U.S. West Texas Intermediate (WTI) crude futures rose 48 cents, or 0.7%, to $66.17 a barrel at 0440 GMT, after climbing to $66.58, a level not seen since March 8. Brent crude futures were up 49 cents, or 0.7%, at $69.37 barrel after touching a more than seven-week high of $69.78 earlier in the session. Both benchmark contracts rose nearly 2% on Tuesday ahead of data from the American Petroleum Institute (API) industry group.
API
Crude -7.700
Distillates -3.500
Gasoline -5.300
Cushing 0.548
India is yet again hitting the front headlines as it reaches the grim milestone of 20 million COVID-19 infections, only the second country to do so after the US. Yesterday it recorded the highest number of deaths in a 24 hour period at over 3,700. The Indian government has said that there is enough oxygen for the current situation but the issue has been the transport network to be able to provide this oxygen to the areas that need it most. (Reuters)
Crude stocks fell by much more than expected that polls by analysts conducted in the lead up to the numbers. A 7.7 million draw led to a push in oil prices with Brent printing a 7 week high. The oil market will be patiently waiting for the confirmation of the draw from the EIA figures to be released at 1530BST today. This positive sentiment from the US is also proliferating in the EU with the expectation that travel in and out of the continent could restart this summer as covid infection continue to plateau, with jet fuel demand expected to pick up as a result.
INDEX: (MTD Estimates)
* Sing 380: 386.34
* Rott 3.5%: 376.00
* Sing 0.5%: 497.94
* Rott 0.5%: 479.25
OIL MARKET ROUND-UP:
* API Reports U.S. Crude Stockpiles Dropped 7.69M Bbl Last Week
* Midwesterners Are Burning Gasoline at Pre-Pandemic Levels: CVR
* Nymex Gasoline and Diesel Futures Soar to Fresh Highs
* Marathon Says It Remains Cautious on Gasoline Demand Recovery
* EIA weekly report on U.S. oil inventories, supply and demand
Singapore 380 INDIC
Jun21 391.25 / 393.25
Jul21 390.25 / 392.25
Aug21 387.75 / 389.75
Sep21 384.25 / 386.25
Oct21 380.75 / 382.75
Nov21 378.25 / 380.25
Q3-21 387.50 / 389.50
Q4-21 378.50 / 380.50
Q1-22 371.75 / 373.75
Q2-22 365.25 / 368.25
CAL22 360.75 / 363.75
Rotterdam 3.5% INDIC
Jun21 380.50 / 382.50
Jul21 378.25 / 380.25
Aug21 374.50 / 376.50
Sep21 369.50 / 371.50
Oct21 364.00 / 366.00
Nov21 359.75 / 361.75
Q3-21 374.25 / 376.25
Q4-21 360.00 / 362.00
Q1-22 352.25 / 354.25
Q2-22 345.75 / 348.75
CAL22 341.25 / 344.25
Singapore VLSFO 0.5% INDIC
Jun21 503.75 / 508.75
Jul21 503.75 / 508.75
Aug21 503.50 / 508.50
Sep21 503.00 / 508.00
Oct21 502.25 / 507.25
Nov21 501.50 / 506.50
Q3-21 503.50 / 508.50
Q4-21 501.50 / 506.50
Q1-22 497.75 / 503.75
Q2-22 492.75 / 498.75
CAL22 489.50 / 495.50
Rott VLSFO 0.5% INDIC
Jun21 482.25 / 487.25
Jul21 482.75 / 487.75
Aug21 482.75 / 487.75
Sep21 482.00 / 487.00
Oct21 481.00 / 486.00
Nov21 479.75 / 484.75
Q3-21 482.50 / 487.50
Q4-21 479.75 / 484.75
Q1-22 475.25 / 481.25
Q2-22 470.50 / 476.50
CAL22 467.00 / 473.00
Sing 10ppm GO INDIC
Jun21 74.05 / 74.19
Jul21 74.04 / 74.24
Aug21 74.05 / 74.25
Sep21 74.00 / 74.20
Oct21 73.91 / 74.11
Nov21 73.73 / 73.93
Q3-21 74.05 / 74.25
Q4-21 73.71 / 73.91
Q1-22 73.28 / 73.48
Q2-22 72.89 / 73.09
CAL22 72.64 / 73.04
Ice Gasoil Swap
Jun21 557.71 / 559.71
Jul21 558.81 / 560.81
Aug21 559.81 / 561.81
Sep21 560.76 / 562.76
Oct21 560.19 / 562.19
Nov21 558.08 / 560.08
Q3-21 559.80 / 561.80
Q4-21 558.69 / 560.69
Q1-22 555.15 / 557.15
Q2-22 548.23 / 550.23
CAL22 547.38 / 550.38
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FIS Oil Desk
info@freightinvestor.com
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Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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