At 10:17 am Singapore time (0217 GMT), the ICE August Brent futures contract was down 77 cents/b (1.04%) from the previous settle at $73.62/b, while the NYMEX July light sweet crude contract was down 72 cents/b (1.00%) at $71.43/b.
EIA week ending 6/11
Crude oil: -7.4M
Gasoline: +2.0M
Distillates: -1.0M
Refiner utilz: 92.6%
Impld mogas demand: 9.36Mbpd
Oil futures fell overnight as the US Dollar strengthened which was fuelled by the latest Federal Reserve meeting yesterday which looked at accelerating the monetary policy programme as it looked like inflation could creep into the economy.
Data from the EIA was also shoring up sentiment in the market, showing that US commercial crude stocks fell 7.35 million barrels in the week ended June 11 to a four-month low of 466.67 million barrels. The strong refinery runs underpinning the draw also led to US gasoline inventories rising 1.95 million barrels to 242.98 million barrels in the week, leaving them above the five-year average for the first time since mid-February. US distillate inventories fell 1.02 million barrels over the same period to 136.19 million barrels, the data showed. (S&P Global Platts)
This positive data from the EIA, coupled with the strong figures of the throughput coming from China still couldn’t convince investors on oil overnight as the gains made over the past day were eradicated. There has been talk in the market that the pace of recovery in the oil market could mean that we may see some volatility in trading towards the end of the year, with the possibility of hitting $130 according to the CEO of CCI. (Ship and Bunker)
INDEX: (MTD Estimates)
* Sing 380: 397.10
* Rott 3.5%: 385.08
* Sing 0.5%: 517.10
* Rott 0.5%: 498.06
*Rotterdam 3.5% INDIC*
Jul21 396.50 / 398.50
Aug21 394.75 / 396.75
Sep21 391.75 / 393.75
Oct21 388.50 / 390.50
Nov21 385.75 / 387.75
Dec21 382.75 / 384.75
Q3-21 394.25 / 396.25
Q4-21 385.50 / 387.50
Q1-22 378.50 / 380.50
Q2-22 371.25 / 374.25
CAL22 365.00 / 371.00
*Singapore 380 INDIC*
Jul21 411.25 / 413.25
Aug21 410.00 / 412.00
Sep21 407.75 / 409.75
Oct21 405.00 / 407.00
Nov21 402.75 / 404.75
Dec21 400.50 / 402.50
Q3-21 409.50 / 411.50
Q4-21 402.75 / 404.75
Q1-22 396.00 / 398.00
Q2-22 388.50 / 391.50
CAL22 383.25 / 389.25
*Rott VLSFO 0.5% INDIC*
Jul21 504.00 / 509.00
Aug21 503.00 / 508.00
Sep21 502.00 / 507.00
Oct21 500.75 / 505.75
Nov21 499.50 / 504.50
Dec21 498.00 / 503.00
Q3-21 503.00 / 508.00
Q4-21 499.25 / 504.25
Q1-22 493.75 / 499.75
Q2-22 486.25 / 494.25
CAL22 482.50 / 490.50
*Sing VLSFO 0.5% INDIC*
Jul21 523.75 / 528.75
Aug21 523.50 / 528.50
Sep21 522.50 / 527.50
Oct21 521.25 / 526.25
Nov21 520.00 / 525.00
Dec21 518.50 / 523.50
Q3-21 523.25 / 528.25
Q4-21 519.75 / 524.75
Q1-22 514.75 / 520.75
Q2-22 508.50 / 516.50
CAL22 505.00 / 513.00
*Sing 10ppm GO INDIC*
Jul21 79.68 / 79.82
Aug21 79.57 / 79.77
Sep21 79.41 / 79.61
Oct21 79.22 / 79.42
Nov21 78.94 / 79.14
Dec21 78.64 / 78.84
Q3-21 79.50 / 79.80
Q4-21 78.88 / 79.18
Q1-22 78.14 / 78.44
Q2-22 77.35 / 77.65
CAL22 76.83 / 77.23
*ICE Gasoil 10ppm INDIC*
Jul21 597.40 / 601.40
Aug21 598.56 / 602.56
Sep21 599.19 / 603.19
Oct21 597.93 / 601.93
Nov21 595.17 / 599.17
Dec21 593.17 / 597.17
Q3-21 598.40 / 602.40
Q4-21 595.42 / 599.42
Q1-22 590.48 / 594.48
Q2-22 585.25 / 589.25
CAL22 587.63 / 591.63
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