Brent crude futures for June rose by 34 cents, or 0.5%, to $63.08 a barrel by 0123 GMT before softening by 0730 to $62.78 while U.S. West Texas Intermediate crude for May was up 32 cents, or 0.5%, to $59.65.
API
Crude -2.618M
Cushing -0.840M
Gasoline +4.553M
Distillate +2.810M
Following the release of API figures in the US, Crude inventories fell by 2.6 million barrels in the week ended April 2, the sources said, citing the API data. Forecasters had predicted a drop of just 1.4 million barrels. However, gasoline stocks rose by over 4.5 million barrels. Oil production in the U.S. is expected to fall by 270,000 barrels per day (bpd) in 2021 to 11.04 million bpd, the Energy Information Administration (EIA) said on Tuesday, a steeper decline than its previous monthly forecast for a drop of 160,000 bpd. (Reuters)
Indirect talks between the US and Iran regarding a revival of a nuclear deal that would lift sanctions on Iranian crude oil exports were considered constructive by both sides, S&P Global Platts reported. Iran has increased crude exports this year, especially to China, despite the sanctions, and sanctions relief could further raise supply and weigh on prices. However, downward pressure on prices was countered by upward revisions to the International Monetary Fund’s World Economic Outlook and the US Energy Information Administration’s Short-Term Energy Outlook reports released late April 6. (S&P Global Platts)
The IMF has released its latest global growth figures and they prove to be a lot more optimistic that first thought, with the global economy expected to grow by 6% in 2021 and by 4.4% in 2022 with these figures being upwardly revised 0.8% and 0.2% respectively from October 2020, as a result of the positive steps made in the vaccines rollout to control the effects of COVID-19 in patients. (S&P Global Platts)
Platts Mar Singapore 380cst Month Average 380.40
Platts Mar Singapore VLSFO 0.5% Month Average 488.641
Platts Mar Singapore Gasoil 10ppm Month Average 69.68
*Rotterdam 3.5% INDIC*
May21 338.25 / 340.25
Jun21 336.50 / 338.50
Jul21 334.00 / 336.00
Aug21 330.50 / 332.50
Sep21 326.25 / 328.25
Oct21 321.50 / 323.50
Q3-21 330.25 / 332.25
Q4-21 317.50 / 319.50
Q1-22 312.00 / 314.00
Q2-22 308.25 / 311.25
CAL22 305.50 / 311.50
*Singapore 380 INDIC*
May21 350.75 / 352.75
Jun21 349.75 / 351.75
Jul21 348.00 / 350.00
Aug21 345.75 / 347.75
Sep21 342.75 / 344.75
Oct21 339.50 / 341.50
Q3-21 345.50 / 347.50
Q4-21 337.25 / 339.25
Q1-22 332.25 / 334.25
Q2-22 328.75 / 331.75
CAL22 325.25 / 331.25
*Rott VLSFO 0.5% INDIC*
May21 439.50 / 444.50
Jun21 438.75 / 443.75
Jul21 438.00 / 443.00
Aug21 437.25 / 442.25
Sep21 436.50 / 441.50
Oct21 435.50 / 440.50
Q3-21 437.25 / 442.25
Q4-21 434.50 / 439.50
Q1-22 431.00 / 437.00
Q2-22 427.00 / 435.00
CAL22 425.50 / 433.50
*Sing VLSFO 0.5% INDIC*
May21 459.25 / 464.25
Jun21 458.25 / 463.25
Jul21 457.25 / 462.25
Aug21 456.75 / 461.75
Sep21 456.00 / 461.00
Oct21 455.25 / 460.25
Q3-21 456.75 / 461.75
Q4-21 454.50 / 459.50
Q1-22 451.75 / 457.75
Q2-22 447.75 / 455.75
CAL22 446.25 / 454.25
*Sing 10ppm GO INDIC*
May21 66.78 / 66.92
Jun21 66.83 / 67.03
Jul21 66.90 / 67.10
Aug21 66.97 / 67.17
Sep21 67.04 / 67.24
Oct21 67.04 / 67.24
Q3-21 66.90 / 67.20
Q4-21 66.87 / 67.17
Q1-22 66.78 / 67.08
Q2-22 66.88 / 67.18
CAL22 66.79 / 67.19
*ICE Gasoil 10ppm INDIC*
May21 500.30 / 504.30
Jun21 502.21 / 506.21
Jul21 503.81 / 507.81
Aug21 505.27 / 509.27
Sep21 506.63 / 510.63
Oct21 507.04 / 511.04
Q3-21 505.25 / 509.25
Q4-21 506.75 / 510.75
Q1-22 507.76 / 511.76
Q2-22 509.15 / 513.15
CAL22 509.76 / 513.76
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Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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