Brent crude oil futures for July fell 6 cents, or 0.1%, to $68.59 a barrel by 0434 GMT, while U.S. West Texas Intermediate (WTI) crude for July was at $65.92 a barrel, down 15 cents, or 0.2%.
U.S. crude oil and fuel inventories fell last week, said two market sources, citing Tuesday’s American Petroleum Institute figures. Crude stocks fell by 439,000 barrels in the week ended May 21. Gasoline inventories fell by 2 million barrels and distillate stocks fell by 5.1 million barrels, the data showed. (Reuters)
API data released late last night was bullish but the focus remains on Iran and the deal on the Nuclear space which is due to enable the return of Iranian supply to the oil market.
Goldman Sachs are still pointing to their previous forecasts of $80 per barrel by Q4 of this year as even though COVID-19 woes are still present, the bounce in demand for oil and products that we are due to see more than warrants the punchy forecast according to the American bank.
In some unsurprising news that broke the headlines last week, The Biden administration is working with pipeline companies to strengthen protections against cyberattacks following the Colonial Pipeline hack, with announcements of actions planned in coming days, the Department of Homeland Security (DHS) said on Tuesday. (Reuters)
The FOB Rotterdam 3.5%S fuel oil barge crack has been rangebound this week, last seen trading on ICE at minus around $11.50/b on May 25, up 3% from the value assessed by S&P Global Platts on May 24. Demand for bunker fuels in Northwest Europe was satisfactory on the day, while supply in the region remained sufficient. There was tight availability of high sulphur fuel oil in Hamburg, Germany, one bunker buyer said. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 371.62
* Rott 3.5%: 363.66
* Sing 0.5%: 485.56
* Rott 0.5%: 473.23
OIL MARKET ROUND-UP:
* Iran Atomic Talks Enter Decisive Round as Oil Trade at Stake
* Iran Has Huge Hoard of Floating Oil to Clear When Sanctions Lift
* API Reports U.S. Crude Stockpiles 439K Bbl Last Week
* Nigeria in Accord With Oil Majors That May Unlock New Investment
* Key WTI Spread Signals U.S. Oil Squeeze Heading Into Summer
* OIL DEMAND MONITOR: U.K. Airline Activity Grows; Toll Roads Busy
* Russia to Ramp Up Seaborne Urals Oil Exports to a 14-Month High
*Rotterdam 3.5% INDIC*
Jun21 361.75 / 363.75
Jul21 361.50 / 363.50
Aug21 359.00 / 361.00
Sep21 355.25 / 357.25
Oct21 351.25 / 353.25
Nov21 347.25 / 349.25
Q3-21 358.75 / 360.75
Q4-21 347.75 / 349.75
Q1-22 342.00 / 344.00
Q2-22 337.75 / 340.75
CAL22 333.25 / 339.25
*Singapore 380 INDIC*
Jun21 367.25 / 369.25
Jul21 368.75 / 370.75
Aug21 369.00 / 371.00
Sep21 368.00 / 370.00
Oct21 365.50 / 367.50
Nov21 363.25 / 365.25
Q3-21 368.75 / 370.75
Q4-21 363.50 / 365.50
Q1-22 359.25 / 361.25
Q2-22 355.00 / 358.00
CAL22 350.25 / 356.25
*Rott VLSFO 0.5% INDIC*
Jun21 465.25 / 470.25
Jul21 464.75 / 469.75
Aug21 464.50 / 469.50
Sep21 464.25 / 469.25
Oct21 464.00 / 469.00
Nov21 463.50 / 468.50
Q3-21 464.50 / 469.50
Q4-21 463.25 / 468.25
Q1-22 460.75 / 466.75
Q2-22 456.75 / 464.75
CAL22 454.00 / 462.00
*Sing VLSFO 0.5% INDIC*
Jun21 479.75 / 484.75
Jul21 482.25 / 487.25
Aug21 483.75 / 488.75
Sep21 484.50 / 489.50
Oct21 485.25 / 490.25
Nov21 485.25 / 490.25
Q3-21 483.50 / 488.50
Q4-21 485.00 / 490.00
Q1-22 483.50 / 489.50
Q2-22 479.25 / 487.25
CAL22 476.25 / 484.25
*Sing 10ppm GO INDIC*
Jun21 74.51 / 74.65
Jul21 74.37 / 74.57
Aug21 74.28 / 74.48
Sep21 74.21 / 74.41
Oct21 74.11 / 74.31
Nov21 73.90 / 74.10
Q3-21 74.25 / 74.55
Q4-21 73.83 / 74.13
Q1-22 73.24 / 73.54
Q2-22 72.80 / 73.10
CAL22 72.63 / 73.03
*ICE Gasoil 10ppm INDIC*
Jun21 558.13 / 562.13
Jul21 559.65 / 563.65
Aug21 560.64 / 564.64
Sep21 561.43 / 565.43
Oct21 560.81 / 564.81
Nov21 558.63 / 562.63
Q3-21 560.55 / 564.55
Q4-21 558.96 / 562.96
Q1-22 555.65 / 559.65
Q2-22 550.77 / 554.77
CAL22 550.95 / 554.95
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