At 11:38 am Singapore time (0338 GMT), the ICE Brent June contract was up 38 cents/b (0.58%) from the April 26 settle at $66.03/b, while the June NYMEX light sweet crude contract was up 38 cents/b (0.6%) at $62.29/b.
Oil prices felt the downwards pressure of the increasing worry surrounding the Coronavirus situation in India, with front month futures on Brent falling by over 2% at around midday. With 300,000+ cases reported each day and 2,000+ deaths reported in a single 24 hour period, there is no surprise that oxygen is becoming more expensive than gold in the country as shortages can be seen all around. Nations are coming together globally to provide resources like ventilators to help India combat this wave of the virus.
Sources close to the OPEC+ group are expressing concerns at the situations in India, Brazil and Japan, and although the demand forecast last released by the group was an upwards revision, this was very much dependent upon the extent to which COVID-19 cases had subsided and demand returns to normal levels. Yet the situation in the west with the US and Europe has very much buoyed sentiment with a successful vaccine rollout which has fostered growth in economies. Starting in May, the quotas will rise by 350,000 b/d, while Saudi Arabia has said it will ease its extra cut by 250,000 b/d, for a total OPEC+ production increase of 600,000 b/d. (S&P Global Platts)
As ExxonMobil tried to take advantage of the volatile market conditions in a year where it posted a net loss of over $20 billion, funding was slashed before the business unit could make any fundamental decisions. The aim was to rival major European trading houses but companywide cuts meant that capital needed for said trades dried up and were subject to management approval. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 366.29
* Rott 3.5%: 353.64
* Sing 0.5%: 478.44
* Rott 0.5%: 457.09
OIL MARKET ROUND-UP:
* OPEC+ Sees Strong Oil Recovery Clouded by India Virus Surge
* Iraq’s Southern Oil Exports in April Stand at 2.7M B/D: Al-Sabah
* OPEC+ May Move JMMC Meeting a Day Earlier to Tuesday: Delegate
* Libya Lifts Force Majeure on Oil Port as Funding Deadlock Eases
* U.S. Gasoline Imports From Europe Decline to 5-Week Low: Data
* 9:30pm: API weekly report on U.S. oil inventories
* OPEC+ Joint Ministerial Monitoring Committee meeting
*Rotterdam 3.5% INDIC*
May21 361.50 / 363.50
Jun21 360.50 / 362.50
Jul21 358.00 / 360.00
Aug21 354.25 / 356.25
Sep21 349.25 / 351.25
Oct21 344.25 / 346.25
Q3-21 353.75 / 355.75
Q4-21 340.25 / 342.25
Q1-22 333.00 / 335.00
Q2-22 328.00 / 331.00
CAL22 324.25 / 330.25
*Singapore 380 INDIC*
May21 372.50 / 374.50
Jun21 372.00 / 374.00
Jul21 370.50 / 372.50
Aug21 368.00 / 370.00
Sep21 364.50 / 366.50
Oct21 361.00 / 363.00
Q3-21 367.50 / 369.50
Q4-21 358.25 / 360.25
Q1-22 352.50 / 354.50
Q2-22 347.50 / 350.50
CAL22 343.75 / 349.75
*Rott VLSFO 0.5% INDIC*
May21 461.00 / 466.00
Jun21 460.50 / 465.50
Jul21 459.75 / 464.75
Aug21 459.00 / 464.00
Sep21 458.00 / 463.00
Oct21 457.00 / 462.00
Q3-21 459.00 / 464.00
Q4-21 456.00 / 461.00
Q1-22 452.50 / 458.50
Q2-22 448.50 / 456.50
CAL22 446.50 / 454.50
*Sing VLSFO 0.5% INDIC*
May21 482.00 / 487.00
Jun21 481.25 / 486.25
Jul21 480.75 / 485.75
Aug21 480.25 / 485.25
Sep21 479.50 / 484.50
Oct21 478.75 / 483.75
Q3-21 480.25 / 485.25
Q4-21 478.00 / 483.00
Q1-22 475.00 / 481.00
Q2-22 471.50 / 479.50
CAL22 469.50 / 477.50
*Sing 10ppm GO INDIC*
May21 69.95 / 70.09
Jun21 70.09 / 70.29
Jul21 70.21 / 70.41
Aug21 70.30 / 70.50
Sep21 70.35 / 70.55
Oct21 70.35 / 70.55
Q3-21 70.25 / 70.55
Q4-21 70.15 / 70.45
Q1-22 69.99 / 70.29
Q2-22 69.35 / 69.65
CAL22 69.29 / 69.69
*ICE Gasoil 10ppm INDIC*
May21 525.68 / 529.68
Jun21 527.54 / 531.54
Jul21 528.83 / 532.83
Aug21 530.10 / 534.10
Sep21 531.35 / 535.35
Oct21 531.43 / 535.43
Q3-21 530.10 / 534.10
Q4-21 530.66 / 534.66
Q1-22 529.51 / 533.51
Q2-22 526.79 / 530.79
CAL22 526.46 / 530.46
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Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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