Brent crude futures rose 13 cents, or 0.2%, to $67.07 a barrel at 0508 GMT, following a 36-cent rise on Thursday. U.S. West Texas Intermediate (WTI) crude futures were 12 cents, or 0.2%, higher to $63.58 a barrel, after climbing 31 cents on Thursday.
Propping up market sentiment are reports that the US economic recovery is well underway, as evidenced by a 9.8% improvement in March retail sales, the largest increase since May 2020, according to data from the Department of Commerce. Additionally, data by the Department of Labor showed that new applications for US unemployment benefits fell to a seasonally adjusted 576,000, the lowest since the pandemic caused mass unemployment in March 2020. US traffic figures reported a big uptick in activity, with the India and China economy also reporting increased levels of congestion as economies restart. Further to the US figures, Chinese official released the first quarter GDP figures showing the fastest year on year rate ever recorded for a quarter with 18.3% growth. (S&P Global Platts)
This positive sentiment will have further positive effects for the oil market as the growth in the two key oil consuming nations increases, it is likely that oil could test the $70 per barrel level even with the extra supply entering the market from May as OPEC+ begins to increase supply levels over the next few months, combined with the gradual phase in of the 1 million barrel per day voluntary cuts currently being made by Saudi Arabia. The caveat remains that lockdowns may put a halt to proceedings, as cases from foreign variants threaten many European economies. India and Brazil are also grappling with the rapid rise in cases and fatalities and lockdowns continue to loom.
INDEX: (MTD Estimates)
* Sing 380: 357.56
* Rott 3.5%: 345.47
* Sing 0.5%: 471.14
* Rott 0.5%: 452.39
OIL MARKET ROUNDUP:
* China’s Economy Soars by Record a Year After Pandemic Slump
* China’s March Apparent Oil Demand Rises 22.5% Y/y
* China Oil Demand to Grow 1% in 2021 Amid High Prices, CNPC Says
* Benchmark Oil Tanker Earnings Slip But Remain Positive
* Baker Hughes weekly rig count report, 6pm
* ICE Futures Europe’s weekly commitment of traders report for week ended April 13, 6:30pm
* CFTC weekly commitment of traders data for week ended April 13, 8:30pm
*Rotterdam 3.5% INDIC*
May21 371.25 / 373.25
Jun21 369.25 / 371.25
Jul21 365.50 / 367.50
Aug21 360.50 / 362.50
Sep21 355.00 / 357.00
Oct21 349.00 / 351.00
Q3-21 360.25 / 362.25
Q4-21 344.25 / 346.25
Q1-22 336.50 / 338.50
Q2-22 330.75 / 333.75
CAL22 325.50 / 331.50
*Singapore 380 INDIC*
May21 383.00 / 385.00
Jun21 381.75 / 383.75
Jul21 378.50 / 380.50
Aug21 374.75 / 376.75
Sep21 370.75 / 372.75
Oct21 366.25 / 368.25
Q3-21 374.75 / 376.75
Q4-21 362.75 / 364.75
Q1-22 356.00 / 358.00
Q2-22 350.25 / 353.25
CAL22 345.50 / 351.50
*Rott VLSFO 0.5% INDIC*
May21 474.00 / 479.00
Jun21 472.25 / 477.25
Jul21 471.25 / 476.25
Aug21 470.25 / 475.25
Sep21 469.00 / 474.00
Oct21 467.75 / 472.75
Q3-21 470.00 / 475.00
Q4-21 466.50 / 471.50
Q1-22 462.25 / 468.25
Q2-22 457.50 / 465.50
CAL22 455.50 / 463.50
*Sing VLSFO 0.5% INDIC*
May21 496.25 / 501.25
Jun21 495.00 / 500.00
Jul21 493.75 / 498.75
Aug21 492.75 / 497.75
Sep21 491.75 / 496.75
Oct21 490.75 / 495.75
Q3-21 492.75 / 497.75
Q4-21 489.75 / 494.75
Q1-22 486.50 / 492.50
Q2-22 482.50 / 490.50
CAL22 480.25 / 488.25
*Sing 10ppm GO INDIC*
May21 71.30 / 71.44
Jun21 71.41 / 71.61
Jul21 71.52 / 71.72
Aug21 71.61 / 71.81
Sep21 71.68 / 71.88
Oct21 71.78 / 71.98
Q3-21 71.55 / 71.85
Q4-21 71.53 / 71.83
Q1-22 71.28 / 71.58
Q2-22 71.06 / 71.36
CAL22 70.85 / 71.25
*ICE Gasoil 10ppm INDIC*
May21 535.18 / 539.18
Jun21 537.39 / 541.39
Jul21 538.83 / 542.83
Aug21 540.10 / 544.10
Sep21 541.18 / 545.18
Oct21 541.02 / 545.02
Q3-21 540.05 / 544.05
Q4-21 539.98 / 543.98
Q1-22 538.30 / 542.30
Q2-22 532.35 / 536.35
CAL22 532.51 / 536.51
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Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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