At 11 am Singapore time (0300 GMT), the ICE Brent June contract was down 33 cents/b (0.52%) from the April 7 settle at $62.83/b, while the May NYMEX light sweet crude contract fell 37 cents/b (0.62%) to $59.40/b.
EIA week ending 4/2
Crude oil: -3.5M
Gasoline: +4.0M
Distillates: +1.5M
Refiner utilz: 84.0%
Impld mogas demand: 8.78Mbpd
Oil inventories dropped by 3.5 million barrels last week to nearly 502 million barrels, while gasoline stocks increased by 4 million barrels, against expectations of a decline, to just over 230 million barrels, as refiners ramped up production before the summer driving season. This is close to record highs on gasoline storage, which some are suggesting the refiners may want to hold back on the run rate, in order to curb the stocks from further increasing. However, in positive news, the IMFs upward revision of global growth in 2021 to 6% is the highest level seen since 1970 and in theory, with high growth the oil market should benefit from increased consumptions levels. (Reuters)
The US shale industry continues the upwards trajectory of mergers as the sectors looks to consolidate its upstream and downstream operations. E&P mergers were up by almost five times from last year as the collapse in oil prices has forces participants to look at more ways of increasing efficiencies and cutting costs of production. (Reuters)
Coronavirus continues to cause issues in the global economy, and it continues to threaten the recovery with nations such as Brazil and India recording high numbers of cases, with the threat of new variants very real. The Astra-Zeneca vaccine has been called into question over the past few months, with the vaccines showing signs of causing blood clots in very rare cases. This has caused the halt of the rollout in some European countries as tests continue with the UK now advising that the under 30 population are offered an alternative. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 354.81
* Rott 3.5%: 340.08
* Sing 0.5%: 462.23
* Rott 0.5%: 444.83
*Rotterdam 3.5% INDIC*
May21 336.75 / 338.75
Jun21 335.25 / 337.25
Jul21 332.50 / 334.50
Aug21 328.75 / 330.75
Sep21 324.25 / 326.25
Oct21 319.50 / 321.50
Q3-21 328.50 / 330.50
Q4-21 316.00 / 318.00
Q1-22 311.00 / 313.00
Q2-22 307.75 / 310.75
CAL22 304.50 / 310.50
*Singapore 380 INDIC*
May21 349.25 / 351.25
Jun21 347.75 / 349.75
Jul21 345.50 / 347.50
Aug21 342.75 / 344.75
Sep21 339.75 / 341.75
Oct21 336.75 / 338.75
Q3-21 342.75 / 344.75
Q4-21 334.50 / 336.50
Q1-22 330.50 / 332.50
Q2-22 327.25 / 330.25
CAL22 324.25 / 330.25
*Rott VLSFO 0.5% INDIC*
May21 442.25 / 447.25
Jun21 441.25 / 446.25
Jul21 440.25 / 445.25
Aug21 439.25 / 444.25
Sep21 438.25 / 443.25
Oct21 437.25 / 442.25
Q3-21 439.25 / 444.25
Q4-21 436.25 / 441.25
Q1-22 432.50 / 438.50
Q2-22 428.75 / 436.75
CAL22 427.75 / 435.75
*Sing VLSFO 0.5% INDIC*
May21 461.50 / 466.50
Jun21 460.50 / 465.50
Jul21 459.50 / 464.50
Aug21 458.50 / 463.50
Sep21 457.75 / 462.75
Oct21 457.00 / 462.00
Q3-21 458.75 / 463.75
Q4-21 456.25 / 461.25
Q1-22 453.75 / 459.75
Q2-22 451.25 / 459.25
CAL22 450.50 / 458.50
*Sing 10ppm GO INDIC*
May21 66.89 / 67.03
Jun21 66.97 / 67.17
Jul21 67.05 / 67.25
Aug21 67.13 / 67.33
Sep21 67.20 / 67.40
Oct21 67.24 / 67.44
Q3-21 67.05 / 67.35
Q4-21 67.08 / 67.38
Q1-22 67.07 / 67.37
Q2-22 67.20 / 67.50
CAL22 67.07 / 67.47
*ICE Gasoil 10ppm INDIC*
May21 501.71 / 505.71
Jun21 503.33 / 507.33
Jul21 504.73 / 508.73
Aug21 506.06 / 510.06
Sep21 507.30 / 511.30
Oct21 507.75 / 511.75
Q3-21 506.05 / 510.05
Q4-21 507.38 / 511.38
Q1-22 506.35 / 510.35
Q2-22 503.45 / 507.45
CAL22 504.30 / 508.30
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Mobile: (+86)1352 4516743
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Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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