FIS Fuel Oil Morning Report 28/05/21

At 10:26 am Singapore time (0226 GMT), the ICE Brent July contract was up 18 cents/b (0.26%) from the previous settle at $69.64/b, while the July NYMEX light sweet crude contract was 29 cents/b (0.43%) higher at $66.85/b.

 

The positive sentiment in the market is most evidently coming from the US as the economy begins to reopen and driving season fast approaches. Draws across the board on the EIA figures this week helped to support oil after the news of a nuclear agreement with Iran spooked the market last week.

 

The keynote next week will be the OPEC+ meeting scheduled for 1st of June where it will be up for discussion as to the best course of action for output quotas for June and July in light of the potential extra supply of crude from Iran if sanctions were lifted.

 

US initial unemployment claims fell 9% on the week to a 14-month low of 406,000 in the week ended May 22, Department of Labor data released May 27 showed. The decline in claims exceeded market expectations and reinforced the US economic recovery narrative, according to analysts. Oil and the broader commodities complex also received support from reports that US President Joe Biden will propose a $6 trillion budget for the 2022 fiscal year. (S&P Global Platts)

 

 

OIL MARKET ROUND-UP:
* China Commodity Firms Cut Bullish Bets on Pressure From Beijing
* Saudis to Raise Arab Light Crude Pricing by 10C for July: Survey
* Iraqi Crude Flow to U.S. Ports Swells to 14-Month High in May
* Benchmark Oil Tanker Rates Drop for Second Session; Clean Drops
* Iran Deal Could Be Tremendous Kicker for Oil Tankers: Frontline

 

 

Rotterdam 3.5% INDIC                                 

Jun21    370.50   /             372.50

Jul21      370.25   /             372.25

Aug21   368.00   /             370.00

Sep21    364.00   /             366.00

Oct21    360.00   /             362.00

Nov21   356.00   /             358.00

Q3-21    367.50   /             369.50

Q4-21    356.50   /             358.50

Q1-22    350.25   /             352.25

Q2-22    345.75   /             348.75

CAL22    341.75   /             344.75

 

Singapore 380 INDIC                                     

Jun21    376.25   /             378.25

Jul21      378.00   /              380.00

Aug21   378.25   /             380.25

Sep21    377.00   /             379.00

Oct21    374.25   /             376.25

Nov21   372.00   /             374.00

Q3-21    377.75   /             379.75

Q4-21    372.25   /             374.25

Q1-22    367.75   /             369.75

Q2-22    363.25   /             366.25

CAL22    358.75   /             361.75

 

Rott VLSFO 0.5% INDIC                                 

Jun21    476.50   /              481.50

Jul21      475.50   /              480.50

Aug21   475.00   /              480.00

Sep21    474.75   /              479.75

Oct21    474.50   /              479.50

Nov21   474.00   /              479.00

Q3-21    475.00   /              480.00

Q4-21    474.00   /              479.00

Q1-22    471.25   /              477.25

Q2-22    468.25   /              474.25

CAL22    465.75   /              471.75

 

Singapore VLSFO 0.5% INDIC                                     

Jun21    490.25   /              495.25

Jul21      492.50   /              497.50

Aug21   493.25   /              498.25

Sep21    493.75   /              498.75

Oct21    494.00   /              499.00

Nov21   493.75   /              498.75

Q3-21    493.25   /              498.25

Q4-21    493.75   /              498.75

Q1-22    491.75   /              497.75

Q2-22    488.75   /              494.75

CAL22    486.25   /              492.25

 

Sing 10ppm GO INDIC                                   

Jun21    75.20     /              75.34

Jul21      75.08     /              75.28

Aug21   75.00     /              75.20

Sep21    74.94     /              75.14

Oct21    74.86     /              75.06

Nov21   74.66     /              74.86

Q3-21    75.00     /              75.20

Q4-21    74.65     /              74.85

Q1-22    74.08     /              74.28

Q2-22    73.65     /              73.85

CAL22    73.42     /              73.82

 

Ice Gasoil Swap                                               

Jun21    565.04   /              567.04

Jul21      566.42   /              568.42

Aug21   567.39   /              569.39

Sep21    568.31   /              570.31

Oct21    567.75   /              569.75

Nov21   565.29   /              567.29

Q3-21    567.35   /              569.35

Q4-21    565.61   /              567.61

Q1-22    561.84   /              563.84

Q2-22    556.26   /              558.26

CAL22    555.46   /              558.46

 

For more information please contact

FIS Oil Desk

info@freightinvestor.com
UK number: +44 (0) 207 090 1134
Shanghai number: +86 (0)21 63012568
Singapore: +65 87984987

Luke Longhurst

Email: LukeL@freightinvestor.com

Mobile: (+44) 7966 968761

 

Ricky Forman

Email: RickyF@freightinvestor.com

Mobile: (+44) 7868 708719

 

Sam Twyford

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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