Welcome back to those who have enjoyed the Easter break!
Brent crude futures rose 38 cents, or 0.61%, to $62.53 a barrel at 0507 GMT, after falling 4.2% on Monday. U.S. West Texas Intermediate (WTI) crude futures rose 34 cents, or 0.58%, to $58.99 barrel, after sliding 4.6% on Monday. The US Dollar Index, which measures the US dollar against a trade-weighted basket of six major currencies, slipped 0.49% to 92.595 April 5 and continued to move sideways in mid-morning trade in Asia April 6 to stand at 92.665 at 10:41 am Singapore time, helping to recover yesterday’s losses on oil.
Over the extended weekend, the market was left to mull over the effects of the lasts OPEC meeting that took place last Thursday, the outcome of the meeting was clear in that the decision taken was needed to push forward with the recovery from the COVID-19 pandemic with monthly production hikes in May through to July. Adding to this planned production increase, Iran will be increasing production, as well as Saudi Arabia, who will be reintroducing the 1 million barrels per day cuts over the same period. OPEC+, which comprises the Organization of the Petroleum Exporting Countries, Russia and other allied producers, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July. With the planned levels of supply, Novak said that he believes that global oil inventories would return to normal in the next 2-3 months. (Reuters)
The OPEC+ meeting has the oil market cautious, with the result of the last OPEC meeting leading to highs on brent of upwards of $70 per barrel, yet at the start of April, Brent struggled to remain above $65 for long at all, with the group also trimming its demand forecast for the year by 300,000 barrels as a result of increasing and persistent lockdowns in Europe partnered with an underwhelming vaccine rollout and rising cases in India and Brazil.
Market sentiment has been given a much-needed boost over the past few days, with positive figures surrounding jobs in the US were published which beat estimates and adds momentum to the recovery. (Reuters)
The Singapore marine fuel 0.5%S bunker market is unlikely to see any significant upside from prevailing levels in the week of April 5-9 due to lackluster sentiment in the upstream Singapore marine fuel 0.5%S cargo market, traders said. Singapore 380 CST high sulfur bunker fuel end-users were waiting to take a cue from the direction that the upstream cargo market was likely to take in the week to April 9, Singapore-based bunker suppliers said. (S&P Global Platts)
*Rotterdam 3.5% INDIC*
May21 340.75 / 342.75
Jun21 338.75 / 340.75
Jul21 335.75 / 337.75
Aug21 331.75 / 333.75
Sep21 327.50 / 329.50
Oct21 322.75 / 324.75
Q3-21 331.50 / 333.50
Q4-21 318.50 / 320.50
Q1-22 312.50 / 314.50
Q2-22 308.75 / 311.75
CAL22 307.50 / 313.50
*Singapore 380 INDIC*
May21 353.25 / 355.25
Jun21 351.75 / 353.75
Jul21 349.50 / 351.50
Aug21 347.25 / 349.25
Sep21 344.25 / 346.25
Oct21 341.00 / 343.00
Q3-21 347.00 / 349.00
Q4-21 338.00 / 340.00
Q1-22 332.25 / 334.25
Q2-22 328.00 / 331.00
CAL22 327.75 / 333.75
*Rott VLSFO 0.5% INDIC*
May21 438.75 / 443.75
Jun21 438.25 / 443.25
Jul21 437.75 / 442.75
Aug21 437.00 / 442.00
Sep21 436.00 / 441.00
Oct21 435.00 / 440.00
Q3-21 437.00 / 442.00
Q4-21 434.00 / 439.00
Q1-22 430.50 / 436.50
Q2-22 426.50 / 434.50
CAL22 425.00 / 433.00
*Sing VLSFO 0.5% INDIC*
May21 461.25 / 466.25
Jun21 461.25 / 466.25
Jul21 460.75 / 465.75
Aug21 460.50 / 465.50
Sep21 460.25 / 465.25
Oct21 460.00 / 465.00
Q3-21 460.50 / 465.50
Q4-21 459.75 / 464.75
Q1-22 457.75 / 463.75
Q2-22 453.75 / 461.75
CAL22 452.25 / 460.25
*Sing 10ppm GO INDIC*
May21 66.90 / 67.04
Jun21 66.97 / 67.17
Jul21 67.06 / 67.26
Aug21 67.14 / 67.34
Sep21 67.22 / 67.42
Oct21 67.25 / 67.45
Q3-21 67.10 / 67.40
Q4-21 67.08 / 67.38
Q1-22 66.98 / 67.28
Q2-22 67.03 / 67.33
CAL22 66.89 / 67.29
*ICE Gasoil 10ppm INDIC*
May21 501.30 / 505.30
Jun21 503.04 / 507.04
Jul21 504.56 / 508.56
Aug21 505.85 / 509.85
Sep21 507.13 / 511.13
Oct21 507.54 / 511.54
Q3-21 505.85 / 509.85
Q4-21 507.18 / 511.18
Q1-22 506.68 / 510.68
Q2-22 505.43 / 509.43
CAL22 505.99 / 509.99
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FIS Oil Desk
info@freightinvestor.com
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Luke Longhurst
Email: LukeL@freightinvestor.com
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Email: RickyF@freightinvestor.com
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Mobile: (+44) 7729 118643
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Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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