Morning Oil Report
Brent crude was down 49 cents, or 0.7%, at $70.82 a barrel by 0507 GMT, after dropping 13 cents in the previous session. U.S. crude was off by 53 cents, or 0.8%, at $68.56 a barrel, having fallen 0.2% on Thursday. The benchmarks are still heading for a slight gain this week.
In sharp contrast, OPEC on Thursday stuck to its forecasts for a rebound in oil demand globally this year and further growth in 2022, notwithstanding the rising concern about the surge in COVID-19 infections. In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) also raised its expectations for supplies next year from other producers, including U.S. shale drillers, which could potentially snarl efforts by the group and allies, known as OPEC+, to achieve a balance in the market. (Reuters)
Delta has interrupted oil’s rally after a rapid rebound from the pandemic in big economies such as the U.S. helped drive prices more than 50% higher over the first half of the year. The biggest concern is the flare-up in China, where authorities have taken an aggressive approach to containing the outbreak despite having one of the world’s highest vaccination rates. (Bloomberg)
Increasing demand for crude ground to a halt in July and is set to rise at a slower pace over the rest of 2021 because of the surge in infections from the Delta variant of the coronavirus that causes COVID-19, the IEA said on Thursday.
OIL MARKET ROUND-UP:
* OIL BAROMETERS: U.S. Gasoline Crack’s 15-Month High; Brent- Dubai
* Gasoline Makers Boost Octane With Pricey Cargoes to NYC, Houston
* ARA Jet Fuel Stocks Near 2-Month Low With Summer Travel Take- Off
* U.S. Gasoline Prices Could Drop 25 Cents by Year’s End: GasBuddy
* IEA Cuts Oil Demand Outlook on Virus, Sees Surplus in 2022
* OPEC Cuts Demand Forecast for Its Crude Amid ‘Precarious’ Market
Rotterdam 3.5% INDIC
Sep21 374.00 / 376.00
Oct21 369.25 / 371.25
Nov21 365.25 / 367.25
Dec21 362.50 / 364.50
Jan22 360.50 / 362.50
Feb22 359.25 / 361.25
Q4-21 365.75 / 367.75
Q1-22 359.25 / 361.25
Q2-22 355.00 / 357.00
Q3-22 349.00 / 352.00
CAL22 353.00 / 356.00
Singapore 380 INDIC
Sep21 390.50 / 392.50
Oct21 385.25 / 387.25
Nov21 381.50 / 383.50
Dec21 379.00 / 381.00
Jan22 376.75 / 378.75
Feb22 375.50 / 377.50
Q4-21 382.00 / 384.00
Q1-22 375.50 / 377.50
Q2-22 371.75 / 373.75
Q3-22 366.50 / 369.50
CAL22 370.75 / 373.75
Rott VLSFO 0.5% INDIC
Sep21 485.25 / 490.25
Oct21 483.50 / 488.50
Nov21 481.50 / 486.50
Dec21 479.50 / 484.50
Jan22 477.25 / 482.25
Feb22 477.00 / 482.00
Q4-21 481.50 / 486.50
Q1-22 476.25 / 481.25
Q2-22 470.50 / 476.50
Q3-22 464.50 / 470.50
CAL22 467.25 / 473.25
Singapore VLSFO 0.5% INDIC
Sep21 506.00 / 511.00
Oct21 503.50 / 508.50
Nov21 501.00 / 506.00
Dec21 498.50 / 503.50
Jan22 496.00 / 501.00
Feb22 494.00 / 499.00
Q4-21 501.00 / 506.00
Q1-22 494.00 / 499.00
Q2-22 487.75 / 493.75
Q3-22 482.50 / 488.50
CAL22 485.25 / 491.25
Sing 10ppm GO INDIC
Sep21 76.63 / 76.77
Oct21 76.45 / 76.65
Nov21 76.19 / 76.39
Dec21 75.92 / 76.12
Jan22 75.71 / 75.91
Feb22 75.53 / 75.73
Q4-21 76.20 / 76.40
Q1-22 75.53 / 75.73
Q2-22 75.19 / 75.39
Q3-22 75.00 / 75.20
CAL22 74.95 / 75.35
Ice Gasoil Swap
Sep21 581.14 / 583.14
Oct21 580.35 / 582.35
Nov21 577.65 / 579.65
Dec21 575.18 / 577.18
Jan22 574.04 / 576.04
Feb22 572.88 / 574.88
Q4-21 577.75 / 579.75
Q1-22 572.73 / 574.73
Q2-22 569.14 / 571.14
Q3-22 569.29 / 571.29
CAL22 568.90 / 571.90
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