At 11.05 am Singapore time (0234 GMT), the ICE Brent June contract slipped 5 cents/b (0.08%) from the April 8 settle at $63.15/b, while the May NYMEX light sweet crude contract was up 11 cents/b (0.18%) at $59.71/b.
Oil prices have been struggling to find any directional rhythm over the past few weeks with the pressures of COVID-19 weighing on the global economies, especially those of India – who are set to enter another lockdown in certain areas and Brazil. Europe is also struggling with getting to grips with the virus cases, but the vaccine rollout is offering support to officials. Downwards pressures on oil prices were mitigates with a weakening dollar, The US dollar Index, slid 0.44% to 92.069 on April 8 and continued to move in a range during mid-morning trade April 9 to stand at 92.155 at 11.05 am Singapore time, the lowest since it settled at 91.741 on March 22. (S&P Global Platts)
This week’s EIA figures reported a draw on crude of 3.5 million barrels, but a build in products with the initial reaction being flat because of the figures.
The largest oilfield in Libya, the 300,000-bpd Sharara field, could see crude oil exports from it disrupted if members of the Petroleum Facilities Guard (PFG) follow through with their threat to shut down exports if their demands for pay are not met. Earlier this week, the PFG issued an ultimatum demanding they be paid field allowance compensation. The Sharara oilfield was pumping crude oil near its capacity, at a rate of 280,000 bpd as of the middle of March, according to internal memos of the Akakus Oil joint venture operating the oilfield seen by Argus. (Oilprice.com)
In fuel, the front barges crack has noticeably weakened over the past week, having a knock-on effect for the HSFO for the Sing 380 yet the cal22 crack has remained stable at around the -10.8 range. The GO EW also weakened throughout the week, counteracted by a slight push in the fogos when comparing to the start of the week.
INDEX: (MTD Estimates)
* Sing 380: 353.90
* Rott 3.5%: 338.75
* Sing 0.5%: 463.29
* Rott 0.5%: 444.88
*Rotterdam 3.5% INDIC*
May21 335.75 / 337.75
Jun21 334.25 / 336.25
Jul21 331.50 / 333.50
Aug21 327.75 / 329.75
Sep21 323.25 / 325.25
Oct21 318.50 / 320.50
Q3-21 327.50 / 329.50
Q4-21 314.25 / 316.25
Q1-22 308.50 / 310.50
Q2-22 305.00 / 308.00
CAL22 300.75 / 306.75
*Singapore 380 INDIC*
May21 348.50 / 350.50
Jun21 347.25 / 349.25
Jul21 344.75 / 346.75
Aug21 341.75 / 343.75
Sep21 338.75 / 340.75
Oct21 335.50 / 337.50
Q3-21 341.75 / 343.75
Q4-21 332.75 / 334.75
Q1-22 328.25 / 330.25
Q2-22 324.75 / 327.75
CAL22 320.50 / 326.50
*Rott VLSFO 0.5% INDIC*
May21 444.25 / 449.25
Jun21 443.25 / 448.25
Jul21 442.25 / 447.25
Aug21 441.25 / 446.25
Sep21 440.25 / 445.25
Oct21 439.25 / 444.25
Q3-21 441.25 / 446.25
Q4-21 438.00 / 443.00
Q1-22 434.50 / 440.50
Q2-22 430.50 / 438.50
CAL22 429.50 / 437.50
*Sing VLSFO 0.5% INDIC*
May21 464.25 / 469.25
Jun21 463.25 / 468.25
Jul21 462.25 / 467.25
Aug21 461.00 / 466.00
Sep21 460.00 / 465.00
Oct21 459.00 / 464.00
Q3-21 461.00 / 466.00
Q4-21 458.00 / 463.00
Q1-22 455.50 / 461.50
Q2-22 453.00 / 461.00
CAL22 452.25 / 460.25
*Sing 10ppm GO INDIC*
May21 67.17 / 67.31
Jun21 67.28 / 67.48
Jul21 67.36 / 67.56
Aug21 67.43 / 67.63
Sep21 67.50 / 67.70
Oct21 67.53 / 67.73
Q3-21 67.40 / 67.70
Q4-21 67.35 / 67.65
Q1-22 67.31 / 67.61
Q2-22 67.28 / 67.58
CAL22 67.15 / 67.55
*ICE Gasoil 10ppm INDIC*
May21 504.66 / 508.66
Jun21 506.29 / 510.29
Jul21 507.64 / 511.64
Aug21 508.77 / 512.77
Sep21 509.84 / 513.84
Oct21 509.91 / 513.91
Q3-21 508.75 / 512.75
Q4-21 509.37 / 513.37
Q1-22 508.37 / 512.37
Q2-22 506.21 / 510.21
CAL22 506.85 / 510.85
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