Morning Oil Report

Good morning all, Merry Christmas eve!

 

Wishing all of you a very merry Christmas with your nearest and dearest in what has been a very difficult year. May 2021 bring you more happiness and health!

Luke, Ricky, Jarryd, Sam and the FIS Fuel Oil desk cannot thank you enough for all the support throughout the year and we look forward to working with you in the new year and seeing what that has to bring!

 

#EIA Report

 

#Crude: -0,562

#Cushing: -0,026

#Distillate: -2,325

#Gasoline: -1,125

#Production: 0

 

Brent crude futures rose 38 cents, or 0.7%, to $51.58 a barrel by 0530 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased 31 cents, or 0.6%, to $48.43. Both contracts gained more than 2% on Wednesday.

 

Brent was buoyed by the unexpected draw in crude stocks and the positive news that a Brexit deal is on the edge of being agreed between the EU and the UK this morning, but another new strain of the virus has capped those gains to 2% yesterday. U.S. crude inventories fell by 562,000 barrels in the week to Dec. 18 to 499.5 million barrels, the Energy Information Administration said on Wednesday. (Reuters)

 

Singapore Marine Fuel 0.5%S was supported Dec. 24 on the eve of the Christmas long weekend by stronger demand and expectations of declining supply, market sources said. The January/February spread remained in backwardation, pegged at 25 cents/mt at 11 am Singapore time (0300 GMT) Dec. 24, unchanged from Dec. 23. The market structure flipped into backwardation on Dec. 22. Market sources attributed the strength both to bullish demand and declining supply. The downstream delivered bunker market has been seeing an increase in inquiries, a trader said. “Spot demand is not bad. Seeing some inquiries for delivery at the end of December,” a trader based in Singapore said. (S&P Global Platts)

 

 

INDEX: (MTD Estimates)

* Sing 380: 295.69

* Rott 3.5%: 276.07

* Sing 0.5%: 374.63

* Rott 0.5%: 360.03

 

 

*Rotterdam 3.5% INDIC*

Jan21     286.00   /            288.00

Feb21    285.50   /            287.50

Mar21   284.50   /            286.50

Apr21    282.50   /            284.50

May21   280.00   /            282.00

Jun21     277.50   /            279.50

Q1-21    285.50   /            287.50

Q2-21    280.00   /            282.00

Q3-21    271.50   /            273.50

Q4-21    262.75   /            265.75

CAL21    273.25   /            279.25

 

*Singapore 380 INDIC*

Jan21     302.50   /            304.50

Feb21    301.75   /             303.75

Mar21   301.00   /            303.00

Apr21    299.00   /            301.00

May21   297.00   /            299.00

Jun21     294.00   /            296.00

Q1-21    301.75   /            303.75

Q2-21    296.75   /            298.75

Q3-21    288.75   /            290.75

Q4-21    281.50   /            284.50

CAL21    292.00   /            298.00

 

*Rott VLSFO 0.5% INDIC*

Jan21     368.50   /             373.50

Feb21    369.00   /             374.00

Mar21   369.25   /             374.25

Apr21    369.50   /             374.50

May21   369.75   /             374.75

Jun21     370.00   /             375.00

Q1-21    369.00   /             374.00

Q2-21    369.75   /             374.75

Q3-21    369.75   /             375.75

Q4-21    368.50   /             376.50

CAL21    364.25   /             372.25

 

*Singapore VLSFO 0.5% INDIC*

Jan21     389.75   /             394.75

Feb21    389.25   /             394.25

Mar21   389.50   /             394.50

Apr21    389.50   /             394.50

May21   389.75   /             394.75

Jun21     390.00   /             395.00

Q1-21    389.50   /             394.50

Q2-21    389.75   /             394.75

Q3-21    390.00   /             396.00

Q4-21    389.75   /             397.75

CAL21    384.00   /             392.00

 

*Sing 10ppm GO INDIC*

Jan21     57.35     /             57.49

Feb21    57.37     /             57.57

Mar21   57.50     /             57.70

Apr21    57.63     /             57.83

May21   57.76     /             57.96

Jun21     57.84     /             58.04

Q1-21    57.35     /             57.65

Q2-21    57.70     /             58.00

Q3-21    58.10     /             58.40

Q4-21    58.26     /             58.56

CAL21    57.80     /             58.20

 

*ICE Gasoil 10ppm INDIC*

Jan21     428.34   /             430.34

Feb21    430.35   /             432.35

Mar21   431.48   /             433.48

Apr21    432.28   /             434.28

May21   433.13   /             435.13

Jun21     434.29   /             436.29

Q1-21    430.05   /             432.05

Q2-21    433.23   /             435.23

Q3-21    436.74   /             438.74

Q4-21    438.80   /             440.80

CAL21    434.71   /             436.71

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