Brent crude futures climbed 13 cents, or 0.2%, to $74.63 a barrel at 0128 GMT, extending a 0.5% gain on Monday. U.S. West Texas Intermediate (WTI) crude futures rose 4 cents to $71.95 a barrel, after losing 16 cents on Monday.
Global travel restrictions across many nations are set to remain in place over the short term as concerns of the highly transmissible Delta variant of COVID-19, which some experts are saying is up to 60% more transmissible than other variants, threatens the recovery from the first and second waves of the pandemic. Cases of COVID-19 have been exploding in the US and especially New York, with over 50,000 cases recorded on the 7 day moving average. As a result, the US have resisted pressure from the global travel industry to ease restrictions.
Meanwhile in Germany, the key concerns are the low vaccine uptake amongst the population, with Angela Merkel’s Chief of Staff pointing to the fact that they could see up to 100,000 infections per day in two months if more do not come forward to take the vaccine.
The uptick in prices comes amid the depreciation of the US dollar ahead of the US central bank’s Federal Open Market Committee meeting, with the ICE US dollar index trading at 92.61 at 11.00 am, down 0.35% from the July 23 close. (S&P Global Platts)
OIL MARKET ROUND-UP:
* U.S. Gasoline Use Matches 2019 Rates Last Week: Descartes Labs
* American Airlines, Southwest Warn of Jet Fuel Delivery Delay
* U.S. Fuel Exports to Mexico Strangled Amid Rail Disruption
* California Gets European Gasoline; Jet Fuel Delivered to NYH
Rotterdam 3.5% INDIC
Aug21 394.50 / 396.50
Sep21 389.75 / 391.75
Oct21 385.00 / 387.00
Nov21 381.00 / 383.00
Dec21 377.75 / 379.75
Jan22 375.00 / 377.00
Q4-21 381.25 / 383.25
Q1-22 373.00 / 375.00
Q2-22 366.75 / 368.75
Q3-22 359.00 / 362.00
CAL22 362.75 / 365.75
Singapore 380 INDIC
Aug21 406.25 / 408.25
Sep21 402.75 / 404.75
Oct21 398.50 / 400.50
Nov21 395.25 / 397.25
Dec21 392.75 / 394.75
Jan22 390.00 / 392.00
Q4-21 395.50 / 397.50
Q1-22 388.00 / 390.00
Q2-22 382.50 / 384.50
Q3-22 376.00 / 379.00
CAL22 381.25 / 384.25
Rott VLSFO 0.5% INDIC
Aug21 507.75 / 512.75
Sep21 506.00 / 511.00
Oct21 504.00 / 509.00
Nov21 502.00 / 507.00
Dec21 499.75 / 504.75
Jan22 497.25 / 502.25
Q4-21 502.00 / 507.00
Q1-22 494.75 / 499.75
Q2-22 487.25 / 493.25
Q3-22 480.50 / 486.50
CAL22 484.25 / 490.25
Singapore VLSFO 0.5% INDIC
Aug21 527.50 / 532.50
Sep21 525.50 / 530.50
Oct21 523.50 / 528.50
Nov21 521.50 / 526.50
Dec21 519.50 / 524.50
Jan22 517.50 / 522.50
Q4-21 521.50 / 526.50
Q1-22 515.50 / 520.50
Q2-22 508.50 / 514.50
Q3-22 502.25 / 508.25
CAL22 505.50 / 511.50
Sing 10ppm GO INDIC
Aug21 79.88 / 80.02
Sep21 79.72 / 79.92
Oct21 79.47 / 79.67
Nov21 79.10 / 79.30
Dec21 78.73 / 78.93
Jan22 78.37 / 78.57
Q4-21 79.10 / 79.30
Q1-22 78.03 / 78.23
Q2-22 77.24 / 77.44
Q3-22 76.77 / 76.97
CAL22 76.92 / 77.32
Ice Gasoil Swap
Aug21 601.85 / 603.85
Sep21 602.64 / 604.64
Oct21 601.20 / 603.20
Nov21 597.52 / 599.52
Dec21 594.58 / 596.58
Jan22 592.64 / 594.64
Q4-21 597.75 / 599.75
Q1-22 590.95 / 592.95
Q2-22 584.07 / 586.07
Q3-22 579.92 / 581.92
CAL22 582.32 / 585.32
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