Brent crude futures for May rose by 53 cents, or 0.8 %, to $68.77 a barrel by 0436 GMT, while U.S. West Texas Intermediate (WTI) crude for April rose 44 cents, or 0.7%, to $65.49.
Saudi Arabia remain in full control of the current oil prices with the 1 million barrels a day voluntary cuts acting as a huge support for current price levels. Further to this, oil spiked briefly above the $70 per barrel mark as Houthi Forces tried to attack key oil terminal in Saudi Arabia, with one belonging to Saudi Aramco at Ras Tanura a site key for petroleum exports. Reuters polls also believed that inventories fell last week with the possibility of a fifth straight week of draw downs on distillates. (Reuters)
The CEO of total told a radio station that the current levels of $70+ are unlikely to remain and that for him, prices are correct at the $50-$60 per barrel range. (Reuters)
Although the current levels of Oil are positive for Oil producers and states dependent on oil revenues, demand may be hampered by the increasing prices which was highlighted by some in last weeks OPEC meeting. Current levels mean that key demand driving nations such as China would be forced to pay more for the crude as a result of increases in GDP stemming from the pandemic recovery. (Oilprice.com)
Iran has moved around 17.8 million tonnes of crude oil covertly to China in the last 14 months, with this equating to 306,000 barrels of crude per day with volumes peaking in January and February of this year. This comes as India looks to add Iran to its list of importers in the near future. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 379.05
* Rott 3.5%: 369.38
* Sing 0.5%: 497.21
* Rott 0.5%: 479.63
OIL MARKET ROUND-UP:
* Refiners Are Emerging from Deep Freeze and Buying U.S. Oil Again
* Oil’s Rally Will End If Saudis Change Mind on Output, FGE Warns
* Oil Flirting With $70 Challenges World’s Economic Recovery
* Top Energy Trader Vitol Says OPEC+ Has Control of Oil Market
* U.S. Gasoline Demand Rises 2nd Straight Week: Descartes
* U.S. Gulf Hub Imports More European Gasoline Than Atlantic Coast
* California Drivers Rev Up Gasoline Demand in Biggest U.S. State
* Oil Tanker Losses Exceed $5,000 a Day as OPEC+ Cuts Persist
OTHER NEWS:
* Deadly Smoke Set to Return as India Cuts Outlays On Fuel Program
* China to Speed Up Green, Low Carbon Energy Development: NEA
OIL PRODUCT NEWS:
* U.S.: Total Crude Startup, Boost in Calif. Driving
* EUROPE: ICE Gasoil Bets Drop; More Floating Storage
* ASIA: Blow to Refiners; Fuel Surge Lifts Ship Rates
ECONOMIC DATA/EVENTS: (Times are London. )
* 10am. OECD to publish Interim Economic Outlook, updating its forecasts for global growth
* API weekly report on U.S. oil inventories, supply and demand
*Rotterdam 3.5% INDIC*
Apr21 375.50 / 377.50
May21 372.00 / 374.00
Jun21 367.25 / 369.25
Jul21 361.75 / 363.75
Aug21 356.00 / 358.00
Sep21 350.00 / 352.00
Q2-21 371.75 / 373.75
Q3-21 356.00 / 358.00
Q4-21 338.50 / 340.50
Q1-22 328.75 / 331.75
CAL22 321.75 / 327.75
*Singapore 380 INDIC*
Apr21 387.25 / 389.25
May21 384.75 / 386.75
Jun21 381.50 / 383.50
Jul21 377.50 / 379.50
Aug21 373.25 / 375.25
Sep21 368.50 / 370.50
Q2-21 384.50 / 386.50
Q3-21 373.25 / 375.25
Q4-21 359.75 / 361.75
Q1-22 350.75 / 353.75
CAL22 341.00 / 347.00
*Rott VLSFO 0.5% INDIC*
Apr21 480.25 / 485.25
May21 477.75 / 482.75
Jun21 475.25 / 480.25
Jul21 472.75 / 477.75
Aug21 470.25 / 475.25
Sep21 467.75 / 472.75
Q2-21 477.75 / 482.75
Q3-21 470.25 / 475.25
Q4-21 462.25 / 468.25
Q1-22 453.75 / 461.75
CAL22 448.75 / 456.75
*Sing VLSFO 0.5% INDIC*
Apr21 502.75 / 507.75
May21 501.00 / 506.00
Jun21 499.00 / 504.00
Jul21 497.00 / 502.00
Aug21 494.75 / 499.75
Sep21 492.50 / 497.50
Q2-21 500.75 / 505.75
Q3-21 494.75 / 499.75
Q4-21 487.50 / 493.50
Q1-22 479.75 / 487.75
CAL22 474.00 / 482.00
*Sing 10ppm GO INDIC*
Apr21 72.09 / 72.23
May21 72.07 / 72.27
Jun21 72.03 / 72.23
Jul21 71.95 / 72.15
Aug21 71.85 / 72.05
Sep21 71.72 / 71.92
Q2-21 72.00 / 72.30
Q3-21 71.79 / 72.09
Q4-21 71.18 / 71.48
Q1-22 70.43 / 70.73
CAL22 69.46 / 69.86
*ICE Gasoil 10ppm INDIC*
Apr21 539.63 / 543.63
May21 540.54 / 544.54
Jun21 540.92 / 544.92
Jul21 541.00 / 545.00
Aug21 541.00 / 545.00
Sep21 541.17 / 545.17
Q2-21 540.35 / 544.35
Q3-21 541.06 / 545.06
Q4-21 538.11 / 542.11
Q1-22 536.49 / 540.49
CAL22 534.30 / 538.30
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