Brent crude oil futures were up 19 cents, or 0.3%, at $69.65 a barrel by 0517 GMT, while West Texas Intermediate (WTI) was up 18 cents, or 0.3%, at $66.45 a barrel. Both contracts rose more than 1% on Monday.
Oil exports from OPEC+ have surged by over 1 million barrels per day in May as the group has committed to relaxing output cuts to the tune of 350,000 barrels per day in both May and June, with 400,000 barrels per day in July. This is coinciding with the addition of 1 million barrels per day back into the market from Saudi Arabia after the state cut supply to support prices from February as the COVID-19 pandemic decimated oil demand. Ministerial meetings came to the agreement that the market would be more than able to absorb the extra supply, with Goldman Sachs saying at the end of April that the market is likely the realise the biggest jump in oil demand ever over the next 6 months. (OilPrice.com)
The British economy entered into its penultimate stage of the unlocking process as indoor dining and drinking recommenced as vaccine rollouts in the EU ramped up. Many scientists are pointing to the vaccine as the tool to protect against the new Indian variant, with early signs showing to be effective against hospitalisations from the virus. In the United States, New York state will no longer require masks in most public spaces for people fully vaccinated against COVID-19 as of Wednesday, and other regions are opening up their economies as well. (Reuters)
In fuel yesterday, the front month Fogos were heavily affected, with the Singapore Fogo closing at around -70 yesterday after opening at around -61 and the Euro Fogo closing at around -90 after opening at -82. The front HSFO barges cracked also weakened significantly throughout the course of the day, closing at -11.70, where it opened this morning.
INDEX: (MTD Estimates)
* Sing 380: 380.12
* Rott 3.5%: 369.18
* Sing 0.5%: 492.53
* Rott 0.5%: 478.43
OIL MARKET ROUND-UP:
* EIA Sees U.S. Shale-Oil Rising 26K B/D to 7.73M B/D in June
* U.S. Gasoline Demand Up 1% in Week Ended May 14
* Russia Hikes June Crude Export Duty to $58.80/Ton as Oil Rallies
* U.S. Gasoline Imports From Europe Dipped During Colonial Outage
*Rotterdam 3.5% INDIC*
Jun21 365.25 / 367.25
Jul21 365.25 / 367.25
Aug21 364.00 / 366.00
Sep21 361.50 / 363.50
Oct21 357.25 / 359.25
Nov21 352.75 / 354.75
Q3-21 363.50 / 365.50
Q4-21 353.25 / 355.25
Q1-22 346.50 / 348.50
Q2-22 341.75 / 344.75
CAL22 336.00 / 342.00
*Singapore 380 INDIC*
Jun21 374.50 / 376.50
Jul21 375.50 / 377.50
Aug21 376.00 / 378.00
Sep21 374.75 / 376.75
Oct21 372.00 / 374.00
Nov21 369.50 / 371.50
Q3-21 375.50 / 377.50
Q4-21 369.75 / 371.75
Q1-22 364.25 / 366.25
Q2-22 359.25 / 362.25
CAL22 354.50 / 360.50
*Rott VLSFO 0.5% INDIC*
Jun21 475.25 / 480.25
Jul21 475.50 / 480.50
Aug21 475.75 / 480.75
Sep21 475.75 / 480.75
Oct21 475.25 / 480.25
Nov21 474.50 / 479.50
Q3-21 475.75 / 480.75
Q4-21 474.50 / 479.50
Q1-22 471.00 / 477.00
Q2-22 466.50 / 474.50
CAL22 463.75 / 471.75
*Sing VLSFO 0.5% INDIC*
Jun21 489.25 / 494.25
Jul21 492.50 / 497.50
Aug21 494.75 / 499.75
Sep21 496.25 / 501.25
Oct21 497.00 / 502.00
Nov21 497.00 / 502.00
Q3-21 494.50 / 499.50
Q4-21 497.00 / 502.00
Q1-22 495.25 / 501.25
Q2-22 491.25 / 499.25
CAL22 488.50 / 496.50
*Sing 10ppm GO INDIC*
Jun21 75.58 / 75.72
Jul21 75.39 / 75.59
Aug21 75.26 / 75.46
Sep21 75.14 / 75.34
Oct21 75.00 / 75.20
Nov21 74.76 / 74.96
Q3-21 75.20 / 75.50
Q4-21 74.69 / 74.99
Q1-22 74.04 / 74.34
Q2-22 73.56 / 73.86
CAL22 73.35 / 73.75
*ICE Gasoil 10ppm INDIC*
Jun21 565.63 / 569.63
Jul21 566.81 / 570.81
Aug21 567.64 / 571.64
Sep21 568.43 / 572.43
Oct21 567.64 / 571.64
Nov21 565.04 / 569.04
Q3-21 567.65 / 571.65
Q4-21 565.35 / 569.35
Q1-22 561.06 / 565.06
Q2-22 555.25 / 559.25
CAL22 554.67 / 558.67
For more information please contact
FIS Oil Desk
info@freightinvestor.com
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Singapore: +65 87984987
Luke Longhurst
Email: LukeL@freightinvestor.com
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Email: RickyF@freightinvestor.com
Mobile: (+44) 7868 708719
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Mobile: (+44) 7729 118643
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Mobile: (+86)1352 4516743
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