At 10:24 am Singapore time (0224 GMT), the ICE September Brent futures contract was up 16 cents/b (0.21%) from the previous close to $75.32/b, while the NYMEX August light sweet crude contract was up 17 cents/b (0.23%) at $74.27/b.
Brent crude oil complex remains in a mixed territory at present owing to the precarious situation surrounding the increased case counts of COVID-19 across parts of North America and Europe, with the dominant delta variant being identified in an increasing number of countries across the globe. This has led to oil market participants somewhat concerned as to the demand side, with the supply side still in limbo as the OPEC+ group are still not decided on output quotas to the end of 2021.
The market will continue to look forward to inventory data releases from the US Energy Information Administration and the American Petroleum Institute this week, due for release on July 14 and July 15. In addition, the market will look out for the International Energy Agency and OPEC’s monthly oil market reports, due to be released later on July 13 and July 15, respectively. (S&P Global Platts)
The odds of an OPEC+ meeting this week look increasingly unlikely as the group has failed to make progress in resolving the differences between key OPEC members Saudi Arabia and the United Arab Emirates (UAE), which resulted in a failure to decide future production levels last week, sources at OPEC+ told Reuters on Monday. The UAE blocked a deal on OPEC+ raising oil production from August, making any agreements contingent on revising the “unfairly low” Emirati baseline from 2018. (OilPrice.com)
INDEX: (MTD Estimates)
* Sing 380: 414.37
* Rott 3.5%: 397.57
* Sing 0.5%: 537.80
* Rott 0.5%: 524.64
OIL MARKET ROUND-UP:
* OPEC+ Locks in Tight Supply for August With Stalemate Unresolved
* Oil Prices Loom Over Biden Bid to Pare Drilling Rights Sales
* China June Crude Oil Imports 40.135m Tons
* EIA Sees U.S. Shale-Oil Rising 42K B/D to 7.91M B/D in Aug
Rotterdam 3.5% INDIC
Aug21 398.50 / 400.50
Sep21 395.00 / 397.00
Oct21 391.50 / 393.50
Nov21 388.25 / 390.25
Dec21 385.25 / 387.25
Jan22 383.00 / 385.00
Q4-21 388.25 / 390.25
Q1-22 381.00 / 383.00
Q2-22 374.25 / 376.25
Q3-22 366.25 / 369.25
CAL22 371.50 / 374.50
Singapore 380 INDIC
Aug21 411.00 / 413.00
Sep21 409.00 / 411.00
Oct21 406.25 / 408.25
Nov21 403.75 / 405.75
Dec21 401.50 / 403.50
Jan22 399.25 / 401.25
Q4-21 403.75 / 405.75
Q1-22 397.25 / 399.25
Q2-22 391.25 / 393.25
Q3-22 383.75 / 386.75
CAL22 390.00 / 393.00
Rott VLSFO 0.5% INDIC
Aug21 520.75 / 525.75
Sep21 517.75 / 522.75
Oct21 515.25 / 520.25
Nov21 512.50 / 517.50
Dec21 509.75 / 514.75
Jan22 507.00 / 512.00
Q4-21 512.50 / 517.50
Q1-22 504.25 / 509.25
Q2-22 495.50 / 501.50
Q3-22 487.50 / 493.50
CAL22 491.75 / 497.75
Singapore VLSFO 0.5% INDIC
Aug21 538.25 / 543.25
Sep21 535.75 / 540.75
Oct21 533.25 / 538.25
Nov21 531.00 / 536.00
Dec21 528.50 / 533.50
Jan22 526.00 / 531.00
Q4-21 531.00 / 536.00
Q1-22 523.50 / 528.50
Q2-22 515.50 / 521.50
Q3-22 508.00 / 514.00
CAL22 512.00 / 518.00
Sing 10ppm GO INDIC
Aug21 81.10 / 81.24
Sep21 80.97 / 81.17
Oct21 80.74 / 80.94
Nov21 80.37 / 80.57
Dec21 80.00 / 80.20
Jan22 79.70 / 79.90
Q4-21 80.35 / 80.55
Q1-22 79.40 / 79.60
Q2-22 78.57 / 78.77
Q3-22 77.99 / 78.19
CAL22 78.21 / 78.61
Ice Gasoil Swap
Aug21 610.22 / 612.22
Sep21 608.94 / 610.94
Oct21 605.82 / 607.82
Nov21 603.33 / 605.33
Dec21 601.59 / 603.59
Jan22 599.64 / 601.64
Q4-21 603.60 / 605.60
Q1-22 598.19 / 600.19
Q2-22 590.64 / 592.64
Q3-22 586.81 / 588.81
CAL22 588.89 / 591.89
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