Brent crude oil futures rose by 17 cents, or 0.3%, to $69.13 a barrel by 0343 GMT, and U.S. West Texas Intermediate (WTI) crude futures gained by 8 cents, or 0.1%, to $65.71 a barrel.
Both benchmarks had hit their highest since mid-March on Wednesday before retreating.
EIA Report
Crude: -7,99
Cushing: 0,254
Distillate: -2,896
Gasoline: 0,737
Production: 0
From the latest push in oil prices, what has been interesting is the dislocation in prices in different regions which is pointing to an uneven demand recovery across the globe. The US and Europe are on track to keep the current variants of the virus at bay, with India grappling with the height of a third wave which models have suggested that the peak of the wave has now been and gone. According to data, in the last 24 hour period, India recorded 380,000 new cases and 3,700 new fatalities
The EIA figures reported yesterday corroborated the big draw from the API. The data, however, also had bearish elements, as it showed that total US gasoline stocks had climbed for a fifth-straight week, moving 740,000 barrels higher to 235.81 million barrels in the week ended April 30. US implied gasoline demand also edged 10,000 b/d lower to 8.86 million b/d, a six-week low. Some are expecting a big summer for oil demand as the driving season approaches in the US, as lockdowns ease which would pave the way for recovery in oil demand and most notably, one of the biggest losers in the pandemic- jet fuel. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 389.13
* Rott 3.5%: 377.75
* Sing 0.5%: 501.42
* Rott 0.5%: 480.50
OIL MARKET ROUND-UP:
* Saudi Arabia Cuts Oil Prices for Asia as India Battles Virus
* Oil Market Laggard Jet Fuel Is Set to See a 30% Demand Surge
* Bets on $100 Oil in Vogue as Traders Eye Bullish Summer
* Crude Inventories Fall, Gasoline Stockpiles Rise: EIA Takeaways
* Benchmark Tanker Earnings Dip; Transatlantic Gasoline Rate Rises
* U.S. Crude Exports Rise By 1.58m b/d, Largest in Weekly EIA Data
* U.S. Imports of Saudi Crude Oil Fall 63%: EIA
*Rotterdam 3.5% INDIC*
Jun21 377.50 / 379.50
Jul21 375.25 / 377.25
Aug21 371.50 / 373.50
Sep21 366.75 / 368.75
Oct21 361.25 / 363.25
Nov21 356.75 / 358.75
Q3-21 371.00 / 373.00
Q4-21 357.00 / 359.00
Q1-22 349.25 / 351.25
Q2-22 342.50 / 345.50
CAL22 338.00 / 344.00
*Singapore 380 INDIC*
Jun21 387.75 / 389.75
Jul21 387.00 / 389.00
Aug21 384.50 / 386.50
Sep21 381.00 / 383.00
Oct21 377.25 / 379.25
Nov21 374.50 / 376.50
Q3-21 384.00 / 386.00
Q4-21 374.50 / 376.50
Q1-22 368.00 / 370.00
Q2-22 362.00 / 365.00
CAL22 357.50 / 363.50
*Rott VLSFO 0.5% INDIC*
Jun21 476.00 / 481.00
Jul21 476.50 / 481.50
Aug21 476.50 / 481.50
Sep21 476.00 / 481.00
Oct21 475.25 / 480.25
Nov21 474.25 / 479.25
Q3-21 476.50 / 481.50
Q4-21 474.25 / 479.25
Q1-22 470.00 / 476.00
Q2-22 464.25 / 472.25
CAL22 461.00 / 469.00
*Sing VLSFO 0.5% INDIC*
Jun21 496.50 / 501.50
Jul21 497.50 / 502.50
Aug21 498.00 / 503.00
Sep21 497.75 / 502.75
Oct21 497.25 / 502.25
Nov21 496.50 / 501.50
Q3-21 497.75 / 502.75
Q4-21 496.50 / 501.50
Q1-22 493.00 / 499.00
Q2-22 487.50 / 495.50
CAL22 484.25 / 492.25
*Sing 10ppm GO INDIC*
Jun21 73.95 / 74.09
Jul21 73.93 / 74.13
Aug21 73.93 / 74.13
Sep21 73.86 / 74.06
Oct21 73.72 / 73.92
Nov21 73.49 / 73.69
Q3-21 73.85 / 74.15
Q4-21 73.43 / 73.73
Q1-22 72.93 / 73.23
Q2-22 72.50 / 72.80
CAL22 72.24 / 72.64
*ICE Gasoil 10ppm INDIC*
Jun21 555.98 / 559.98
Jul21 557.14 / 561.14
Aug21 558.14 / 562.14
Sep21 559.01 / 563.01
Oct21 558.33 / 562.33
Nov21 556.20 / 560.20
Q3-21 558.10 / 562.10
Q4-21 556.82 / 560.82
Q1-22 553.27 / 557.27
Q2-22 550.05 / 554.05
CAL22 551.68 / 555.68
For more information please contact
FIS Oil Desk
info@freightinvestor.com
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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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