U.S. West Texas Intermediate (WTI) crude fell 4 cents, or 0.07%, to $59.96 a barrel by 0552 GMT. Brent crude was down 10 cents, or 0.16%, to $63.18 a barrel. After what seemed to be a huge correction, with brent falling off by over 8% on Thursday’s trading.  Oil had edged up in Asia’s morning trading after a 7% drop on Thursday as physical buyers leapt at the chance to load up on cheap oil according to analysts.

 

The culmination of this week’s news regarding the safety of vaccines, the difficulty in supply chains for other vaccines and fresh lockdowns as a result are all factors that seemed to have contributed in some way to the slow decline in oil prices yesterday. Some sources suspect that there was an unwinding of a long position that has created a snowball effect as the futures have broken four of Gann support lines in as many hours, with prices being supressed as a result, but others are hinting at the market being generally over valued for the current state of situation regarding lockdown and virus cases that persist in the world – such as in some regions of France who will begin a 4-week lockdown from today.

 

Brazil have recorded its second deadliest day since the pandemic began with 2,724 deaths and India have recorded the highest case figure count in almost three months. These figures demonstrate the malaise that still exists in the economy and the real risk that the virus could halt any progress made to the efforts so far, with oil reacting negatively to any step-backs. (Reuters)

 

Goldman Sachs are seeing this opportunity as a time to buy oil as the Wall Street bank see the oil market rebalancing later in the year. Their forecast of oil prices hitting $75 and $80 in Q2 and Q3 respectively, now seem more difficult than previously thought. “We estimate that the oil market has remained in a large 2.5 million bpd deficit since February despite our estimate that Iran exports have increased by 0.7 million bpd year-to-date,” Goldman said in a note dated March 18. (Reuters)

 

 

INDEX: (MTD Estimates)

* Sing 380: 388.87

* Rott 3.5%: 373.68

* Sing 0.5%: 501.45

* Rott 0.5%: 481.19

 

 

OIL MARKET ROUND-UP:
* Oil’s Plunge Was Sign of a Market That Got Too Bullish, Too Fast
* Pemex’s Onshore Drilling Leads to Big Gas Finds, Less Oil
* China Diesel Exports Jumped in February on Weak Local Demand
* Fuel Oil Tanker Rates to Gulf of Mexico Jump 6% to YTD High
* Mideast-Europe Fuel: Flows Slide Amid Weak Diesel Demand
* Gasoil Stockpiles Fall in Europe’s ARA Region

Rotterdam 3.5% INDIC                               

Apr21    346.25   /            348.25

May21   344.25   /            346.25

Jun21     340.50   /            342.50

Jul21      336.00   /            338.00

Aug21    331.25   /            333.25

Sep21    325.75   /            327.75

Q2-21    343.50   /            345.50

Q3-21    331.00   /            333.00

Q4-21    315.25   /            317.25

Q1-22    308.00   /            311.00

CAL22    304.25   /            307.25

 

Singapore 380 INDIC                                   

Apr21    360.00   /            362.00

May21   357.50   /             359.50

Jun21     354.50   /            356.50

Jul21      351.00   /            353.00

Aug21    347.00   /            349.00

Sep21    342.75   /            344.75

Q2-21    357.25   /            359.25

Q3-21    346.75   /            348.75

Q4-21    334.75   /            336.75

Q1-22    328.00   /            331.00

CAL22    325.00   /            328.00

 

Rott VLSFO 0.5% INDIC 

Apr21    437.50   /             442.50

May21   437.00   /             442.00

Jun21     436.25   /             441.25

Jul21      435.25   /             440.25

Aug21    434.25   /             439.25

Sep21    433.25   /             438.25

Q2-21    437.00   /             442.00

Q3-21    434.25   /             439.25

Q4-21    430.25   /             436.25

Q1-22    426.00   /             432.00

CAL22    419.75   /             425.75

 

Singapore VLSFO 0.5% INDIC                                   

Apr21    458.25   /             463.25

May21   458.00   /             463.00

Jun21     457.50   /             462.50

Jul21      456.75   /             461.75

Aug21    455.75   /             460.75

Sep21    454.75   /             459.75

Q2-21    458.00   /             463.00

Q3-21    455.75   /             460.75

Q4-21    452.50   /             458.50

Q1-22    448.75   /             454.75

CAL22    443.00   /             449.00

 

Sing 10ppm GO INDIC                                 

Apr21    66.58     /             66.72

May21   66.71     /             66.91

Jun21     66.80     /             67.00

Jul21      66.88     /             67.08

Aug21    66.94     /             67.14

Sep21    66.96     /             67.16

Q2-21    66.70     /             66.90

Q3-21    66.92     /             67.12

Q4-21    66.76     /             66.96

Q1-22    66.41     /             66.61

CAL22    66.09     /             66.49

 

Ice Gasoil Swap                                            

Apr21    498.76   /             500.76

May21   501.05   /             503.05

Jun21     502.63   /             504.63

Jul21      503.72   /             505.72

Aug21    504.68   /             506.68

Sep21    505.72   /             507.72

Q2-21    500.80   /             502.80

Q3-21    504.71   /             506.71

Q4-21    505.40   /             507.40

Q1-22    507.61   /             509.61

CAL22    511.83   /             514.83

For more information please contact

FIS Oil Desk

info@freightinvestor.com
UK number: +44 (0) 207 090 1134
Shanghai number: +86 (0)21 63012568
Singapore: +65 87984987

Luke Longhurst

Email: LukeL@freightinvestor.com

Mobile: (+44) 7966 968761

 

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

Leave a comment

Your email address will not be published. Required fields are marked *