At 10:35 am Singapore time (0235 GMT), the ICE August Brent futures contract was up 38 cents/b (0.51%) from the previous settle at $75.19/b, while the NYMEX August light sweet crude contract was 29 cents/b (0.4%) higher at $73.14/b.
Oil came under slight pressure yesterday with the Brent benchmark settling slightly lower than the previous close as talks again ramped up as to the potential outcome of the next OPEC+ meeting due in July that will outline the next phase of output quotas that will come Into effect from August.
The likely outcome is that the group will discuss the possibility of relaxing quotas by an extra 500k barrels per day, with Russia seemly vociferous on raising output further in line with increased demand. Any output increases less than 500k barrels per day would be seen as supportive for the market, but this figure could even be pushed higher if the group take the collective view that this would be beneficial to the market. The producer group is currently holding crude production at 6.2 million b/d below October 2018 levels to balance demand and supply during the pandemic, and intends to taper this output cut to 5.76 million b/d in July. (S&P Global Platts)
API figures released yesterday showed of a 7 million + draw on crude, with less than 1 million builds on products such as gasoline and distillates. If the EIA were to post a draw on crude later today, it would mean a fifth consecutive draw down.
INDEX: (MTD Estimates)
* Sing 380: 399.75
* Rott 3.5%: 387.27
* Sing 0.5%: 518.54
* Rott 0.5%: 499.83
OIL MARKET ROUND-UP:
* India’s Gasoline Recovery Builds With Slowdowns Elsewhere
* API Reports U.S. Crude Stockpiles Fell 7.2M Bbl Last Week
* Midwest Cash Gasoline Hits 7-Week High Amid Shortage Reports
* Shale’s 400% Rise in Frack Crews Not Enough to Boost Output
* Tehran Says Nuclear Talks May Go Past August: Iran Snapshot
* U.S. Crudes Sink to Pandemic Lows Amid WTI-Brent Strength
Rotterdam 3.5% INDIC
Jul21 402.50 / 404.50
Aug21 401.00 / 403.00
Sep21 397.75 / 399.75
Oct21 394.75 / 396.75
Nov21 391.75 / 393.75
Dec21 388.75 / 390.75
Q3-21 400.25 / 402.25
Q4-21 391.75 / 393.75
Q1-22 384.25 / 386.25
Q2-22 376.75 / 379.75
CAL22 368.25 / 374.25
Singapore 380 INDIC
Jul21 415.25 / 417.25
Aug21 414.50 / 416.50
Sep21 413.00 / 415.00
Oct21 410.50 / 412.50
Nov21 408.25 / 410.25
Dec21 406.25 / 408.25
Q3-21 414.25 / 416.25
Q4-21 408.25 / 410.25
Q1-22 401.75 / 403.75
Q2-22 394.50 / 397.50
CAL22 386.75 / 392.75
Rott VLSFO 0.5% INDIC
Jul21 513.25 / 518.25
Aug21 512.50 / 517.50
Sep21 511.75 / 516.75
Oct21 510.50 / 515.50
Nov21 509.25 / 514.25
Dec21 508.00 / 513.00
Q3-21 512.50 / 517.50
Q4-21 509.25 / 514.25
Q1-22 503.75 / 509.75
Q2-22 495.75 / 503.75
CAL22 492.00 / 500.00
Sing VLSFO 0.5% INDIC
Jul21 531.50 / 536.50
Aug21 531.50 / 536.50
Sep21 531.00 / 536.00
Oct21 530.25 / 535.25
Nov21 529.00 / 534.00
Dec21 527.75 / 532.75
Q3-21 531.50 / 536.50
Q4-21 529.00 / 534.00
Q1-22 524.00 / 530.00
Q2-22 517.25 / 525.25
CAL22 513.75 / 521.75
Sing 10ppm GO INDIC
Jul21 80.68 / 80.82
Aug21 80.67 / 80.87
Sep21 80.58 / 80.78
Oct21 80.40 / 80.60
Nov21 80.12 / 80.32
Dec21 79.82 / 80.02
Q3-21 80.60 / 80.90
Q4-21 80.06 / 80.36
Q1-22 79.33 / 79.63
Q2-22 78.60 / 78.90
CAL22 78.05 / 78.45
ICE Gasoil 10ppm INDIC
Jul21 604.82 / 608.82
Aug21 606.23 / 610.23
Sep21 607.02 / 611.02
Oct21 606.06 / 610.06
Nov21 603.50 / 607.50
Dec21 601.70 / 605.70
Q3-21 606.00 / 610.00
Q4-21 603.75 / 607.75
Q1-22 599.05 / 603.05
Q2-22 591.09 / 595.09
CAL22 589.85 / 593.85
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