At 11.05am Singapore time (0305 GMT), the ICE Brent August contract was down 66 cents/b (0.92%) from the previous settle at $70.83/b, while the July NYMEX light sweet crude contract was down 63 cents/b (0.91%) at $68.60/b.
Crude rally came to an abrupt halt after reaching fresh two-year highs yesterday as investigations over the trade of government issues crude oil quotas in China has led to softening demand as data showed Chinese imports fell in May, with the private refining sector under fire from authorities over claims of illegal trade of crude oil. (S&P Global Platts)
Hedge funds and other money managers purchased the equivalent of 40 million barrels in the six most important futures and options contracts in the week to June 1, after selling a total of 74 million over the previous three weeks. Purchases were weighted towards crude oil, especially NYMEX and ICE WTI (+21 million barrels), with smaller buying in Brent (+9 million barrels), according to position records published by regulators and exchanges. Analysts have noted that the long positions held are focused towards crude as opposed to products which shows funds are not betting on the increased consumption of oil, rather the control of supply. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 394.28
* Rott 3.5%: 381.00
* Sing 0.5%: 514.57
* Rott 0.5%: 494.40
OIL MARKET ROUND-UP:
* BP Expects Strength in Global Oil Demand to Last, CEO Says
* Prompt Dubai Oil Swaps at Widest Backwardation in Almost 1 Year
* Saudis Ramp Up Gasoline Shipments to East Coast w/ Fourth Cargo
* U.S. Thirst for European Gasoline Wanes; Diesel, Jet Flows Swell
* Benchmark Oil Tanker Earnings Stable to Start the Week
Rotterdam 3.5% INDIC
Jul21 379.50 / 381.50
Aug21 378.75 / 380.75
Sep21 376.00 / 378.00
Oct21 372.75 / 374.75
Nov21 369.50 / 371.50
Dec21 366.50 / 368.50
Q3-21 378.00 / 380.00
Q4-21 369.50 / 371.50
Q1-22 363.50 / 365.50
Q2-22 357.50 / 360.50
CAL22 355.25 / 358.25
Singapore 380 INDIC
Jul21 390.50 / 392.50
Aug21 390.75 / 392.75
Sep21 389.50 / 391.50
Oct21 387.50 / 389.50
Nov21 385.50 / 387.50
Dec21 383.75 / 385.75
Q3-21 390.25 / 392.25
Q4-21 385.50 / 387.50
Q1-22 380.25 / 382.25
Q2-22 374.25 / 377.25
CAL22 372.50 / 375.50
Rott VLSFO 0.5% INDIC
Jul21 490.25 / 495.25
Aug21 489.50 / 494.50
Sep21 488.75 / 493.75
Oct21 487.75 / 492.75
Nov21 486.50 / 491.50
Dec21 485.00 / 490.00
Q3-21 489.50 / 494.50
Q4-21 486.25 / 491.25
Q1-22 481.50 / 487.50
Q2-22 476.25 / 482.25
CAL22 473.00 / 479.00
Singapore VLSFO 0.5% INDIC
Jul21 510.75 / 515.75
Aug21 510.50 / 515.50
Sep21 510.00 / 515.00
Oct21 509.25 / 514.25
Nov21 508.00 / 513.00
Dec21 506.75 / 511.75
Q3-21 510.25 / 515.25
Q4-21 508.00 / 513.00
Q1-22 504.00 / 510.00
Q2-22 499.75 / 505.75
CAL22 496.25 / 502.25
Sing 10ppm GO INDIC
Jul21 77.04 / 77.18
Aug21 76.89 / 77.09
Sep21 76.76 / 76.96
Oct21 76.62 / 76.82
Nov21 76.36 / 76.56
Dec21 76.07 / 76.27
Q3-21 76.90 / 77.10
Q4-21 76.10 / 76.30
Q1-22 75.65 / 75.85
Q2-22 75.02 / 75.22
CAL22 74.70 / 75.10
Ice Gasoil Swap
Jul21 578.81 / 580.81
Aug21 579.89 / 581.89
Sep21 580.93 / 582.93
Oct21 580.08 / 582.08
Nov21 577.51 / 579.51
Dec21 575.61 / 577.61
Q3-21 579.90 / 581.90
Q4-21 577.73 / 579.73
Q1-22 573.65 / 575.65
Q2-22 568.60 / 570.60
CAL22 568.91 / 571.91
For more information please contact
FIS Oil Desk
info@freightinvestor.com
UK number: +44 (0) 207 090 1134
Shanghai number: +86 (0)21 63012568
Singapore: +65 87984987
Luke Longhurst
Email: LukeL@freightinvestor.com
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Ricky Forman
Email: RickyF@freightinvestor.com
Mobile: (+44) 7868 708719
Sam Twyford
Email: SamT@freightinvestor.com
Mobile: (+44) 7729 118643
Jessie Deng
Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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