At 11:03 am Singapore time (0303 GMT), the ICE Brent July contract was up 34 cents/b (0.49%) from the May 14 settle at $69.05/b, while the June NYMEX light sweet crude contract was up 31 cents/b (0.47%) at $65.68/b.
Last week was an interesting week for more reasons than one with Elon Musk declaring that Tesla will no longer be accepting Bitcoin as payment, one of the main pipelines that carries gasoline from the oil rich south of the US to the east coast hacked by a group calling themselves DarkSide. Ransom was paid to the group, who then claimed that they had lost access to said funds paid by the US in cryptocurrency, but fortunately supplies were slowly filtering back through to the East Coast, to gas stations who had run out of supplies as people began storing in containers in the fear that there would be a total loss of gasoline.
The Pipeline transports over 100 million gallons of gasoline and Jet fuel daily began to resupply stations across the east coast after a six-day outage. Overall outages stood at 12,870 stations, down from 13,450 on Saturday and a peak of more than 16,000. The hacking scandal pushed gasoline prices in the US up to their highest levels since 2014. (Reuters)
State-controlled National Iranian Oil Company (NIOC) has been priming oil fields – and customer relationships – so it can increase exports if an accord is clinched, officials said. In the most optimistic estimates, the country could return to pre-sanctions production levels of almost four million barrels a day in as little as three months. It could also tap a flotilla’s worth of oil that’s hoarded away in storage.
The Indian variant of Covid-19 makes its way slowly into various countries around the globe, sparking fears that there could be another wave on its way. the UK has already expressed concern that previously earmarked dates for relaxation of COVID restrictions may not be able to go ahead as planned due to the threat of the new variant that may be more transmissible than incumbent strains of the Virus in the EU and US.
INDEX: (MTD Estimates)
* Sing 380: 381.22
* Rott 3.5%: 369.89
* Sing 0.5%: 493.40
* Rott 0.5%: 478.61
OIL MARKET ROUND-UP:
* Colonial Says It Resumes ‘Normal’ Operations Along Its Pipeline
* Gasoline Pinch to Grind on for Weeks With Truck Shortage
* India’s Oil Demand Shrinks Further as Virus Crisis Persists
* China’s April Apparent Oil Demand Rises 9.7% Y/y
* Hedge Funds Cut Net Bullish Brent, WTI Oil Bets to 4-Week Low
* U.S. Oil Rig Count Up 8 to 352, Baker Hughes Says
*Rotterdam 3.5% INDIC*
Jun21 362.00 / 364.00
Jul21 362.00 / 364.00
Aug21 360.50 / 362.50
Sep21 357.25 / 359.25
Oct21 352.75 / 354.75
Nov21 348.50 / 350.50
Q3-21 360.00 / 362.00
Q4-21 348.75 / 350.75
Q1-22 342.25 / 344.25
Q2-22 337.25 / 340.25
CAL22 332.75 / 338.75
*Singapore 380 INDIC*
Jun21 371.50 / 373.50
Jul21 372.25 / 374.25
Aug21 372.25 / 374.25
Sep21 370.50 / 372.50
Oct21 367.75 / 369.75
Nov21 365.00 / 367.00
Q3-21 371.75 / 373.75
Q4-21 365.25 / 367.25
Q1-22 359.50 / 361.50
Q2-22 354.50 / 357.50
CAL22 351.25 / 357.25
*Rott VLSFO 0.5% INDIC*
Jun21 472.25 / 477.25
Jul21 472.50 / 477.50
Aug21 472.75 / 477.75
Sep21 472.75 / 477.75
Oct21 472.25 / 477.25
Nov21 471.50 / 476.50
Q3-21 472.75 / 477.75
Q4-21 471.50 / 476.50
Q1-22 468.00 / 474.00
Q2-22 463.50 / 471.50
CAL22 460.75 / 468.75
*Sing VLSFO 0.5% INDIC*
Jun21 491.25 / 496.25
Jul21 493.25 / 498.25
Aug21 495.00 / 500.00
Sep21 496.00 / 501.00
Oct21 496.25 / 501.25
Nov21 496.00 / 501.00
Q3-21 494.75 / 499.75
Q4-21 496.00 / 501.00
Q1-22 494.00 / 500.00
Q2-22 489.75 / 497.75
CAL22 487.00 / 495.00
*Sing 10ppm GO INDIC*
Jun21 74.39 / 74.53
Jul21 74.28 / 74.48
Aug21 74.22 / 74.42
Sep21 74.16 / 74.36
Oct21 74.04 / 74.24
Nov21 73.81 / 74.01
Q3-21 74.15 / 74.45
Q4-21 73.74 / 74.04
Q1-22 73.16 / 73.46
Q2-22 72.75 / 73.05
CAL22 72.57 / 72.97
*ICE Gasoil 10ppm INDIC*
Jun21 557.25 / 561.25
Jul21 558.39 / 562.39
Aug21 559.43 / 563.43
Sep21 560.23 / 564.23
Oct21 559.48 / 563.48
Nov21 556.92 / 560.92
Q3-21 559.35 / 563.35
Q4-21 557.24 / 561.24
Q1-22 553.49 / 557.49
Q2-22 548.86 / 552.86
CAL22 549.18 / 553.18
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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