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
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Luke Longhurst
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