Brent crude futures LCOc1 were up 14 cents, or 0.2%, at $68.60 a barrel by 0400 GMT, having jumped 3% on Monday. U.S. West Texas Intermediate futures CLc1 was up 8 cents at $66.13 a barrel, after gaining 3.9% the previous session.
The case for oil to remain on target to hit $80 is still intact according to Goldman Sachs as even though Coronavirus cases in India still persist, due to the high rollout of vaccines especially in Europe and the US as demand for travel quickly picks up. The bank is expecting to see the biggest ever increase in oil demand over the summer as lockdown restrictions ease a freedom of most movement is restored with oil demand increasing by up to 5 million barrels a day over the next six months. Iran supply woes have eased over the weekend and into Monday, as oil recovered last week’s heavy losses by gaining over 3% yesterday.
With the cases of COVID-19 numbers slowly easing in India, we are yet to witness the full extent of their third wave with April crude loading numbers and refinery runs still strong in last months official figures. Although India started to witness record COVID-19 cases in the early part of April, the number of regional lockdowns started to increase only towards the later part of the month and early May, while the country stayed away from a national lockdown. As a result, refiners met all their April import commitments, analysts said. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 372.14
* Rott 3.5%: 363.77
* Sing 0.5%: 485.86
* Rott 0.5%: 473.42
*Rotterdam 3.5% INDIC*
Jun21 360.25 / 362.25
Jul21 360.25 / 362.25
Aug21 358.25 / 360.25
Sep21 355.00 / 357.00
Oct21 351.25 / 353.25
Nov21 347.50 / 349.50
Q3-21 358.00 / 360.00
Q4-21 348.00 / 350.00
Q1-22 342.25 / 344.25
Q2-22 338.00 / 341.00
CAL22 333.25 / 339.25
*Singapore 380 INDIC*
Jun21 366.75 / 368.75
Jul21 368.25 / 370.25
Aug21 368.50 / 370.50
Sep21 367.25 / 369.25
Oct21 365.25 / 367.25
Nov21 363.00 / 365.00
Q3-21 368.00 / 370.00
Q4-21 363.25 / 365.25
Q1-22 359.00 / 361.00
Q2-22 354.75 / 357.75
CAL22 350.25 / 356.25
*Rott VLSFO 0.5% INDIC*
Jun21 465.50 / 470.50
Jul21 465.50 / 470.50
Aug21 465.50 / 470.50
Sep21 465.50 / 470.50
Oct21 465.25 / 470.25
Nov21 464.75 / 469.75
Q3-21 465.50 / 470.50
Q4-21 464.75 / 469.75
Q1-22 461.75 / 467.75
Q2-22 457.25 / 465.25
CAL22 454.75 / 462.75
*Sing VLSFO 0.5% INDIC*
Jun21 480.25 / 485.25
Jul21 482.75 / 487.75
Aug21 484.50 / 489.50
Sep21 485.25 / 490.25
Oct21 485.75 / 490.75
Nov21 485.75 / 490.75
Q3-21 484.25 / 489.25
Q4-21 485.75 / 490.75
Q1-22 484.00 / 490.00
Q2-22 480.00 / 488.00
CAL22 477.00 / 485.00
*Sing 10ppm GO INDIC*
Jun21 74.79 / 74.93
Jul21 74.63 / 74.83
Aug21 74.53 / 74.73
Sep21 74.45 / 74.65
Oct21 74.33 / 74.53
Nov21 74.12 / 74.32
Q3-21 74.50 / 74.80
Q4-21 74.05 / 74.35
Q1-22 73.47 / 73.77
Q2-22 73.03 / 73.33
CAL22 72.86 / 73.26
*ICE Gasoil 10ppm INDIC*
Jun21 560.38 / 564.38
Jul21 561.64 / 565.64
Aug21 562.51 / 566.51
Sep21 563.23 / 567.23
Oct21 562.65 / 566.65
Nov21 560.25 / 564.25
Q3-21 562.45 / 566.45
Q4-21 560.61 / 564.61
Q1-22 557.13 / 561.13
Q2-22 551.56 / 555.56
CAL22 550.85 / 554.85
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