Brent crude was higher by 54 cents, or 0.9%, at $62.49 a barrel by 0432 GMT, after dropping 3.8% on Thursday before pushing to just under $63.00 by 0700GMT. U.S. West Texas Intermediate (WTI) crude was up 65 cents, or 1.1%, at $59.21 a barrel, having tumbled 4.3% a day earlier. Both benchmarks were on track for a weekly loss of about 3%, following a more than 6% decline last week.
One of the worlds busiest shipping channels remains blocked, with the blockage likely to persist into the weekend and even longer, with many voyages now opting to travel around the Cape of Good Hope to avoid the disruption but adding valuable time onto voyages. According to the tracking firm Kpler, around 9% of total seaborne trade of refined products flowed through the canal every day in 2020, with 1.74 million barrels of crude of the 39.2 million barrels daily passed through the canal. The owner of the vessel has released news that the efforts overnight were in vain to try and release the ship, and that works were due to start at 0500GMT. (Reuters)
The expectation that OPEC will continue to produce similar output levels as in March are supporting prices, with many analysts believing that the oil market would be hindered at the need to absorb any extra supply given the losses in oil over the past two weeks. The group will also be closely monitoring the situations across Europe, as well as that in India and Brazil as mutated variants of the COVID-19 virus threaten the recovery in these regions, with many tallying increasingly high cases and deaths.
The Chinese Oil giant CNOOC sees its profits plunge by 59% in 2020 which the company put down to its Hong Kong Stock Exchange filing, but the fall in profits were in line with analysts’ expectations. (OilPrice.com)
INDEX: (MTD Estimates)
* Sing 380: 383.13
* Rott 3.5%: 397.96
* Sing 0.5%: 492.52
* Rott 0.5%: 472.61
OIL MARKET ROUND-UP:
* Goldman, Citi Among Banks Approved to Trade Murban Crude Futures
* Gasoil Stockpiles Rise in Europe’s ARA Region: Insights Global
* 5pm: Baker Hughes weekly rig count
* 5:30pm: ICE Brent weekly commitment of traders
* 7:30pm: CFTC weekly commitment of traders data
* ICE May Brent crude options expire
Sing VLSFO 0.5% INDIC
Apr-21 459.50 / 462.00
May-21 459.00 / 462.00
Jun-21 458.50 / 461.50
Jul-21 457.75 / 461.25
Aug-21 457.25 / 460.75
Sep-21 456.25 / 460.25
Q2-21 458.75 / 462.25
Q3-21 457.00 / 461.00
Q4-21 454.50 / 459.00
Q1-22 452.00 / 457.00
CAL22 446.25 / 452.25
Rott VLSFO 0.5% INDIC
Apr-21 440.50 / 443.00
May-21 440.00 / 443.00
Jun-21 439.50 / 442.50
Jul-21 438.75 / 442.25
Aug-21 438.25 / 441.75
Sep-21 437.25 / 441.25
Q2-21 439.75 / 443.25
Q3-21 438.00 / 442.00
Q4-21 435.25 / 439.75
Q1-22 431.50 / 436.50
CAL22 425.25 / 431.25
Sing 10ppm GO INDIC
Apr-21 66.04 / 66.16
May-21 66.24 / 66.38
Jun-21 66.41 / 66.57
Jul-21 66.54 / 66.72
Aug-21 66.65 / 66.83
Sep-21 66.72 / 66.92
Q2-21 66.18 / 66.36
Q3-21 66.54 / 66.74
Q4-21 66.50 / 66.74
Q1-22 66.33 / 66.63
CAL22 66.39 / 66.69
ICE Gasoil 10ppm INDIC
Apr-21 498.25 / 499.25
May-21 499.75 / 500.75
Jun-21 501.25 / 502.25
Jul-21 502.00 / 503.50
Aug-21 503.25 / 504.75
Sep-21 504.50 / 506.00
Q2-21 499.75 / 500.75
Q3-21 503.25 / 504.75
Q4-21 504.25 / 505.75
Q1-22 503.75 / 506.25
CAL22 504.25 / 507.25
Sing 380 cst INDIC
Apr-21 360.25 / 361.75
May-21 358.25 / 359.75
Jun-21 355.00 / 357.00
Jul-21 351.75 / 353.75
Aug-21 347.50 / 350.00
Sep-21 343.50 / 346.00
Q2-21 357.50 / 360.00
Q3-21 347.25 / 350.25
Q4-21 337.00 / 340.00
Q1-22 331.75 / 335.25
CAL22 325.25 / 330.25
Rotterdam 3.5% INDIC
Apr-21 346.75 / 348.25
May-21 345.00 / 346.50
Jun-21 341.75 / 343.75
Jul-21 338.00 / 340.00
Aug-21 333.25 / 335.75
Sep-21 327.75 / 330.25
Q2-21 344.00 / 346.50
Q3-21 332.75 / 335.75
Q4-21 317.00 / 320.00
Q1-22 309.25 / 312.75
CAL22 302.50 / 307.50
Sing hi5 Rdam hi5
Apr-21 100.00 94.00
May-21 101.00 96.00
Jun-21 104.00 98.00
Jul-21 107.00 101.00
Aug-21 110.00 105.00
Sep-21 113.00 110.00
Q2-21 102.00 96.00
Q3-21 110.00 106.00
Q4-21 118.00 119.00
Q1-22 121.00 123.00
CAL22 122.00 123.00
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