Brent crude was down 23 cents, or 0.3%, at $66.54 a barrel by 0426 GMT, after rising 6% last week. U.S. oil was down 27 cents, or 0.2%, at $62.96 a barrel, having gained 6.4% last week.
Oil prices saw a fair push over the course of last week as a result of the positive progress made surrounding lockdowns and controlling the spread of the virus. Alongside vaccines, the agencies say their newfound optimism stems from the more upbeat outlook from the International Monetary Fund, which has raised its global economic growth forecast for the second time in three months. While U.S. President Joe Biden’s $1.9 trillion stimulus package is a contributing factor, the IMF’s bullishness also hangs, to a large extent, on the widespread rollout of effective coronavirus vaccines. Also, the bullish tone for oil depends on the threat of new variants of the COVID-19 strains, and the ability to adapt the vaccines already approved to the news forms of the virus. (Bloomberg)
The oil and gas rig count, an early indicator of future output, rose seven to 439 in the week to April 16, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That puts the rig count up 80% since falling to a record low of 244 in August 2020, according to Baker Hughes data going back to 1940. The total count, however, is still 90 rigs, or 17%, below this time last year. U.S. oil rigs rose seven to 344 this week, while gas rigs rose one to 94, both their highest since April 2020. (Reuters)
There is an increasing worry in India, who have already left a lockdown over the past few month, with increasing cases making the country the second worst affected by the disease only to the US. There was a rise of cases reported on Monday of 273,810 cases which was a record rise recorded for infections. Hong Kong will suspend flights from India, Pakistan and the Philippines from April 20 due to imported coronavirus infections, authorities said in a statement late on Sunday. (Reuters)
OIL MARKET ROUND-UP:
* Signs of Thaw on Iran Nuclear Deal Emerge in Vienna Talks
* China’s Diesel Exports Jump to One-Year High Amid Better Margins
* Saudi Crown Prince’s Latest Economic Plan Comes With Big Risks
* Russia Weighs Temporary Ban on Some Fuel Exports to Curb Prices
Singapore 380 INDIC
May21 379.50 / 381.50
Jun21 378.50 / 380.50
Jul21 375.75 / 377.75
Aug21 372.00 / 374.00
Sep21 368.00 / 370.00
Oct21 363.75 / 365.75
Q3-21 372.00 / 374.00
Q4-21 360.25 / 362.25
Q1-22 352.75 / 354.75
Q2-22 346.75 / 349.75
CAL22 471.25 / 474.25
Rotterdam 3.5% INDIC
May21 368.25 / 370.25
Jun21 366.50 / 368.50
Jul21 362.75 / 364.75
Aug21 357.75 / 359.75
Sep21 352.25 / 354.25
Oct21 346.25 / 348.25
Q3-21 357.75 / 359.75
Q4-21 341.50 / 343.50
Q1-22 333.50 / 335.50
Q2-22 327.75 / 330.75
CAL22 451.25 / 454.25
Singapore VLSFO 0.5% INDIC
May21 489.75 / 494.75
Jun21 488.25 / 493.25
Jul21 487.25 / 492.25
Aug21 486.25 / 491.25
Sep21 485.25 / 490.25
Oct21 484.25 / 489.25
Q3-21 486.25 / 491.25
Q4-21 483.25 / 488.25
Q1-22 479.75 / 485.75
Q2-22 476.50 / 482.50
CAL22 474.50 / 480.50
Rott VLSFO 0.5% INDIC
May21 468.00 / 473.00
Jun21 467.00 / 472.00
Jul21 466.00 / 471.00
Aug21 465.00 / 470.00
Sep21 463.75 / 468.75
Oct21 462.50 / 467.50
Q3-21 465.00 / 470.00
Q4-21 461.00 / 466.00
Q1-22 456.00 / 462.00
Q2-22 452.00 / 458.00
CAL22 450.25 / 456.25
Sing 10ppm GO INDIC
May21 70.69 / 70.83
Jun21 70.80 / 71.00
Jul21 70.90 / 71.10
Aug21 71.00 / 71.20
Sep21 71.06 / 71.26
Oct21 71.04 / 71.24
Q3-21 71.00 / 71.20
Q4-21 70.86 / 71.06
Q1-22 70.59 / 70.79
Q2-22 70.32 / 70.52
CAL22 70.03 / 70.43
Ice Gasoil Swap
May21 531.16 / 533.16
Jun21 533.21 / 535.21
Jul21 534.81 / 536.81
Aug21 536.19 / 538.19
Sep21 537.42 / 539.42
Oct21 537.28 / 539.28
Q3-21 536.15 / 538.15
Q4-21 536.35 / 538.35
Q1-22 534.89 / 536.89
Q2-22 532.08 / 534.08
CAL22 531.48 / 534.48
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