At 10:55 am Singapore time (0255 GMT), the ICE August Brent futures contract was down 34 cents/b (0.46%) from the previous close at $74.34/b, while the NYMEX August light sweet crude contract was down 28 cents/b (0.38%) at $72.63/b. This downtrend continues from overnight when front month Brent and NYMEX light sweet crude markers closed 1.97% and 1.54% lower at $74.68/b and $72.91/b, respectively.
Despite its high vaccination rate, the UK has seen a surge in COVID-19 infections since January, reporting 22,868 COVID-19 infections on June 28, the highest since late January. This uptrend has been driven by the more transmissible delta variant of the coronavirus. Analysts said the elevated numbers in the UK have led to fears that other countries, where vaccination has thus far driven down infection rates, may also succumb to the delta variant of the virus. The spread of the delta variant of the virus was cited by analysts as one of the reasons why the OPEC+ coalition will take a cautious approach to rolling back its production quotas. The producer group has met with several calls to raise oil production to prevent a supply shortfall, and to ensure affordable energy prices that are conducive to a global economic recovery. (S&P Global Platts)
Seven analysts estimated, on average, that U.S. crude stocks fell by about 4.5 million barrels in the week to June 25, in a poll conducted ahead of reports from the American Petroleum Institute, an industry group, on Tuesday and the Energy Information Administration (EIA), on Wednesday. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 402.40
* Rott 3.5%: 390.24
* Sing 0.5%: 520.96
* Rott 0.5%: 502.07
OIL MARKET ROUND-UP:
* OPEC+ Data Show Oil Market Remaining in Deficit for Rest of Year
* Soaring Pump Prices Pose Threat to Indian Recovery and Inflation
* U.S. Gasoline Imports From Europe Slump to Multi-Month Low
* Biggest Oil Bank in Scandinavia Braces for an Activist Wave
* Benchmark Oil Tanker Rates Slip; Clean Route Climbs Higher
* N. Sea Johan Sverdrup Loadings Set at Record 556k B/D in Aug.
* Jet Fuel Refining Margin in Singapore Sinks to Lowest in a Month
Singapore 380 INDIC
Jul21 411.00 / 413.00
Aug21 410.25 / 412.25
Sep21 408.00 / 410.00
Oct21 405.50 / 407.50
Nov21 403.25 / 405.25
Dec21 401.00 / 403.00
Q3-21 409.75 / 411.75
Q4-21 403.25 / 405.25
Q1-22 396.50 / 398.50
Q2-22 389.25 / 392.25
CAL22 386.50 / 389.50
Rotterdam 3.5% INDIC
Jul21 399.50 / 401.50
Aug21 397.75 / 399.75
Sep21 394.25 / 396.25
Oct21 391.00 / 393.00
Nov21 387.75 / 389.75
Dec21 384.50 / 386.50
Q3-21 397.00 / 399.00
Q4-21 387.75 / 389.75
Q1-22 379.75 / 381.75
Q2-22 372.00 / 375.00
CAL22 368.00 / 371.00
Singapore VLSFO 0.5% INDIC
Jul21 526.50 / 531.50
Aug21 526.00 / 531.00
Sep21 524.50 / 529.50
Oct21 523.00 / 528.00
Nov21 521.25 / 526.25
Dec21 519.50 / 524.50
Q3-21 525.75 / 530.75
Q4-21 521.25 / 526.25
Q1-22 515.00 / 521.00
Q2-22 508.25 / 514.25
CAL22 504.75 / 510.75
Rott VLSFO 0.5% INDIC
Jul21 508.25 / 513.25
Aug21 506.25 / 511.25
Sep21 504.75 / 509.75
Oct21 503.25 / 508.25
Nov21 501.50 / 506.50
Dec21 499.75 / 504.75
Q3-21 506.50 / 511.50
Q4-21 501.50 / 506.50
Q1-22 494.75 / 500.75
Q2-22 487.50 / 493.50
CAL22 483.75 / 489.75
Sing 10ppm GO INDIC
Jul21 79.21 / 79.35
Aug21 79.24 / 79.44
Sep21 79.21 / 79.41
Oct21 79.05 / 79.25
Nov21 78.75 / 78.95
Dec21 78.44 / 78.64
Q3-21 79.20 / 79.40
Q4-21 78.74 / 78.94
Q1-22 78.05 / 78.25
Q2-22 77.34 / 77.54
CAL22 76.97 / 77.37
Ice Gasoil Swap
Jul21 596.07 / 598.07
Aug21 597.48 / 599.48
Sep21 598.27 / 600.27
Oct21 597.48 / 599.48
Nov21 595.33 / 597.33
Dec21 593.86 / 595.86
Q3-21 597.25 / 599.25
Q4-21 595.56 / 597.56
Q1-22 591.99 / 593.99
Q2-22 586.64 / 588.64
CAL22 585.86 / 588.86
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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Email: RickyF@freightinvestor.com
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Email: SamT@freightinvestor.com
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Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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