Brent crude oil futures were down 26 cents, or 0.4%, at $66.79 a barrel by 0 GMT, while West Texas Intermediate (WTI) was down 20 cents, or 0.3%, at $63.62 a barrel. Both prices are heading for their first weekly loss in three weeks.
Oil prices fell 3% over the course of Thursday as the news that the Colonial Pipeline in the states was free from the hackers after officials held constructive talks with the group calling themselves DarkSide. The pipeline is a key source of gasoline supply to the east coast of the US, and as a result of the hacking it sparked mass panic buying of gasoline leaving many gas stations running empty by Wednesday of this week.
The fall can also be attributed to the increased concern in India as it seems we are still yet to see the peak of infections, even though health ministers had predicted through various models that the peak was due last week. In the latest 24 hour period, over 4000 deaths were recorded with cases over 400,000.
Fears of inflation in the US is bringing mixed sentiment to the market this week, with stronger than expected consumer prices for the first period of 2021 and labour shortages, with rising interest rates potentially on the horizon. This news is potentially bad for oil prices, yet many analysts are pointing to a strong second half for oil demand, with sentiment bullish despite the current demand outlook.
INDEX: (MTD Estimates)
* Sing 380: 383.36
* Rott 3.5%: 370.75
* Sing 0.5%: 495.63
* Rott 0.5%: 478.94
OIL MARKET ROUND-UP:
* Colonial Restarts Pipeline With Supply Chain Far From Normal
* Pipeline Crisis Spurs Calls to Boost, And Foresake, Fossil Fuels
* Colonial Pipeline Space Trade Beats Pandemic Level: Shippers
* Petrobras Reports Record Volume of Diesel S-10 Sales in April
* India’s Top Refiner Shops for Oil Again After Month-Long Hiatus
* Second Diesel-Hauling Supertanker Updates Signal to Rotterdam
*Rotterdam 3.5% INDIC*
Jun21 356.75 / 358.75
Jul21 356.00 / 358.00
Aug21 353.50 / 355.50
Sep21 350.00 / 352.00
Oct21 345.50 / 347.50
Nov21 341.50 / 343.50
Q3-21 353.00 / 355.00
Q4-21 341.75 / 343.75
Q1-22 335.50 / 337.50
Q2-22 330.50 / 333.50
CAL22 329.75 / 335.75
*Singapore 380 INDIC*
Jun21 366.75 / 368.75
Jul21 366.75 / 368.75
Aug21 365.75 / 367.75
Sep21 363.75 / 365.75
Oct21 361.25 / 363.25
Nov21 358.75 / 360.75
Q3-21 365.25 / 367.25
Q4-21 358.75 / 360.75
Q1-22 353.50 / 355.50
Q2-22 348.50 / 351.50
CAL22 348.00 / 354.00
*Rott VLSFO 0.5% INDIC*
Jun21 464.75 / 469.75
Jul21 465.00 / 470.00
Aug21 465.25 / 470.25
Sep21 465.00 / 470.00
Oct21 464.50 / 469.50
Nov21 463.50 / 468.50
Q3-21 465.00 / 470.00
Q4-21 463.50 / 468.50
Q1-22 459.50 / 465.50
Q2-22 454.50 / 462.50
CAL22 452.00 / 460.00
*Sing VLSFO 0.5% INDIC*
Jun21 482.25 / 487.25
Jul21 484.00 / 489.00
Aug21 485.50 / 490.50
Sep21 486.00 / 491.00
Oct21 486.00 / 491.00
Nov21 485.50 / 490.50
Q3-21 485.25 / 490.25
Q4-21 485.50 / 490.50
Q1-22 483.25 / 489.25
Q2-22 479.25 / 487.25
CAL22 476.50 / 484.50
*Sing 10ppm GO INDIC*
Jun21 72.73 / 72.87
Jul21 72.66 / 72.86
Aug21 72.64 / 72.84
Sep21 72.62 / 72.82
Oct21 72.55 / 72.75
Nov21 72.35 / 72.55
Q3-21 72.60 / 72.90
Q4-21 72.29 / 72.59
Q1-22 71.78 / 72.08
Q2-22 71.39 / 71.69
CAL22 71.16 / 71.56
*ICE Gasoil 10ppm INDIC*
Jun21 545.88 / 549.88
Jul21 547.14 / 551.14
Aug21 548.27 / 552.27
Sep21 549.50 / 553.50
Oct21 549.15 / 553.15
Nov21 546.92 / 550.92
Q3-21 548.30 / 552.30
Q4-21 547.25 / 551.25
Q1-22 544.39 / 548.39
Q2-22 541.14 / 545.14
CAL22 541.98 / 545.98
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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