% INDIC*
Sep21 481.50 / 486.50
Oct21 479.50 / 484.50
Nov21 477.50 / 482.50
Dec21 475.50 / 480.50
Jan22 473.25 / 478.25
Feb22 471.00 / 476.00
Q4-21 477.50 / 482.50
Q1-22 471.25 / 476.25
Q2-22 464.50 / 470.50
Q3-22 458.00 / 466.00
CAL22 461.00 / 469.00
*Sing VLSFO 0.5% INDIC*
Sep21 501.25 / 506.25
Oct21 498.75 / 503.75
Nov21 496.25 / 501.25
Dec21 493.75 / 498.75
Jan22 491.25 / 496.25
Feb22 489.25 / 494.25
Q4-21 496.25 / 501.25
Q1-22 489.25 / 494.25
Q2-22 483.00 / 489.00
Q3-22 476.75 / 484.75
CAL22 479.50 / 487.50
*Sing 10ppm GO INDIC*
Sep21 75.49 / 75.63
Oct21 75.33 / 75.53
Nov21 75.09 / 75.29
Dec21 74.83 / 75.03
Jan22 74.67 / 74.87
Feb22 74.50 / 74.70
Q4-21 75.05 / 75.35
Q1-22 74.44 / 74.74
Q2-22 74.08 / 74.38
Q3-22 73.85 / 74.15
CAL22 73.87 / 74.27
*ICE Gasoil 10ppm INDIC*
Sep21 571.14 / 575.14
Oct21 570.42 / 574.42
Nov21 567.81 / 571.81
Dec21 565.52 / 569.52
Jan22 564.48 / 568.48
Feb22 563.38 / 567.38
Q4-21 567.90 / 571.90
Q1-22 563.56 / 567.56
Q2-22 558.93 / 562.93
Q3-22 552.68 / 556.68
CAL22 558.70 / 562.70
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