Brent crude was up 33 cents, or 0.5%, at $73.02 by 0455 GMT. It earlier rose to $73.12, the highest since May 2019, having gained 1.1% last week. U.S. West Texas Intermediate gained 31 cents, or 0.4%, to stand at $71.22 a barrel, earlier reaching $71.32, the highest since October 2018. The contract rose 1.9% on the week.
The International Energy Agency (IEA) said in its monthly report that the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, would need to boost output to meet demand set to recover to pre-pandemic levels by the end of 2022.
This report proceeded the one released by the IEA on the day before which also looked at the changing landscape of oil production and demand, with OPEC forecasts for the growth of global oil demand in 2021 unchanged at 6 mb/d & expected to reach 96.58 mb/d. This average is lower than the average global oil demand in 2019 by about 3.39 mb/d. Downward revisions in OECD cancelled upward revisions in non-OECD.
In an indication of future supply, U.S. oil rigs rose by six to 365 this week to their highest since April 2020 as the world slowly adapts back to pre-pandemic life, with much of the road traffic in the US and Europe close to pre-pandemic levels and flights slowly increasing by the day as restriction that have been imposed to slow the spread of the virus are being eased. Consequently, Goldman Sachs still maintain their $80 per barrel forecast for this summer as vaccinations continue to be rolled out. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 393.95
* Rott 3.5%: 382.17
* Sing 0.5%: 514.88
* Rott 0.5%: 495.14
OIL MARKET ROUND-UP:
* Shell Mulls Sale of U.S.’s Largest Oil Field Amid Climate Push
* Iran Casts Doubt on Reviving Nuclear Deal Before Its Election
* U.S. Concerned by Iranian Ship That May Be Headed for Venezuela
* G-7 Drops Aim to Shift New Car Sales Away from Oil By 2030
Singapore 380 INDIC
Jul21 400.25 / 402.25
Aug21 400.25 / 402.25
Sep21 399.25 / 401.25
Oct21 397.75 / 399.75
Nov21 396.50 / 398.50
Dec21 395.25 / 397.25
Q3-21 399.75 / 401.75
Q4-21 396.50 / 398.50
Q1-22 391.50 / 393.50
Q2-22 385.25 / 388.25
CAL22 379.00 / 382.00
Rotterdam 3.5% INDIC
Jul21 389.25 / 391.25
Aug21 388.00 / 390.00
Sep21 385.25 / 387.25
Oct21 382.50 / 384.50
Nov21 380.25 / 382.25
Dec21 378.00 / 380.00
Q3-21 387.50 / 389.50
Q4-21 380.25 / 382.25
Q1-22 374.50 / 376.50
Q2-22 368.50 / 371.50
CAL22 361.75 / 364.75
Singapore VLSFO 0.5% INDIC
Jul21 519.00 / 524.00
Aug21 518.75 / 523.75
Sep21 518.25 / 523.25
Oct21 517.50 / 522.50
Nov21 516.50 / 521.50
Dec21 515.50 / 520.50
Q3-21 518.50 / 523.50
Q4-21 516.50 / 521.50
Q1-22 513.00 / 519.00
Q2-22 508.50 / 514.50
CAL22 505.00 / 511.00
Rott VLSFO 0.5% INDIC
Jul21 499.00 / 504.00
Aug21 498.50 / 503.50
Sep21 498.00 / 503.00
Oct21 497.25 / 502.25
Nov21 496.00 / 501.00
Dec21 494.75 / 499.75
Q3-21 498.50 / 503.50
Q4-21 496.00 / 501.00
Q1-22 491.50 / 497.50
Q2-22 486.75 / 492.75
CAL22 483.50 / 489.50
Sing 10ppm GO INDIC
Jul21 78.91 / 79.05
Aug21 78.81 / 79.01
Sep21 78.66 / 78.86
Oct21 78.48 / 78.68
Nov21 78.20 / 78.40
Dec21 77.91 / 78.11
Q3-21 78.80 / 79.00
Q4-21 78.20 / 78.40
Q1-22 77.53 / 77.73
Q2-22 76.87 / 77.07
CAL22 76.51 / 76.91
Ice Gasoil Swap
Jul21 592.65 / 594.65
Aug21 593.81 / 595.81
Sep21 594.36 / 596.36
Oct21 593.05 / 595.05
Nov21 590.21 / 592.21
Dec21 588.25 / 590.25
Q3-21 593.60 / 595.60
Q4-21 590.50 / 592.50
Q1-22 586.06 / 588.06
Q2-22 579.42 / 581.42
CAL22 578.04 / 581.04
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