At 11:32 am Singapore time (0332 GMT), the ICE September Brent crude futures contract slipped 8 cents/b (0.11%) from the previous close at $76.09/b, while the NYMEX August light sweet crude contract was down 11 cents/b (0.15%) at $75.05/b.
With the 4th July celebrations yesterday in the states and the winner of the Hotdog eating contest managing to eat 70+ hotdogs into minutes, the end of last week was underwhelming given that the OPEC+ meetings ended with no conclusive results as to the output quotas for August and beyond.
OPEC+ was set to agree on boosting collective crude output by 400,000 b/d each month from August to December and to extend its supply management agreement through the end of 2022. However, the UAE stymied the proceedings by insisting its baseline production level, from which its quota is determined, should be raised. The UAE’s baseline under the current pact, determined by its October 2018 production level, is 3.168 million b/d, but the country now claims a capacity closer to 4 million b/d. Increasing the baseline would enable the UAE to pump more crude. (S&P Global Platts)
The Asian residue fuel market is expected to keep a strong momentum entering the July 5-9 week for both marine fuel 0.5%S and high sulphur fuel oil, as values have started to recover with the beginning of the third quarter. (S&P Global Platts)
*Rotterdam 3.5% INDIC*
Aug21 408.25 / 410.25
Sep21 405.00 / 407.00
Oct21 401.75 / 403.75
Nov21 398.50 / 400.50
Dec21 395.50 / 397.50
Jan22 393.00 / 395.00
Q4-21 398.50 / 400.50
Q1-22 393.00 / 395.00
Q2-22 382.50 / 384.50
Q3-22 379.00 / 382.00
CAL22 372.75 / 378.75
*Singapore 380 INDIC*
Aug21 421.00 / 423.00
Sep21 418.75 / 420.75
Oct21 416.25 / 418.25
Nov21 414.00 / 416.00
Dec21 412.00 / 414.00
Jan22 409.50 / 411.50
Q4-21 414.00 / 416.00
Q1-22 409.50 / 411.50
Q2-22 404.75 / 406.75
Q3-22 397.00 / 400.00
CAL22 391.00 / 397.00
*Rott VLSFO 0.5% INDIC*
Aug21 524.25 / 529.25
Sep21 522.50 / 527.50
Oct21 520.50 / 525.50
Nov21 518.50 / 523.50
Dec21 516.50 / 521.50
Jan22 514.25 / 519.25
Q4-21 518.50 / 523.50
Q1-22 514.25 / 519.25
Q2-22 509.00 / 515.00
Q3-22 500.25 / 508.25
CAL22 498.50 / 506.50
*Sing VLSFO 0.5% INDIC*
Aug21 543.00 / 548.00
Sep21 541.50 / 546.50
Oct21 539.75 / 544.75
Nov21 537.75 / 542.75
Dec21 535.75 / 540.75
Jan22 533.50 / 538.50
Q4-21 537.75 / 542.75
Q1-22 533.50 / 538.50
Q2-22 528.50 / 534.50
Q3-22 520.00 / 528.00
CAL22 518.25 / 526.25
*Sing 10ppm GO INDIC*
Aug21 81.66 / 81.80
Sep21 81.52 / 81.72
Oct21 81.31 / 81.51
Nov21 80.96 / 81.16
Dec21 80.59 / 80.79
Jan22 80.33 / 80.53
Q4-21 80.90 / 81.20
Q1-22 80.28 / 80.58
Q2-22 79.43 / 79.73
Q3-22 78.44 / 78.74
CAL22 77.93 / 78.33
*ICE Gasoil 10ppm INDIC*
Aug21 613.47 / 617.47
Sep21 613.91 / 617.91
Oct21 612.47 / 616.47
Nov21 609.67 / 613.67
Dec21 607.51 / 611.51
Jan22 605.94 / 609.94
Q4-21 609.90 / 613.90
Q1-22 606.26 / 610.26
Q2-22 602.40 / 606.40
Q3-22 594.91 / 598.91
CAL22 594.66 / 598.66
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