At 10:56 am Singapore time (0256 GMT), the ICE August Brent futures contract was up 11 cents/b (0.15%) from the previous settle at $72.97/b while the NYMEX July light sweet crude contract was up 10 cents/b (0.14%) at $70.98/b.
After last week’s announcement surrounding the US and Iran agreement which saw Brent fall over $1.5 in less than 10 minutes, the Iranian deputy foreign minister has said that talks will only advance after the 18th June with the conclusion of the presidential elections. Analysts have said that the longer these talks go on, the greater the risk that a change of government may take a different stance over the current stumbling blocks to the deal. If the Iranian taps do not open soon, OPEC+ Will have to increase output quotas from its members in order to keep up with demand.
Prior to the release of inventory reports from the American Petroleum Institute and the US Energy Information Administration on June 15 and June 16, respectively, analysts surveyed by S&P Global Platts have said that rising refinery demand is expected to have pulled US crude stocks 4.1 million barrels lower in the week ended June 11. This counter-seasonal draw would have left stocks nearly 4% behind the five-year average of EIA data, opening up the widest deficit since July 2018. (S&P Global Platts)
Finally, the EIA released its latest Drilling Productivity report yesterday, which continued to show a decline in drilled but uncompleted wells (DUCs) in the US, with the number of DUCs falling by 247 over May, leaving them at their lowest level since September 2018. In fact, since peaking in June 2020, DUCS have declined by 2,353.
INDEX: (MTD Estimates)
* Sing 380: 394.85
* Rott 3.5%: 382.78
* Sing 0.5%: 515.45
* Rott 0.5%: 495.85
OIL MARKET ROUND-UP:
* Biggest Foreign Buyers of U.S. Fuel About to Step on the Pedal
* Indonesia’s Pertamina Imports Less Crude Oil, Fuels in 2020
* More Traders Left Exxon Mobil’s Trading Operation: Reuters
* Gulf Coast, New York Jet Fuel Jump on Traffic at Airports
* U.S. Refinery Insights: Refiners May Be Getting Ahead of Demand
* EIA Sees U.S. Shale-Oil Rising 38K B/D to 7.8M B/D in July
* Oil Surge Is Seen Helping Junk Issuance Reach Record Levels
*Rotterdam 3.5% INDIC*
Jul21 390.50 / 392.50
Aug21 389.50 / 391.50
Sep21 387.00 / 389.00
Oct21 384.25 / 386.25
Nov21 381.50 / 383.50
Dec21 379.00 / 381.00
Q3-21 389.00 / 391.00
Q4-21 381.75 / 383.75
Q1-22 375.25 / 377.25
Q2-22 369.00 / 372.00
CAL22 360.25 / 366.25
*Singapore 380 INDIC*
Jul21 403.50 / 405.50
Aug21 403.00 / 405.00
Sep21 401.50 / 403.50
Oct21 399.75 / 401.75
Nov21 398.25 / 400.25
Dec21 396.50 / 398.50
Q3-21 402.75 / 404.75
Q4-21 398.25 / 400.25
Q1-22 393.00 / 395.00
Q2-22 386.50 / 389.50
CAL22 378.50 / 384.50
*Rott VLSFO 0.5% INDIC*
Jul21 499.00 / 504.00
Aug21 498.25 / 503.25
Sep21 497.50 / 502.50
Oct21 496.75 / 501.75
Nov21 495.50 / 500.50
Dec21 494.25 / 499.25
Q3-21 498.25 / 503.25
Q4-21 495.50 / 500.50
Q1-22 491.00 / 497.00
Q2-22 485.25 / 493.25
CAL22 482.00 / 490.00
*Sing VLSFO 0.5% INDIC*
Jul21 519.00 / 524.00
Aug21 519.00 / 524.00
Sep21 518.50 / 523.50
Oct21 517.50 / 522.50
Nov21 516.50 / 521.50
Dec21 515.25 / 520.25
Q3-21 519.00 / 524.00
Q4-21 516.50 / 521.50
Q1-22 512.75 / 518.75
Q2-22 506.75 / 514.75
CAL22 503.50 / 511.50
*Sing 10ppm GO INDIC*
Jul21 78.98 / 79.12
Aug21 78.89 / 79.09
Sep21 78.75 / 78.95
Oct21 78.57 / 78.77
Nov21 78.29 / 78.49
Dec21 78.00 / 78.20
Q3-21 78.80 / 79.10
Q4-21 78.23 / 78.53
Q1-22 77.55 / 77.85
Q2-22 76.86 / 77.16
CAL22 76.34 / 76.74
*ICE Gasoil 10ppm INDIC*
Jul21 592.65 / 596.65
Aug21 593.81 / 597.81
Sep21 594.60 / 598.60
Oct21 593.43 / 597.43
Nov21 590.67 / 594.67
Dec21 588.83 / 592.83
Q3-21 593.70 / 597.70
Q4-21 590.97 / 594.97
Q1-22 586.47 / 590.47
Q2-22 580.47 / 584.47
CAL22 581.23 / 585.23
For more information please contact
FIS Oil Desk
info@freightinvestor.com
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Luke Longhurst
Email: LukeL@freightinvestor.com
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Email: RickyF@freightinvestor.com
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Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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