Brent futures settled at $71.31 a barrel, down 4 cents after touching its highest since May 2019 earlier in the session. U.S. crude settled at $68.81 a barrel, losing 2 cents. WTI prices rose as high as $69.40, the strongest since October 2018, after gaining 1.5% in the previous session.
U.S. crude inventories dropped by 5.1 million barrels last week, compared with expectations for a decrease of 2.4 million barrels, while gasoline stocks grew by 1.5 million barrels and distillate stockpiles jumped by 3.7 million barrels. (Reuters)
The quickest OPEC+ meeting in the groups history conclude on the 1st of this month after just 20 minutes of talks which ended with the group agreeing to keep the output quotas agreed back in April, even though the potential of Iranian crude may flood back into the market, with talks due to continue this week after they seemed to break down after the initial meeting in Vienna back in May.
Given the lack of fresh developments, investors will be eagerly anticipating OPEC’s and the International Energy Agency’s June Oil Market Reports, due to be released June 10 and June 11, respectively, to get a better sense of supply and demand fundamentals in the crude markets going forward. (S&P Global Platts)
In fuel, the EW380 opened up this morning at 12.75 after closing at 13.25 at the end of last week. The front barges crack opened at -10.05 after strengthening over the course of last week, up from lows of -11.5.
INDEX: (MTD Estimates)
* Sing 380: 394.37
* Rott 3.5%: 381.00
* Sing 0.5%: 514.20
* Rott 0.5%: 494.31
Oil MARKET ROUND-UP:
* Rosneft Warns of ‘Severe’ Oil Shortage Amid Hasty Energy Shift
* Russia’s Compliance With OPEC+ Deal Close to 100% in May: Novak
* Saudis Increase Oil Prices for Asia Customers as Market Tightens
* China’s May Crude Oil Imports 40.968m Tons: Customs
* Glut of Middle East Oil Tankers Set to Stay Near Seasonal High
Rotterdam 3.5% INDIC
Jul21 385.25 / 387.25
Aug21 384.25 / 386.25
Sep21 381.00 / 383.00
Oct21 377.50 / 379.50
Nov21 374.00 / 376.00
Dec21 371.00 / 373.00
Q3-21 383.50 / 385.50
Q4-21 374.25 / 376.25
Q1-22 367.75 / 369.75
Q2-22 360.75 / 363.75
CAL22 353.75 / 356.75
Singapore 380 INDIC
Jul21 398.25 / 400.25
Aug21 397.75 / 399.75
Sep21 396.00 / 398.00
Oct21 393.50 / 395.50
Nov21 391.25 / 393.25
Dec21 389.50 / 391.50
Q3-21 397.50 / 399.50
Q4-21 391.50 / 393.50
Q1-22 386.00 / 388.00
Q2-22 380.00 / 383.00
CAL22 371.00 / 374.00
Rott VLSFO 0.5% INDIC
Jul21 494.00 / 499.00
Aug21 493.00 / 498.00
Sep21 492.00 / 497.00
Oct21 490.75 / 495.75
Nov21 489.50 / 494.50
Dec21 487.75 / 492.75
Q3-21 493.00 / 498.00
Q4-21 489.25 / 494.25
Q1-22 484.25 / 490.25
Q2-22 479.00 / 485.00
CAL22 475.75 / 481.75
Singapore VLSFO 0.5% INDIC
Jul21 514.00 / 519.00
Aug21 513.50 / 518.50
Sep21 512.50 / 517.50
Oct21 511.50 / 516.50
Nov21 510.25 / 515.25
Dec21 508.75 / 513.75
Q3-21 513.25 / 518.25
Q4-21 510.25 / 515.25
Q1-22 506.25 / 512.25
Q2-22 501.75 / 507.75
CAL22 498.50 / 504.50
Sing 10ppm GO INDIC
Jul21 77.31 / 77.45
Aug21 77.15 / 77.35
Sep21 77.01 / 77.21
Oct21 76.88 / 77.08
Nov21 76.62 / 76.82
Dec21 76.31 / 76.51
Q3-21 77.15 / 77.35
Q4-21 76.34 / 76.54
Q1-22 75.90 / 76.10
Q2-22 75.30 / 75.50
CAL22 74.98 / 75.38
Ice Gasoil Swap
Jul21 581.48 / 583.48
Aug21 582.51 / 584.51
Sep21 583.30 / 585.30
Oct21 582.33 / 584.33
Nov21 579.76 / 581.76
Dec21 577.86 / 579.86
Q3-21 582.45 / 584.45
Q4-21 579.98 / 581.98
Q1-22 575.57 / 577.57
Q2-22 569.84 / 571.84
CAL22 569.71 / 572.71
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