Brent crude futures for April gained 48 cents, or 0.8%, to $61.04 a barrel by 0443 GMT and pushing up to $61.25 by 0600GMT. U.S. West Texas Intermediate crude (WTI) for March was at $58.42 a barrel, up 45 cents, or 0.8%. Both Brent and WTI are at their highest since January 2020. Front-month prices for both contracts are up for the seventh session on Tuesday, the longest win streak since January 2019.
A weak dollar, on top of the usual stimuli of vaccines and tightening supply have been the cause of the increasing oil prices over the last 2 weeks as momentum gains over increasing optimism over a pandemic recovery. Some analysts have highlighted that oil is currently in overbought territory, and although there is caution on current oil prices, the long-term outlook for both benchmarks is healthy as we come out of this period of restricted economic activity. (Reuters)
Hedge funds- although they are turning attention back to oil markets- are increasing their exposure to diesel as opposed to gasoline as personal travel is still depressed as a result of travel bans globally. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 343.49
* Rott 3.5%: 330.08
* Sing 0.5%: 459.47
* Rott 0.5%: 430.92
MARKETS NEWS:
* Oil Trader Trafigura Calls Bull Run Even as Rivals Cautious
* Tanker Quits Libya Port Without Oil as Strikers Halt Loading
* San Francisco Traffic Drop Shows Gasoline Rebound Still Elusive
* Storm Has U.S. Gasoline Demand Dropping Again: Descartes
* Pertamina Sees Rising Imports of Gasoline, Crude in 2021
* S. Korea’s GS Caltex Buys About 4M Bbls of U.S. Crude for May
* U.S. West Coast Gets First Mexican Isthmus Oil in 3 Years
* U.S. Gets 1st Angolan Girassol Crude in Over 2 Years: Customs
* Petrobras Plans to Offer New Oil Grade Atapu by April-May
OTHER NEWS:
* British Airways Plans 2022 Test With U.S. Sustainable-Fuel Maker
* State Oil Companies’ Spending Seen Clashing With Climate Targets
* Pemex Employee Deaths Are Accelerating With New Covid-19 Wave
OIL PRODUCT NEWS:
* U.S.: Traffic Drop Hobbling Gasoline Recovery
* EUROPE: Hellenic Disruption; Gasoline to U.S. Jumps
* ASIA: Shipments to Americas Climb; Nayara Tender
ECONOMIC DATA/EVENTS: (Times are London. )
* EIA publishes its monthly Short-Term Energy Outlook (STEO) including U.S. crude oil production forecasts
* API weekly oil inventory report
* Total SE earnings
ANALYST VIEWS/COLUMNS:
* $29B Spend Helps Total, Equinor and Shell Lead Green Push: BNEF
* Clean Fuels Stored at Sea Near Singapore Fall 17% W/w: Kpler
Sing VLSFO 0.5% INDIC
Mar-21 477.25 / 479.75
Apr-21 471.50 / 474.50
May-21 467.25 / 470.25
Jun-21 463.50 / 467.00
Jul-21 460.25 / 463.75
Aug-21 457.00 / 461.00
Q2-21 467.00 / 471.00
Q3-21 456.75 / 461.25
Q4-21 448.50 / 453.50
Q1-22 442.25 / 448.25
CAL22 437.25 / 443.25
Rott VLSFO 0.5% INDIC
Mar-21 450.75 / 453.25
Apr-21 446.50 / 449.50
May-21 442.75 / 445.75
Jun-21 439.00 / 442.50
Jul-21 435.75 / 439.25
Aug-21 432.50 / 436.50
Q2-21 442.25 / 446.25
Q3-21 432.25 / 436.75
Q4-21 424.25 / 429.25
Q1-22 419.00 / 425.00
CAL22 414.50 / 420.50
Sing 10ppm GO INDIC
Mar-21 67.39 / 67.51
Apr-21 67.21 / 67.35
May-21 67.04 / 67.20
Jun-21 66.87 / 67.05
Jul-21 66.71 / 66.89
Aug-21 66.54 / 66.74
Q2-21 67.08 / 67.26
Q3-21 66.65 / 66.85
Q4-21 66.17 / 66.41
Q1-22 65.72 / 66.02
CAL22 65.29 / 65.59
ICE Gasoil 10ppm INDIC
Mar-21 501.75 / 502.75
Apr-21 502.00 / 503.00
May-21 502.00 / 503.00
Jun-21 501.50 / 503.00
Jul-21 501.25 / 502.75
Aug-21 501.00 / 502.50
Q2-21 502.00 / 503.00
Q3-21 501.00 / 502.50
Q4-21 498.75 / 500.25
Q1-22 495.75 / 498.25
CAL22 492.25 / 495.25
Sing 380 cst INDIC
Mar-21 357.25 / 358.75
Apr-21 355.50 / 357.00
May-21 352.75 / 354.75
Jun-21 349.50 / 351.50
Jul-21 345.75 / 348.25
Aug-21 342.00 / 344.50
Q2-21 352.25 / 354.75
Q3-21 341.50 / 344.50
Q4-21 329.75 / 332.75
Q1-22 322.00 / 325.50
CAL22 313.50 / 318.50
Rotterdam 3.5% INDIC
Mar-21 341.25 / 342.75
Apr-21 340.25 / 341.75
May-21 337.50 / 339.50
Jun-21 333.75 / 335.75
Jul-21 329.25 / 331.75
Aug-21 324.75 / 327.25
Q2-21 336.75 / 339.25
Q3-21 324.25 / 327.25
Q4-21 308.75 / 311.75
Q1-22 300.25 / 303.75
CAL22 292.50 / 297.50
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