FIS Fuel Oil Morning Report 04/06/21

At 11:06 am Singapore time (0306 GMT), the ICE Brent August contract was down 26 cents/b (0.36%) from the previous settle at $71.05/b, while the July NYMEX light sweet crude contract was down 19 cents/b (0.28%) at $68.62/b.

 

EIA week ending 5/28

Crude oil: -5.1M

Gasoline: +1.5M

Distillates: +3.7M

Refiner utilz: 88.7%

Impld mogas demand: 9.15Mbpd

 

Data from the EIA released late June 3 was mixed, as it showed a draw in US commercial crude inventories, but builds in US product inventories. Rising refinery demand coupled with lower production saw crude stocks fall 5.08 million barrels to 479.27 million barrels in the week ended May 28, the data showed. Crude stocks are at its lowest since the week ended Feb. 19, nearly 3% behind the five-year average. (S&P Global Platts)

 

OPEC are expected to raise output in the second half of the year in response to the increasing fuel demand as driving season gets underway and lockdown restrictions are lifted as the vaccines rollouts are underway. Analysts are expecting the biggest increase in oil demand from now until the end of the year with demand expected to outweigh supply.

 

 

INDEX: (MTD Estimates)

* Sing 380: 393.11

* Rott 3.5%: 379.58

* Sing 0.5%: 512.99

* Rott 0.5%: 492.83

 

 

OIL MARKET ROUND-UP:
* Global Oil Recovery Can Weather Asian Virus Outbreaks, UBS Says
* Russia Oil CEOs See OPEC+ Hiking Output Again as Market Heats Up
* Investors Sit on the Sidelines in Oil’s Drift Through $70
* Former Biden Aide to Lobby for Indian Refiner on Venezuela Ban
* EIA Weekly Crude Output Drop Tied to Decline in GOM Supply
* Benchmark Oil Tanker Earnings Ease Further Into Negative Zone
* Oil Flows Slumped by 800k b/d in May on UAE, U.S. Gulf, Brazil

 

 

Rotterdam 3.5% INDIC                                 

Jul21      383.75   /             385.75

Aug21   382.00   /             384.00

Sep21    378.50   /             380.50

Oct21    374.75   /             376.75

Nov21   371.00   /             373.00

Dec21    367.75   /             369.75

Q3-21    381.25   /             383.25

Q4-21    371.00   /             373.00

Q1-22    364.50   /             366.50

Q2-22    358.75   /             361.75

CAL22    355.00   /             358.00

 

Singapore 380 INDIC                                     

Jul21      396.50   /             398.50

Aug21   395.75   /              397.75

Sep21    393.50   /             395.50

Oct21    391.00   /             393.00

Nov21   388.75   /             390.75

Dec21    386.75   /             388.75

Q3-21    395.25   /             397.25

Q4-21    389.00   /             391.00

Q1-22    383.00   /             385.00

Q2-22    377.25   /             380.25

CAL22    373.75   /             376.75

 

Rott VLSFO 0.5% INDIC                                 

Jul21      491.50   /              496.50

Aug21   491.00   /              496.00

Sep21    490.50   /              495.50

Oct21    489.75   /              494.75

Nov21   488.75   /              493.75

Dec21    487.75   /              492.75

Q3-21    491.00   /              496.00

Q4-21    488.75   /              493.75

Q1-22    484.50   /              490.50

Q2-22    479.50   /              485.50

CAL22    475.25   /              481.25

 

Singapore VLSFO 0.5% INDIC                                     

Jul21      511.75   /              516.75

Aug21   511.25   /              516.25

Sep21    510.75   /              515.75

Oct21    510.00   /              515.00

Nov21   509.00   /              514.00

Dec21    508.25   /              513.25

Q3-21    511.25   /              516.25

Q4-21    509.00   /              514.00

Q1-22    506.00   /              512.00

Q2-22    501.25   /              507.25

CAL22    496.50   /              502.50

 

Sing 10ppm GO INDIC                                   

Jul21      76.94     /              77.08

Aug21   76.84     /              77.04

Sep21    76.78     /              76.98

Oct21    76.67     /              76.87

Nov21   76.43     /              76.63

Dec21    76.17     /              76.37

Q3-21    76.85     /              77.05

Q4-21    76.19     /              76.39

Q1-22    75.77     /              75.97

Q2-22    75.12     /              75.32

CAL22    74.81     /              75.21

 

Ice Gasoil Swap                                               

Jul21      579.48   /              581.48

Aug21   580.51   /              582.51

Sep21    581.39   /              583.39

Oct21    580.54   /              582.54

Nov21   578.01   /              580.01

Dec21    576.11   /              578.11

Q3-21    580.45   /              582.45

Q4-21    578.22   /              580.22

Q1-22    573.84   /              575.84

Q2-22    567.86   /              569.86

CAL22    567.27   /              570.27

 

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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