Brent crude futures for June delivery rose by 54 cents, or 0.8%, to $67.59 a barrel at 0415 GMT. U.S. West Texas Intermediate (WTI) crude futures for May delivery, which expire on Tuesday, were up 53 cents, or 0.8%, to $63.91 barrel. The more-active June contract was at $63.93, up 0.8%, or 50 cents.
The dollar index slumped to a six-week low against other major currencies on Monday following a plunge in U.S. Treasury yields last week and remained near the low at 91.055 on Tuesday which was offering support to commodity prices over the weekend and into Monday as oil maintained its bullish run from the end of last week. Oil stock were falling as demand increased due to easing lockdowns and stocks were due to further fall in latest analyst polls over the last week. (Reuters)
Libya’s National Oil Corp (NOC) declared force majeure on Monday on exports from the port of Hariga and said it could extend the measure to other facilities because of a budget dispute with the country’s central bank. The disruption could cut Libya’s oil output by 280,000 barrels per day (bpd), knocking production below 1 million bpd for the first time since October, ING said. (Reuters)
The COVID-19 situation in India is beginning to spiral out of control with gasoline demand lagging behind as a result as travel falls in a bid to curb the spread of the virus throughout the country. Restrictions in some areas are in place until at least the 1st May and this will affect approximately 125 million people. Driving levels are 10% lower that record on April 10th, which is a worrying statistic as the effect of the virus is clear to see in the Indian Economy, with the nation now being placed on the UK red travel list. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 362.08
* Rott 3.5%: 349.82
* Sing 0.5%: 475.70
* Rott 0.5%: 455.73
OIL MAREKT ROUND-UP:
* OPEC+ Mulls Downgrading Next Week’s Meet to Monitoring Session
* Rampant Virus Forces Partial Shutdown At Indian Oil Refiner
* China Lifts Brazil, UAE Oil Imports in March; Iran Stays at Zero
* U.S. Gasoline Imports From Europe at Highest Since Summer 2019
Singapore 380 INDIC
May21 383.50 / 385.50
Jun21 382.75 / 384.75
Jul21 380.25 / 382.25
Aug21 376.75 / 378.75
Sep21 372.75 / 374.75
Oct21 368.50 / 370.50
Q3-21 376.75 / 378.75
Q4-21 365.25 / 367.25
Q1-22 358.25 / 360.25
Q2-22 352.00 / 355.00
CAL22 347.50 / 350.50
Rotterdam 3.5% INDIC
May21 372.50 / 374.50
Jun21 371.00 / 373.00
Jul21 367.50 / 369.50
Aug21 362.75 / 364.75
Sep21 357.25 / 359.25
Oct21 351.25 / 353.25
Q3-21 362.50 / 364.50
Q4-21 346.50 / 348.50
Q1-22 338.00 / 340.00
Q2-22 331.50 / 334.50
CAL22 327.50 / 330.50
Singapore VLSFO 0.5% INDIC
May21 495.00 / 500.00
Jun21 493.50 / 498.50
Jul21 492.50 / 497.50
Aug21 491.50 / 496.50
Sep21 490.50 / 495.50
Oct21 489.50 / 494.50
Q3-21 491.50 / 496.50
Q4-21 488.50 / 493.50
Q1-22 484.75 / 490.75
Q2-22 481.25 / 487.25
CAL22 479.25 / 485.25
Rott VLSFO 0.5% INDIC
May21 473.75 / 478.75
Jun21 472.75 / 477.75
Jul21 471.75 / 476.75
Aug21 470.75 / 475.75
Sep21 469.75 / 474.75
Oct21 468.50 / 473.50
Q3-21 470.75 / 475.75
Q4-21 467.00 / 472.00
Q1-22 462.00 / 468.00
Q2-22 458.00 / 464.00
CAL22 456.00 / 462.00
Sing 10ppm GO INDIC
May21 71.36 / 71.50
Jun21 71.50 / 71.70
Jul21 71.61 / 71.81
Aug21 71.69 / 71.89
Sep21 71.76 / 71.96
Oct21 71.76 / 71.96
Q3-21 71.70 / 71.90
Q4-21 71.59 / 71.79
Q1-22 71.28 / 71.48
Q2-22 71.04 / 71.24
CAL22 70.78 / 71.18
Ice Gasoil Swap
May21 535.79 / 537.79
Jun21 538.08 / 540.08
Jul21 539.90 / 541.90
Aug21 541.31 / 543.31
Sep21 542.55 / 544.55
Oct21 542.49 / 544.49
Q3-21 541.25 / 543.25
Q4-21 541.43 / 543.43
Q1-22 539.44 / 541.44
Q2-22 533.41 / 535.41
CAL22 532.92 / 535.92
For more information please contact
FIS Oil Desk
info@freightinvestor.com
UK number: +44 (0) 207 090 1134
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Singapore: +65 87984987
Luke Longhurst
Email: LukeL@freightinvestor.com
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Ricky Forman
Email: RickyF@freightinvestor.com
Mobile: (+44) 7868 708719
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Email: SamT@freightinvestor.com
Mobile: (+44) 7729 118643
Jessie Deng
Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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