At 11:05 am Singapore time (0305 GMT), the ICE Brent July contract was up 1 cent/b (0.02%) from the May 21 settle at $65.12/b, while the July NYMEX light sweet crude contract was up 14 cents/b (0.23%) at $62.08/b.
Iranian President Hassan Rouhani sent oil prices into a tailspin May 20 when he said the “main agreement” to reinstate the JCPOA has been made, and that the US has committed to lifting its sanctions targeting Iran’s oil, petrochemical and shipping sectors. According to Rouhani, only ancillary details now need to be worked out before a final deal is struck. In contrast, a US Department of State representative insisted later May 20 that “many challenges” remain, as the negotiations are due to enter their fifth round in Vienna next week. (S&P Global Platts)
China is set to extend its dominance in the global oil market as planned tax adjustments spark a chain reaction, prompting processors to boost crude imports and raise refinery run rates. Faced with the prospect of costlier products, buyers are on the hunt for barrels of suitable crude as replacements.
A gradual oil demand recovery is largely on track as economies re-open, British bank Barclays said on Friday, adding that it remained constructive on oil prices despite rising coronavirus cases across Asia and potential return of Iranian supplies. (Reuters)
Oil demand has already increased to 95 million barrels per day (bpd), and the market is rebalancing, according to the chief executive of the Abu Dhabi National Oil Company (ADNOC), Sultan Ahmed Al Jaber. (OilPrice.com)
OIL MARKET ROUND-UP:
* Iran Says World Powers Accept Sanctions Should End; Crude Falls
* OPEC Sees Instability From IEA’s Call to End New Oil Spending
* Indian Oil Will Resume Iran Crude Purchases When Curbs Lifted
* Houston Gasoline Falls to One-Year Low on Colonial Fuel Backup
* ARA Gasoline Stocks Plunge to 6-Month Low on American Pull: IG
* Nigeria to Cut Exports of Agbami Crude to 126K B/D in July
* Global Oil Demand Has Recovered to 95m B/D: Adnoc CEO
Singapore 380 INDIC
Jun21 348.75 / 350.75
Jul21 350.25 / 352.25
Aug21 350.50 / 352.50
Sep21 349.25 / 351.25
Oct21 347.00 / 349.00
Nov21 344.75 / 346.75
Q3-21 350.00 / 352.00
Q4-21 345.00 / 347.00
Q1-22 341.00 / 343.00
Q2-22 337.25 / 340.25
CAL22 335.25 / 338.25
Rotterdam 3.5% INDIC
Jun21 341.75 / 343.75
Jul21 341.25 / 343.25
Aug21 339.75 / 341.75
Sep21 336.50 / 338.50
Oct21 332.50 / 334.50
Nov21 328.50 / 330.50
Q3-21 339.00 / 341.00
Q4-21 328.75 / 330.75
Q1-22 323.25 / 325.25
Q2-22 319.50 / 322.50
CAL22 317.75 / 320.75
Singapore VLSFO 0.5% INDIC
Jun21 461.75 / 466.75
Jul21 463.50 / 468.50
Aug21 464.25 / 469.25
Sep21 465.00 / 470.00
Oct21 465.50 / 470.50
Nov21 465.50 / 470.50
Q3-21 464.25 / 469.25
Q4-21 465.25 / 470.25
Q1-22 463.50 / 469.50
Q2-22 460.50 / 466.50
CAL22 457.50 / 463.50
Rott VLSFO 0.5% INDIC
Jun21 444.75 / 449.75
Jul21 444.50 / 449.50
Aug21 444.50 / 449.50
Sep21 444.50 / 449.50
Oct21 444.25 / 449.25
Nov21 443.75 / 448.75
Q3-21 444.50 / 449.50
Q4-21 443.50 / 448.50
Q1-22 440.75 / 446.75
Q2-22 437.00 / 443.00
CAL22 434.75 / 440.75
Sing 10ppm GO INDIC
Jun21 71.52 / 71.66
Jul21 71.34 / 71.54
Aug21 71.21 / 71.41
Sep21 71.10 / 71.30
Oct21 70.96 / 71.16
Nov21 70.71 / 70.91
Q3-21 71.20 / 71.40
Q4-21 70.70 / 70.90
Q1-22 70.08 / 70.28
Q2-22 69.66 / 69.86
CAL22 69.44 / 69.84
Ice Gasoil Swap
Jun21 536.46 / 538.46
Jul21 537.54 / 539.54
Aug21 538.56 / 540.56
Sep21 539.47 / 541.47
Oct21 538.95 / 540.95
Nov21 536.71 / 538.71
Q3-21 538.50 / 540.50
Q4-21 537.04 / 539.04
Q1-22 534.24 / 536.24
Q2-22 531.78 / 533.78
CAL22 533.65 / 536.65
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