Brent crude futures slid by $1.27, or 1.8%, to $69.43 a barrel by 0434 GMT, after having slumped 6% last week, their biggest weekly loss in four months. U.S. West Texas Intermediate (WTI) crude futures fell $1.29, or 1.9%, to $66.99 a barrel, after having slumped nearly 7% last week in their steepest weekly decline in nine months.
Coronavirus woes continue to raise fresh concerns with cases on the Delta variant increasing in China and the US, which threatens to kill demand for oil in a similar fashion to that of the first outbreak of the pandemic.
Chevron said it expects to add at least one or two rigs in the Permian basin in the third or fourth quarter and said it was seeing demand for most products, other than international jet fuel, starting to return to pre-pandemic levels. The number of U.S. oil rigs has risen for 11 straight months, but fell two to 385 this week, data from energy services firm Baker Hughes showed. (Reuters)
China’s crude imports fell 19.6% year on year to 9.75 million b/d in July, General Administration of Customs preliminary data released Aug. 7 showed. Total crude imports over the first seven months of the year fell 5.6% year on year to 301.83 million mt, or 10.44 million b/d, GAC data showed, extending a drop of around 3% over the first six months of the year. (S&P Global Platts)
OIL MARKET ROUND-UP:
- China’s Crude Imports Slip to Lowest Since May on Typhoon Halt
- Aramco Bucks Trend by Prioritizing Oil Output Over Dividends
- Key Oil Spread Squeezed by Delta as OPEC+ Adds Barrels
- Europe’s Fuel Imports From Mideast Jump to a 9-Month High
- Iraq Says It’s Gone Back to IMF for Loan of Up to $4 Billion
*Rotterdam 3.5% INDIC*
Sep21 365.50 / 367.50
Oct21 360.75 / 362.75
Nov21 357.25 / 359.25
Dec21 354.75 / 356.75
Jan22 352.75 / 354.75
Feb22 351.25 / 353.25
Q4-21 357.75 / 359.75
Q1-22 351.25 / 353.25
Q2-22 346.75 / 348.75
Q3-22 341.00 / 344.00
CAL22 343.75 / 349.75
*Singapore 380 INDIC*
Sep21 383.25 / 385.25
Oct21 377.75 / 379.75
Nov21 373.75 / 375.75
Dec21 371.00 / 373.00
Jan22 368.75 / 370.75
Feb22 367.25 / 369.25
Q4-21 374.25 / 376.25
Q1-22 367.25 / 369.25
Q2-22 362.75 / 364.75
Q3-22 357.75 / 360.75
CAL22 361.25 / 367.25
*Rott VLSFO 0.5% INDIC*
Sep21 475.50 / 480.50
Oct21 473.50 / 478.50
Nov21 471.25 / 476.25
Dec21 469.00 / 474.00
Jan22 466.75 / 471.75
Feb22 464.50 / 469.50
Q4-21 471.25 / 476.25
Q1-22 464.50 / 469.50
Q2-22 457.75 / 463.75
Q3-22 451.00 / 459.00
CAL22 454.00 / 462.00
*Sing VLSFO 0.5% INDIC*
Sep21 495.75 / 500.75
Oct21 493.25 / 498.25
Nov21 490.75 / 495.75
Dec21 488.25 / 493.25
Jan22 485.75 / 490.75
Feb22 483.50 / 488.50
Q4-21 490.75 / 495.75
Q1-22 483.50 / 488.50
Q2-22 477.00 / 483.00
Q3-22 470.75 / 478.75
CAL22 473.50 / 481.50
*Sing 10ppm GO INDIC*
Sep21 74.94 / 75.08
Oct21 74.77 / 74.97
Nov21 74.49 / 74.69
Dec21 74.21 / 74.41
Jan22 73.99 / 74.19
Feb22 73.77 / 73.97
Q4-21 74.45 / 74.75
Q1-22 73.72 / 74.02
Q2-22 73.23 / 73.53
Q3-22 72.88 / 73.18
CAL22 72.98 / 73.38
*ICE Gasoil 10ppm INDIC*
Sep21 567.35 / 571.35
Oct21 566.63 / 570.63
Nov21 564.06 / 568.06
Dec21 561.94 / 565.94
Jan22 561.06 / 565.06
Feb22 560.09 / 564.09
Q4-21 564.20 / 568.20
Q1-22 560.24 / 564.24
Q2-22 555.61 / 559.61
Q3-22 564.97 / 568.97
CAL22 562.32 / 566.32