At 10:50 am Singapore time (0250 GMT), the ICE August Brent futures contract was down 64 cents/b (0.88%) from the previous settle at $72.44/b, while the NYMEX July light sweet crude contract was 56 cents/b (0.79%) lower at $70.48/b. The Brent and the NYMEX light sweet crude markers had fallen 1.76% and 1.54% overnight to close at $73.08/b and $71.04/b respectively, halting the recent dizzying rally.
The recent rally on oil came to an abrupt halt this week as the federal reserve announced plans that could see interest rates in the US rise towards the end of 2023, the resulting effect of the strengthened dollar saw oil fall over 1.5%. Strong oil demand and lower U.S. crude oil inventories, however, are capping today’s loss in price.
The API this week projected that crude oil inventories had fallen by 8.537 million barrels, with the EIA estimating that the loss was 7.4 million barrels. Analysts are projecting that the energy transition may trigger an oil price rise, with a lack of exploration investment tightens the supply side. (OilPrice.com)
There also seems to be some preoccupations over the increasing cases of the Delta variant in the UK as they record the highest cases since February 19th. This being said the narrative remains that the recovery is on track, as the vaccine rollout up unto this point has kept hospitalisation figures low and as such, corroborates the positive sentiment within the economy.
INDEX: (MTD Estimates)
* Sing 380: 398.31
* Rott 3.5%: 385.50
* Sing 0.5%: 517.88
* Rott 0.5%: 498.29
OIL MARKET ROUND-UP:
* Iranians Vote for a New President as Nuclear Deal in the Balance
* Guangdong Has Halted Power Rationing as Situation Improves: NDRC
* Spain Detains Tanker for Dumping Oil Off Canary Islands: Argus
* After Blowing $300 Billion, U.S. Shale Finally Makes Money
* Audi Plans No More New Gasoline, Diesel Cars From 2026: SZ
* Italy Fuel Sales Rebound in May; Gasoline, Diesel Near Pre-Covid
* Repsol Buys Medium Sour Mexican Crude for 1st Time in 3 Years
Rotterdam 3.5% INDIC
Jul21 388.00 / 390.00
Aug21 386.50 / 388.50
Sep21 383.50 / 385.50
Oct21 380.50 / 382.50
Nov21 377.50 / 379.50
Dec21 374.75 / 376.75
Q3-21 386.00 / 388.00
Q4-21 377.75 / 379.75
Q1-22 370.25 / 372.25
Q2-22 363.25 / 366.25
CAL22 358.25 / 361.25
Singapore 380 INDIC
Jul21 402.00 / 404.00
Aug21 401.25 / 403.25
Sep21 399.25 / 401.25
Oct21 396.75 / 398.75
Nov21 394.50 / 396.50
Dec21 392.50 / 394.50
Q3-21 401.00 / 403.00
Q4-21 394.75 / 396.75
Q1-22 388.50 / 390.50
Q2-22 381.25 / 384.25
CAL22 375.50 / 378.50
Rott VLSFO 0.5% INDIC
Jul21 494.25 / 499.25
Aug21 493.50 / 498.50
Sep21 492.50 / 497.50
Oct21 491.50 / 496.50
Nov21 490.25 / 495.25
Dec21 488.75 / 493.75
Q3-21 493.50 / 498.50
Q4-21 490.25 / 495.25
Q1-22 484.50 / 490.50
Q2-22 478.00 / 484.00
CAL22 474.25 / 480.25
Singapore VLSFO 0.5% INDIC
Jul21 514.50 / 519.50
Aug21 514.00 / 519.00
Sep21 513.00 / 518.00
Oct21 512.00 / 517.00
Nov21 511.00 / 516.00
Dec21 509.75 / 514.75
Q3-21 514.00 / 519.00
Q4-21 511.00 / 516.00
Q1-22 506.00 / 512.00
Q2-22 500.50 / 506.50
CAL22 497.25 / 503.25
Sing 10ppm GO INDIC
Jul21 78.19 / 78.33
Aug21 78.10 / 78.30
Sep21 77.96 / 78.16
Oct21 77.16 / 77.36
Nov21 76.88 / 77.08
Dec21 76.56 / 76.76
Q3-21 78.10 / 78.30
Q4-21 76.87 / 77.07
Q1-22 76.13 / 76.33
Q2-22 75.43 / 75.63
CAL22 75.10 / 75.50
Ice Gasoil Swap
Jul21 586.82 / 588.82
Aug21 588.06 / 590.06
Sep21 588.85 / 590.85
Oct21 587.85 / 589.85
Nov21 585.17 / 587.17
Dec21 583.25 / 585.25
Q3-21 587.90 / 589.90
Q4-21 585.42 / 587.42
Q1-22 580.93 / 582.93
Q2-22 575.55 / 577.55
CAL22 576.01 / 579.01
For more information please contact
FIS Oil Desk
info@freightinvestor.com
UK number: +44 (0) 207 090 1134
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Singapore: +65 87984987
Luke Longhurst
Email: LukeL@freightinvestor.com
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Ricky Forman
Email: RickyF@freightinvestor.com
Mobile: (+44) 7868 708719
Sam Twyford
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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