Brent crude futures rose 42 cents, or 0.6%, to $64.09 a barrel at 0421 GMT, after gaining 39 cents on Tuesday. U.S. West Texas Intermediate (WTI) crude futures added 40 cents, or 0.7%, to $60.58 a barrel, following Tuesday’s rise of 48 cents.
API
Crude -3.608
Cushing +0.917M
Gasoline +5.565M
Distillate -3.006M
API Figures released late last night reaffirmed the depletion of crude stocks as we enter Q2, another 3-million-barrel draw shows that the oil market is pushing in the right direction but there is caution as gasoline stocks continue to rise at an alarming rate with a 5.5-million-barrel build in last weeks tally. Some positive news was the draw in distillates which have been showing builds in the recent months. The market awaits the official EIA figures released today at 1530BST.
Oil is still waiting for solid signals for a real directional movement, with many headlines counteracting any gains with the vaccine rollouts across the globe stalling. Johnson and Johnson become the latest company to be called into question regarding their vaccine as there seems to be a risk of blood clots within patients. Market gains are also being capped on concerns about increased oil production in the United States and rising supply from Iran at a time when OPEC and its allies are set to bring on more supply from May. EIA said this week oil output from seven major shale formations is expected to rise by 13,000 bpd in May to 7.61 million bpd. (Reuters)
The market also received a boost from a weaker dollar, which makes US-denominated assets such as oil futures more attractive to buyers holding foreign currency. At 10:36 am Singapore, the June contract for ICE dollar futures was trading at 91.730, down 0.449% from its previous settle. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 352.96
* Rott 3.5%: 339.61
* Sing 0.5%: 464.61
* Rott 0.5%: 447.14
*Rotterdam 3.5% INDIC*
May21 351.50 / 353.50
Jun21 349.75 / 351.75
Jul21 346.50 / 348.50
Aug21 342.50 / 344.50
Sep21 337.75 / 339.75
Oct21 332.50 / 334.50
Q3-21 342.25 / 344.25
Q4-21 328.50 / 330.50
Q1-22 322.50 / 324.50
Q2-22 318.50 / 321.50
CAL22 312.75 / 318.75
*Singapore 380 INDIC*
May21 363.75 / 365.75
Jun21 362.00 / 364.00
Jul21 359.00 / 361.00
Aug21 355.75 / 357.75
Sep21 352.50 / 354.50
Oct21 349.00 / 351.00
Q3-21 355.75 / 357.75
Q4-21 346.50 / 348.50
Q1-22 341.75 / 343.75
Q2-22 337.50 / 340.50
CAL22 332.50 / 338.50
*Rott VLSFO 0.5% INDIC*
May21 454.25 / 459.25
Jun21 453.25 / 458.25
Jul21 452.25 / 457.25
Aug21 451.25 / 456.25
Sep21 450.00 / 455.00
Oct21 448.75 / 453.75
Q3-21 451.25 / 456.25
Q4-21 447.50 / 452.50
Q1-22 443.50 / 449.50
Q2-22 439.00 / 447.00
CAL22 437.50 / 445.50
*Sing VLSFO 0.5% INDIC*
May21 476.75 / 481.75
Jun21 475.00 / 480.00
Jul21 474.00 / 479.00
Aug21 473.00 / 478.00
Sep21 472.00 / 477.00
Oct21 471.25 / 476.25
Q3-21 473.00 / 478.00
Q4-21 470.25 / 475.25
Q1-22 467.75 / 473.75
Q2-22 464.75 / 472.75
CAL22 464.25 / 472.25
*Sing 10ppm GO INDIC*
May21 68.50 / 68.64
Jun21 68.63 / 68.83
Jul21 68.78 / 68.98
Aug21 68.91 / 69.11
Sep21 69.01 / 69.21
Oct21 69.03 / 69.23
Q3-21 68.85 / 69.15
Q4-21 68.83 / 69.13
Q1-22 68.76 / 69.06
Q2-22 68.69 / 68.99
CAL22 68.57 / 68.97
*ICE Gasoil 10ppm INDIC*
May21 515.01 / 519.01
Jun21 517.39 / 521.39
Jul21 519.00 / 523.00
Aug21 520.44 / 524.44
Sep21 521.73 / 525.73
Oct21 521.81 / 525.81
Q3-21 520.40 / 524.40
Q4-21 521.07 / 525.07
Q1-22 520.80 / 524.80
Q2-22 515.70 / 519.70
CAL22 516.25 / 520.25
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