Brent crude futures for May slipped 11 cents, or 0.2%, to $69.52 a barrel by 0403 GMT before sling even further to $69.12 by 0700GMTwhile U.S. West Texas Intermediate crude for April was at $65.83 a barrel, down 19 cents, or 0.3%. Front month Brent is on track to post eight consecutive weeks of gains after the benchmark hit $70+ on Monday as a result of the attacks on the Saudi Petroleum terminals.
Today marks the day when the global economy should receive clarity on the 2-month long saga of the US stimulus packages that is aimed at rejuvenating the US economy as it recovers from the fallout of the COVID-19 Pandemic. The package is said to be worth $1.9 trillion and will see payments direct to consumers and financial stimuli created to encourage a pick-up in consumer spending.
Pent-up demand for gasoline is buoying investor confidence as investors are looking at oil gains throughout 2021 as summer driving seasons in the US and Europe are set to support oil prices as vaccine programmes are becoming increasingly effective and the virus case count is subsiding. (Reuters)
In its closely watched Monthly Oil Market Report released March 11, OPEC revised up its forecast of 2021 oil demand by 220,000 b/d to 96.27 million b/d, but said the recovery would be backloaded in the second half of the year, after disappointing data in Q1. Estimates for Q3 and Q4 were raised by 400,000 b/d and 970,000 b/d, respectively, while Q1 and Q2 were lowered by 180,000 b/d and 310,000 b/d. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 384.17
* Rott 3.5%: 372.11
* Sing 0.5%: 499.54
* Rott 0.5%: 481.96
OIL MARKET ROUND-UP:
* OPEC Sees Weaker Outlook as It Keeps Lid on Supply
* Suspected Iranian Oil Finishes Discharging into Houston
* U.S. Gets First North Sea Harding Crude Oil Since 2018
* A Surge in Iranian Oil Exports Is Clogging Up Chinese Ports
* JPMorgan Lifts U.S. Oil Output View With Drillers Set to Ramp Up
* Europe Diesel Dips to 3-Month Low as U.S. Refiners Return
* Benchmark Oil Tanker Losses Ease Again; Baltic Route Climbs
*Rotterdam 3.5% INDIC*
Apr21 379.00 / 381.00
May21 376.25 / 378.25
Jun21 372.00 / 374.00
Jul21 366.75 / 368.75
Aug21 361.25 / 363.25
Sep21 355.50 / 357.50
Q2-21 375.75 / 377.75
Q3-21 361.00 / 363.00
Q4-21 344.00 / 346.00
Q1-22 334.25 / 337.25
CAL22 323.00 / 329.00
*Singapore 380 INDIC*
Apr21 391.75 / 393.75
May21 389.50 / 391.50
Jun21 386.00 / 388.00
Jul21 381.75 / 383.75
Aug21 377.25 / 379.25
Sep21 372.50 / 374.50
Q2-21 389.00 / 391.00
Q3-21 377.00 / 379.00
Q4-21 363.75 / 365.75
Q1-22 354.25 / 357.25
CAL22 343.50 / 349.50
**Rott VLSFO 0.5% INDIC**
Apr21 488.25 / 493.25
May21 486.50 / 491.50
Jun21 484.50 / 489.50
Jul21 482.25 / 487.25
Aug21 480.00 / 485.00
Sep21 477.75 / 482.75
Q2-21 486.50 / 491.50
Q3-21 480.00 / 485.00
Q4-21 472.75 / 478.75
Q1-22 465.50 / 473.50
CAL22 451.25 / 459.25
**Sing VLSFO 0.5% INDIC**
Apr21 509.50 / 514.50
May21 507.75 / 512.75
Jun21 505.75 / 510.75
Jul21 503.50 / 508.50
Aug21 501.50 / 506.50
Sep21 499.50 / 504.50
Q2-21 507.50 / 512.50
Q3-21 501.50 / 506.50
Q4-21 494.75 / 500.75
Q1-22 488.00 / 496.00
CAL22 478.75 / 486.75
**Sing 10ppm GO INDIC**
Apr21 73.06 / 73.20
May21 73.07 / 73.27
Jun21 73.04 / 73.24
Jul21 72.99 / 73.19
Aug21 72.93 / 73.13
Sep21 72.84 / 73.04
Q2-21 73.00 / 73.30
Q3-21 72.87 / 73.17
Q4-21 72.35 / 72.65
Q1-22 71.65 / 71.95
CAL22 70.69 / 71.09
**ICE Gasoil 10ppm INDIC**
Apr21 547.60 / 551.60
May21 548.57 / 552.57
Jun21 548.75 / 552.75
Jul21 548.58 / 552.58
Aug21 548.50 / 552.50
Sep21 548.34 / 552.34
Q2-21 548.30 / 552.30
Q3-21 548.47 / 552.47
Q4-21 545.57 / 549.57
Q1-22 540.29 / 544.29
CAL22 535.39 / 539.39
The information provided in this communication is not intended for retail clients. It is general in nature only and does not constitute advice or an offer to sell, or the solicitation of an offer to purchase any swap or other financial instruments, nor constitute any recommendation on our part. The information has been prepared without considering your investment objectives, financial situation, or knowledge and experience. This material is not a research report and is not intended as such. FIS is not responsible for any trading decisions taken based on this communication. Trading swaps and over-the-counter derivatives, exchange-traded derivatives, and options involve substantial risk and are not suitable for all investors. You are advised to perform an independent investigation to determine whether a transaction is suitable for you. No part of this material may be copied or duplicated in any form by any means or redistributed without our prior written consent. Freight Investor Services Ltd (FIS) is authorised and regulated by the Financial Conduct Authority (FRN: 211452) and is a member of the National Futures Association (“NFA”). Freight Investor Services PTE Ltd (‘FIS PTE’) is a private limited company, incorporated and registered in Singapore with company number 200603922G, and has subsidiary offices in India and Shanghai. Freight Investor Solutions DMCC (‘FIS DMCC’) is a private limited company, incorporated and registered in Dubai with company number DMCC1225. Further information about FIS including the location of its offices can be found on our website at www.freightinvestorservices.com
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
Mobile: (+44) 7966 968761
Ricky Forman
Email: RickyF@freightinvestor.com
Mobile: (+44) 7868 708719
Chris Hudson
Email: ChrisH@freightinvestor.com
Mobile: (+44) 7951 556947
Jessie Deng
Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987