At 10:26 am Singapore time (0226 GMT), the ICE Brent July contract was up 18 cents/b (0.26%) from the previous settle at $69.64/b, while the July NYMEX light sweet crude contract was 29 cents/b (0.43%) higher at $66.85/b.
The positive sentiment in the market is most evidently coming from the US as the economy begins to reopen and driving season fast approaches. Draws across the board on the EIA figures this week helped to support oil after the news of a nuclear agreement with Iran spooked the market last week.
The keynote next week will be the OPEC+ meeting scheduled for 1st of June where it will be up for discussion as to the best course of action for output quotas for June and July in light of the potential extra supply of crude from Iran if sanctions were lifted.
US initial unemployment claims fell 9% on the week to a 14-month low of 406,000 in the week ended May 22, Department of Labor data released May 27 showed. The decline in claims exceeded market expectations and reinforced the US economic recovery narrative, according to analysts. Oil and the broader commodities complex also received support from reports that US President Joe Biden will propose a $6 trillion budget for the 2022 fiscal year. (S&P Global Platts)
OIL MARKET ROUND-UP:
* China Commodity Firms Cut Bullish Bets on Pressure From Beijing
* Saudis to Raise Arab Light Crude Pricing by 10C for July: Survey
* Iraqi Crude Flow to U.S. Ports Swells to 14-Month High in May
* Benchmark Oil Tanker Rates Drop for Second Session; Clean Drops
* Iran Deal Could Be Tremendous Kicker for Oil Tankers: Frontline
Rotterdam 3.5% INDIC
Jun21 370.50 / 372.50
Jul21 370.25 / 372.25
Aug21 368.00 / 370.00
Sep21 364.00 / 366.00
Oct21 360.00 / 362.00
Nov21 356.00 / 358.00
Q3-21 367.50 / 369.50
Q4-21 356.50 / 358.50
Q1-22 350.25 / 352.25
Q2-22 345.75 / 348.75
CAL22 341.75 / 344.75
Singapore 380 INDIC
Jun21 376.25 / 378.25
Jul21 378.00 / 380.00
Aug21 378.25 / 380.25
Sep21 377.00 / 379.00
Oct21 374.25 / 376.25
Nov21 372.00 / 374.00
Q3-21 377.75 / 379.75
Q4-21 372.25 / 374.25
Q1-22 367.75 / 369.75
Q2-22 363.25 / 366.25
CAL22 358.75 / 361.75
Rott VLSFO 0.5% INDIC
Jun21 476.50 / 481.50
Jul21 475.50 / 480.50
Aug21 475.00 / 480.00
Sep21 474.75 / 479.75
Oct21 474.50 / 479.50
Nov21 474.00 / 479.00
Q3-21 475.00 / 480.00
Q4-21 474.00 / 479.00
Q1-22 471.25 / 477.25
Q2-22 468.25 / 474.25
CAL22 465.75 / 471.75
Singapore VLSFO 0.5% INDIC
Jun21 490.25 / 495.25
Jul21 492.50 / 497.50
Aug21 493.25 / 498.25
Sep21 493.75 / 498.75
Oct21 494.00 / 499.00
Nov21 493.75 / 498.75
Q3-21 493.25 / 498.25
Q4-21 493.75 / 498.75
Q1-22 491.75 / 497.75
Q2-22 488.75 / 494.75
CAL22 486.25 / 492.25
Sing 10ppm GO INDIC
Jun21 75.20 / 75.34
Jul21 75.08 / 75.28
Aug21 75.00 / 75.20
Sep21 74.94 / 75.14
Oct21 74.86 / 75.06
Nov21 74.66 / 74.86
Q3-21 75.00 / 75.20
Q4-21 74.65 / 74.85
Q1-22 74.08 / 74.28
Q2-22 73.65 / 73.85
CAL22 73.42 / 73.82
Ice Gasoil Swap
Jun21 565.04 / 567.04
Jul21 566.42 / 568.42
Aug21 567.39 / 569.39
Sep21 568.31 / 570.31
Oct21 567.75 / 569.75
Nov21 565.29 / 567.29
Q3-21 567.35 / 569.35
Q4-21 565.61 / 567.61
Q1-22 561.84 / 563.84
Q2-22 556.26 / 558.26
CAL22 555.46 / 558.46
For more information please contact
FIS Oil Desk
info@freightinvestor.com
UK number: +44 (0) 207 090 1134
Shanghai number: +86 (0)21 63012568
Singapore: +65 87984987
Luke Longhurst
Email: LukeL@freightinvestor.com
Mobile: (+44) 7966 968761
Ricky Forman
Email: RickyF@freightinvestor.com
Mobile: (+44) 7868 708719
Sam Twyford
Email: SamT@freightinvestor.com
Mobile: (+44) 7729 118643
Jessie Deng
Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987