Brent crude oil futures were up 31 cents, or 0.5%, at $63.59 a barrel by 0356 GMT while U.S. crude oil futures gained 28 cents, or 0.5%, to $59.98 a barrel.
Robust data coming from China regarding their imports and export data gave oil prices some support overnight, with its imports growing to the highest level in 4 years as the nations looks to leave the pandemic behind and continue is upwards trajectory of growth scheduled over the next 5 years. Oil imports grew by 21% on a year earlier as China was in the midst of the pandemic, and this healthy number is set to continue into 2021 as growth figures rise in tandem. The reports also show a positive sign for gasoline demand which has taken quite a hit over the last six months, with the key driving season approaching demand should likely ramp up. (Reuters)
Analysts are suggesting that the EIA figures that are due to be released on Wednesday at 1530 are due to show draws across crude, with distillate and gasoline stocks growing. it is expected that US commercial crude inventories to have fallen 2.9 million barrels last week to around 495.4 million barrels from an uptick in refinery demand. US refinery runs are expected to have reached 15.18 million b/d for the week ended April 9, S&P Global Platts Analytics data showed, putting refinery crude demand at the highest since the week ended March 20, 2020. (S&P Global Platts)
Houthi Rebels have claimed responsibility for the drone attacks on the Saudi terminals yesterday, further adding to the tensions in the area, Yemen’s Iran-aligned Houthi movement said on Monday it had fired 17 drones and two ballistic missiles at targets in Saudi Arabia, including Saudi Aramco facilities in Jubail and Jeddah, though there was no immediate confirmation from Saudi. (Reuters)
In fuel, the Gasoil EW differential took a hit yesterday as it came off by over 1 dollar since Friday. The Front Barges crack also continued its downwards trend to lows of -9.50 yesterday, before opening this morning at -9.3, with the Cal22 crack trading late in the day at -10.75.
INDEX: (MTD Estimates)
* Sing 380: 352.19
* Rott 3.5%: 338.54
* Sing 0.5%: 465.37
* Rott 0.5%: 444.42
Rotterdam 3.5% INDIC
May21 341.75 / 343.75
Jun21 340.25 / 342.25
Jul21 337.25 / 339.25
Aug21 333.50 / 335.50
Sep21 329.00 / 331.00
Oct21 324.25 / 326.25
Q3-21 333.25 / 335.25
Q4-21 320.50 / 322.50
Q1-22 314.75 / 316.75
Q2-22 311.25 / 314.25
CAL22 308.75 / 311.75
Singapore 380 INDIC
May21 354.50 / 356.50
Jun21 353.25 / 355.25
Jul21 350.50 / 352.50
Aug21 347.25 / 349.25
Sep21 344.25 / 346.25
Oct21 341.00 / 343.00
Q3-21 347.50 / 349.50
Q4-21 338.50 / 340.50
Q1-22 334.75 / 336.75
Q2-22 331.00 / 334.00
CAL22 330.75 / 333.75
Rott VLSFO 0.5% INDIC
May21 450.00 / 455.00
Jun21 449.25 / 454.25
Jul21 448.50 / 453.50
Aug21 447.50 / 452.50
Sep21 446.50 / 451.50
Oct21 445.50 / 450.50
Q3-21 447.50 / 452.50
Q4-21 444.50 / 449.50
Q1-22 440.75 / 446.75
Q2-22 437.00 / 443.00
CAL22 435.25 / 441.25
Singapore VLSFO 0.5% INDIC
May21 470.75 / 475.75
Jun21 468.75 / 473.75
Jul21 467.25 / 472.25
Aug21 466.25 / 471.25
Sep21 465.50 / 470.50
Oct21 464.75 / 469.75
Q3-21 466.25 / 471.25
Q4-21 463.50 / 468.50
Q1-22 460.25 / 466.25
Q2-22 458.00 / 464.00
CAL22 456.75 / 462.75
Sing 10ppm GO INDIC
May21 67.86 / 68.00
Jun21 68.00 / 68.20
Jul21 68.13 / 68.33
Aug21 68.25 / 68.45
Sep21 68.32 / 68.52
Oct21 68.32 / 68.52
Q3-21 68.25 / 68.45
Q4-21 68.17 / 68.37
Q1-22 68.07 / 68.27
Q2-22 67.96 / 68.16
CAL22 67.77 / 68.17
Ice Gasoil Swap
May21 512.33 / 514.33
Jun21 513.73 / 515.73
Jul21 514.98 / 516.98
Aug21 516.17 / 518.17
Sep21 516.28 / 518.28
Oct21 515.21 / 517.21
Q3-21 515.80 / 517.80
Q4-21 515.39 / 517.39
Q1-22 515.00 / 517.00
Q2-22 513.47 / 515.47
CAL22 513.36 / 516.36
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