At 10:23 am Singapore time (0223 GMT), the ICE August Brent futures contract was up 62 cents/b (0.84%) from the previous settle at $74.61/b while the NYMEX July light sweet crude contract was up 59 cents/b (0.82%) at $72.71/b.
API figures last night posted a larger than expected draw on crude to the tune of over 8 million barrels, with products posting small builds that where heavily outweighed by the crude stocks fall. This gave further bullish sentiment to the market as many other commodity complexes fell, with oil breaking the $74 per barrel mark for the first time since April 2019.
The push in Brent over the past month since the last OPEC+ meeting will only give more fuel to the fire in giving members valid arguments to increase production and turn on the taps for more oil, with 6 million barrels per day still being withheld. Even after the 2.1 million barrels coming back online between May and July, demand looks to outstrip supply and the taps will need to be turned back on.
Some traders and analysts see it likely that oil could reach $100 per barrel towards the end of the year if the vaccines rollout and the recovery from the pandemic remained on track as demand for oil looks rosy in the US and EU.
INDEX: (MTD Estimates)
* Sing 380: 395.70
* Rott 3.5%: 383.68
* Sing 0.5%: 516.02
* Rott 0.5%: 496.59
OIL MARKET ROUND-UP:
* Biden Pause on Oil Leases on Public Lands Blocked by Judge
* Oil Prices Likely to Rise in Months Ahead: Trafigura’s Luckock
* Top Traders Seek to Grab the Best of Old and New Energy Worlds
* Nations’ Plan for $2/Ton Ship Fuel Levy Criticized at IMO Talks
* 9am: Genscape weekly crude inventory report for Europe’s ARA region
* 3:30pm: EIA weekly report on U.S. oil inventories, supply and demand
*Rotterdam 3.5% INDIC*
Jul21 398.25 / 400.25
Aug21 397.25 / 399.25
Sep21 394.75 / 396.75
Oct21 391.75 / 393.75
Nov21 389.00 / 391.00
Dec21 386.50 / 388.50
Q3-21 396.75 / 398.75
Q4-21 389.25 / 391.25
Q1-22 382.25 / 384.25
Q2-22 375.00 / 378.00
CAL22 367.00 / 373.00
*Singapore 380 INDIC*
Jul21 412.50 / 414.50
Aug21 411.50 / 413.50
Sep21 409.50 / 411.50
Oct21 407.00 / 409.00
Nov21 405.00 / 407.00
Dec21 403.25 / 405.25
Q3-21 411.25 / 413.25
Q4-21 405.25 / 407.25
Q1-22 399.25 / 401.25
Q2-22 392.25 / 395.25
CAL22 385.00 / 391.00
*Rott VLSFO 0.5% INDIC*
Jul21 507.75 / 512.75
Aug21 506.75 / 511.75
Sep21 505.75 / 510.75
Oct21 504.50 / 509.50
Nov21 503.25 / 508.25
Dec21 502.00 / 507.00
Q3-21 506.75 / 511.75
Q4-21 503.25 / 508.25
Q1-22 498.25 / 504.25
Q2-22 491.50 / 499.50
CAL22 487.75 / 495.75
*Sing VLSFO 0.5% INDIC*
Jul21 527.00 / 532.00
Aug21 526.75 / 531.75
Sep21 526.00 / 531.00
Oct21 525.00 / 530.00
Nov21 524.00 / 529.00
Dec21 522.75 / 527.75
Q3-21 526.50 / 531.50
Q4-21 523.75 / 528.75
Q1-22 519.25 / 525.25
Q2-22 513.00 / 521.00
CAL22 509.50 / 517.50
*Sing 10ppm GO INDIC*
Jul21 80.18 / 80.32
Aug21 80.07 / 80.27
Sep21 79.92 / 80.12
Oct21 79.73 / 79.93
Nov21 79.45 / 79.65
Dec21 79.16 / 79.36
Q3-21 80.00 / 80.30
Q4-21 79.40 / 79.70
Q1-22 78.70 / 79.00
Q2-22 77.99 / 78.29
CAL22 77.48 / 77.88
*ICE Gasoil 10ppm INDIC*
Jul21 601.15 / 605.15
Aug21 602.14 / 606.14
Sep21 602.85 / 606.85
Oct21 601.59 / 605.59
Nov21 598.71 / 602.71
Dec21 596.67 / 600.67
Q3-21 602.05 / 606.05
Q4-21 598.99 / 602.99
Q1-22 594.06 / 598.06
Q2-22 586.41 / 590.41
CAL22 585.29 / 589.29
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
Mobile: (+44) 7868 708719
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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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