Brent crude futures for June fell 48 cents, or 0.7%, to $66.09 a barrel at 0515 GMT, after dropping 48 cents on Tuesday. U.S. West Texas Intermediate (WTI) crude futures for June fell 52 cents, or 0.8%, to $62.15 a barrel. The May contract expired on Tuesday down 1.5% at $62.44.
API
Crude +0.436M VS Est.-2.975M
Cushing -1.286M
Gasoline -1.617M VS Est.+0.464M
Distillate +0.655M VS Est.-0.956M
Yesterday saw oil prices fall by 2% in the US morning as news circulated of a potential lawsuit being brought against the OPEC group in response to the practices of price manipulation in the way it has handled the cuts made in the oil market since the start of the pandemic. It is unclear at this stage whether full legal proceedings will be made against the group with the idea of the Bill seeming to want to shed more light on the strategy and thought process behind the cut. It is important to note that similar Bills over the past 20 years have not had any traction. Oil reacted negatively to the news yesterday, capping the gains made over the past week after bullish vaccine news and better than expected inventory figures.
API figures released late last night showed a crude build after an expected 2 million barrel draw according to some analysts, but this was counteracted by the 1.6 million barrel draw in gasoline figures as driving season and increasing traffic in the US is helping to drive gasoline demand back up. The market eagerly awaits the news of the EIA figures that are due to be released today at 1530BST.
Evidently there remains a lot of caution in the market, with this sentiment spanning across asset classes as the real risk of another wave of the Coronavirus takes hold in key global economies. India is currently at a critical period in its pandemic after Delhi is now in a full lockdown with over 25,000 new cases reported in a 24 hour period in the city and over 2,000 death reported for the whole country in a single day. The new strain of the virus has led to many nations closing borders to India in order to isolate the spread, with the UK Prime Minister cancelling a scheduled trip last week.
INDEX: (MTD Estimates)
* Sing 380: 364.11
* Rott 3.5%: 350.96
* Sing 0.5%: 477.74
* Rott 0.5%: 456.04
OIL MARKET ROUND-UP:
* Air Travel Pick-Up Has U.S. Bringing More Jet Fuel From Asia
* Quake and Fire Has Japan Importing Most Fuel in Over 20 Years
* Brent Put Skew Shows Growing Confidence in Oil Prices
* API Reports American Crude Oil Stockpiles Rose 436K Bbl
* U.S. Gasoline Demand Up Less Than 1% in April 16 Week
* Germany Cut February Oil Imports to Lowest Since at Least 2017
*Rotterdam 3.5% INDIC*
May21 363.25 / 365.25
Jun21 361.75 / 363.75
Jul21 358.00 / 360.00
Aug21 353.25 / 355.25
Sep21 347.50 / 349.50
Oct21 341.50 / 343.50
Q3-21 353.00 / 355.00
Q4-21 336.75 / 338.75
Q1-22 328.25 / 330.25
Q2-22 322.25 / 325.25
CAL22 318.25 / 324.25
*Singapore 380 INDIC*
May21 374.75 / 376.75
Jun21 373.50 / 375.50
Jul21 370.75 / 372.75
Aug21 367.25 / 369.25
Sep21 363.00 / 365.00
Oct21 358.50 / 360.50
Q3-21 367.00 / 369.00
Q4-21 355.25 / 357.25
Q1-22 347.50 / 349.50
Q2-22 342.00 / 345.00
CAL22 337.75 / 343.75
*Rott VLSFO 0.5% INDIC*
May21 461.75 / 466.75
Jun21 460.75 / 465.75
Jul21 459.75 / 464.75
Aug21 458.75 / 463.75
Sep21 457.75 / 462.75
Oct21 456.50 / 461.50
Q3-21 458.75 / 463.75
Q4-21 455.00 / 460.00
Q1-22 450.00 / 456.00
Q2-22 445.00 / 453.00
CAL22 443.25 / 451.25
*Sing VLSFO 0.5% INDIC*
May21 482.50 / 487.50
Jun21 481.25 / 486.25
Jul21 480.25 / 485.25
Aug21 479.50 / 484.50
Sep21 478.50 / 483.50
Oct21 477.50 / 482.50
Q3-21 479.50 / 484.50
Q4-21 476.25 / 481.25
Q1-22 472.25 / 478.25
Q2-22 467.75 / 475.75
CAL22 465.75 / 473.75
*Sing 10ppm GO INDIC*
May21 69.68 / 69.82
Jun21 69.87 / 70.07
Jul21 70.03 / 70.23
Aug21 70.13 / 70.33
Sep21 70.20 / 70.40
Oct21 70.19 / 70.39
Q3-21 70.05 / 70.35
Q4-21 69.96 / 70.26
Q1-22 69.65 / 69.95
Q2-22 69.40 / 69.70
CAL22 69.20 / 69.60
*ICE Gasoil 10ppm INDIC*
May21 523.26 / 527.26
Jun21 525.64 / 529.64
Jul21 527.25 / 531.25
Aug21 528.60 / 532.60
Sep21 529.85 / 533.85
Oct21 529.77 / 533.77
Q3-21 528.55 / 532.55
Q4-21 528.85 / 532.85
Q1-22 527.13 / 531.13
Q2-22 523.68 / 527.68
CAL22 523.09 / 527.09
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