Brent crude futures rose 6 cents, or 0.1%, to $67.62 a barrel at 0329 GMT, after climbing 1.2% on Monday. U.S. West Texas Intermediate (WTI) crude futures also ticked 5 cents, or 0.1% higher, to $64.54 a barrel, after gaining 1.4% on Monday. The weaker dollar after a worse than anticipated US manufacturing growth figure helped oil yesterday.
The situation in India continues to concern the world as aid is being sent to the nation in the form of ventilators and oxygen as it records its 12th straight day of 300,000 cases in each 24 hour period. This news has been capping oil gains over the past few weeks. Preliminary data for Indian fuel demand is already available, which shows that gasoline demand fell 6.3% MoM to total 2.14mt, which is the lowest since August. Diesel demand saw just a 1.7% decline MoM to total 5.9mt over the month. Given that it still appears as though Covid-19 in India have not peaked, we expect to see further downside to fuel demand over May. However, there seems to have been a shift to optimism in the oil market as US and EU are expecting to welcome tourists in the summer. (Reuters)
After the collapse in oil price as a result in COVID-19 striking the globe at the start of 2020, jet fuel demand has been pretty much decimated as lockdowns have forces travel restrictions across many nations, but this week the EIA have released a statement saying that jet fuel demand in on the rise once more as a result of increased domestic travel in the US as cases begin to come under control and restrictions begin to lift. According to figures, US airports are screening more than 1 million passengers a day at present and even though this is half of the number of passengers screened daily in 2019, it is 10 times the amount screened between March and April 2020. (Oilprice.com)
Analysts are expecting that oil inventories in the US fell by an average of 2 million barrels in the week ending 30th April, which would put an end to 2 straight weeks of crude builds in mid-April.
OIL MARKET ROUND-UP:
* Commodities Reach New Highs on Rosy Oil-Demand Outlook
* Iraq Sees Steady Oil Prices and Considers Buying Exxon Stake
* WTI Oil Flips to a Premium Vs Dubai Swap for 1st Time in ~3 Yrs
* U.S. Gasoline Demand Down Less Than 1% in April 30 Week: Survey
* Brazil Oil Output 2.844m B/d in March: Regulator
* 2:30pm: U.S. Census crude export data
* 9:30pm: API weekly report on U.S. oil inventories
Rotterdam 3.5% INDIC
Jun21 370.50 / 372.50
Jul21 367.75 / 369.75
Aug21 363.75 / 365.75
Sep21 358.75 / 360.75
Oct21 353.50 / 355.50
Nov21 349.25 / 351.25
Q3-21 363.25 / 365.25
Q4-21 349.50 / 351.50
Q1-22 341.75 / 343.75
Q2-22 335.00 / 338.00
CAL22 332.00 / 335.00
Singapore 380 INDIC
Jun21 381.75 / 383.75
Jul21 380.25 / 382.25
Aug21 377.50 / 379.50
Sep21 374.25 / 376.25
Oct21 370.50 / 372.50
Nov21 367.25 / 369.25
Q3-21 377.25 / 379.25
Q4-21 367.50 / 369.50
Q1-22 360.75 / 362.75
Q2-22 354.75 / 357.75
CAL22 351.50 / 354.50
Rott VLSFO 0.5% INDIC
Jun21 469.50 / 474.50
Jul21 469.75 / 474.75
Aug21 469.50 / 474.50
Sep21 468.75 / 473.75
Oct21 467.75 / 472.75
Nov21 466.75 / 471.75
Q3-21 469.25 / 474.25
Q4-21 466.75 / 471.75
Q1-22 462.50 / 468.50
Q2-22 458.75 / 464.75
CAL22 456.50 / 462.50
Singapore VLSFO 0.5% INDIC
Jun21 490.75 / 495.75
Jul21 490.25 / 495.25
Aug21 489.75 / 494.75
Sep21 489.25 / 494.25
Oct21 488.50 / 493.50
Nov21 487.75 / 492.75
Q3-21 489.75 / 494.75
Q4-21 487.75 / 492.75
Q1-22 484.25 / 490.25
Q2-22 480.00 / 486.00
CAL22 477.25 / 483.25
Sing 10ppm GO INDIC
Jun21 71.97 / 72.11
Jul21 72.02 / 72.22
Aug21 72.04 / 72.24
Sep21 72.01 / 72.21
Oct21 71.95 / 72.15
Nov21 71.78 / 71.98
Q3-21 72.00 / 72.20
Q4-21 71.77 / 71.97
Q1-22 71.38 / 71.58
Q2-22 71.08 / 71.28
CAL22 70.81 / 71.21
Ice Gasoil Swap
Jun21 542.46 / 544.46
Jul21 543.56 / 545.56
Aug21 544.73 / 546.73
Sep21 545.84 / 547.84
Oct21 545.40 / 547.40
Nov21 543.50 / 545.50
Q3-21 544.70 / 546.70
Q4-21 544.07 / 546.07
Q1-22 541.57 / 543.57
Q2-22 538.86 / 540.86
CAL22 538.37 / 541.37
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
The information provided in this communication is not intended for retail clients. It is general in nature only and does not constitute advice or an offer to sell, or the solicitation of an offer to purchase any swap or other financial instruments, nor constitute any recommendation on our part. The information has been prepared without considering your investment objectives, financial situation, or knowledge and experience. This material is not a research report and is not intended as such. FIS is not responsible for any trading decisions taken based on this communication. Trading swaps and over-the-counter derivatives, exchange-traded derivatives, and options involve substantial risk and are not suitable for all investors. You are advised to perform an independent investigation to determine whether a transaction is suitable for you. No part of this material may be copied or duplicated in any form by any means or redistributed without our prior written consent. Freight Investor Services Ltd (FIS) is authorised and regulated by the Financial Conduct Authority (FRN: 211452) and is a member of the National Futures Association (“NFA”). Freight Investor Services PTE Ltd (‘FIS PTE’) is a private limited company, incorporated and registered in Singapore with company number 200603922G, and has subsidiary offices in India and Shanghai. Freight Investor Solutions DMCC (‘FIS DMCC’) is a private limited company, incorporated and registered in Dubai with company number DMCC1225. Further information about FIS including the location of its offices can be found on our website at www.freightinvestorservices.com