At 11:11 am Singapore time (0311 GMT), the August ICE Brent crude futures contract was up 23 cents/b (0.31%) from the previous settle at $75.13/b, while the NYMEX July light sweet crude contract slipped 2 cents/b (0.03%) at $73.64b.
The stability in prices this morning comes after both markers closed at landmark highs on June 21. The front month ICE Brent marker closed at $74.90/b, the highest on record since Oct. 31, 2018, while the front month NYMEX light sweet crude marker closed at $73.60/b, the highest since Oct. 9, 2018.
Oil made some substantial gains overnight as the dollar retreated from two-month highs and what seems to be a halt in proceedings with talks over Iran re-joining the nuclear agreement. The newly elected president of Iran is said to not want to meet Biden as the prospect of Iranian Oil coming back online is hanging in the balance… for the moment.
The recent pushes in oil have lead some major banks to revise forecasts for oil prices over the second half of this year, firstly Morgan Stanley have revised upwards their forecast for Brent from $67.50 to $77.50, with Bank of America analysts suggesting we could see $100 per barrel in 2022 with Brent averaging $68 across this year. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 398.97
* Rott 3.5%: 386.62
* Sing 0.5%: 518.01
* Rott 0.5%: 499.13
OIL MARKET ROUND-UP:
* China Private Refiners See Deep Cuts to Import Quota Amid Probe
* Key Oil Spread Jumps to Seven-Year High in Sign of Supply Crunch
* Some Denver Gas Stations Ran Short of Fuel in Supply Kink
* Net Bullish Nymex WTI Crude Oil Bets Boosted to 3-Year High
Sing VLSFO 0.5% INDIC
Jul-21 529.00 / 531.00
Aug-21 529.00 / 531.00
Sep-21 528.50 / 530.50
Oct-21 527.50 / 529.50
Nov-21 526.25 / 528.25
Dec-21 525.00 / 527.00
Q3-21 528.25 / 531.25
Q4-21 526.25 / 528.25
Q1-22 521.50 / 524.50
Q2-22 515.75 / 519.75
CAL22 511.25 / 516.25
Rott VLSFO 0.5% INDIC
Jul-21 510.00 / 512.00
Aug-21 509.25 / 511.25
Sep-21 508.50 / 510.50
Oct-21 507.50 / 509.50
Nov-21 506.00 / 508.00
Dec-21 504.50 / 506.50
Q3-21 508.75 / 511.75
Q4-21 506.00 / 508.00
Q1-22 500.25 / 503.25
Q2-22 493.50 / 497.50
CAL22 489.25 / 494.25
Sing 10ppm GO INDIC
Jul-21 80.14 / 80.26
Aug-21 80.15 / 80.29
Sep-21 80.05 / 80.21
Oct-21 79.86 / 80.04
Nov-21 79.58 / 79.76
Dec-21 79.27 / 79.47
Q3-21 80.08 / 80.26
Q4-21 79.55 / 79.75
Q1-22 78.80 / 79.04
Q2-22 78.06 / 78.36
CAL22 77.76 / 78.06
ICE Gasoil 10ppm INDIC
Jul-21 602.25 / 603.25
Aug-21 603.75 / 604.75
Sep-21 604.50 / 605.50
Oct-21 603.50 / 605.00
Nov-21 601.00 / 602.50
Dec-21 599.00 / 600.50
Q3-21 603.50 / 604.50
Q4-21 601.25 / 602.75
Q1-22 596.00 / 597.50
Q2-22 589.25 / 591.75
CAL22 588.50 / 591.50
Sing 380 cst INDIC
Jul-21 412.00 / 414.00
Aug-21 411.25 / 413.25
Sep-21 409.50 / 411.50
Oct-21 407.00 / 409.00
Nov-21 404.75 / 406.75
Dec-21 402.75 / 404.75
Q3-21 410.75 / 413.25
Q4-21 404.75 / 406.75
Q1-22 398.25 / 400.25
Q2-22 391.00 / 394.00
CAL22 386.00 / 390.00
Rotterdam 3.5% INDIC
Jul-21 399.75 / 401.75
Aug-21 398.00 / 400.00
Sep-21 395.00 / 397.00
Oct-21 391.75 / 393.75
Nov-21 388.75 / 390.75
Dec-21 386.00 / 388.00
Q3-21 397.25 / 399.75
Q4-21 388.75 / 390.75
Q1-22 381.50 / 383.50
Q2-22 373.75 / 376.75
CAL22 368.25 / 372.25
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FIS Oil Desk
info@freightinvestor.com
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Luke Longhurst
Email: LukeL@freightinvestor.com
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Email: RickyF@freightinvestor.com
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Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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