FIS Fuel Oil Morning Report 29/04/21

Brent opened up +0.3% or 20c higher at$67.47 as of 8am GMT

We are again on the front foot as oil edges higher as rising demand optimism offsets virus surge ! I get the feeling the market is now well trenched in the idea that demand is going to boom in the 2h of this year and the supply will struggle to keep up creating a big push forward on Crude prices. “A closer look at the state of global oil inventories suggests that the market may be closer to the point of rebalancing than what OPEC+ may think,” Citi analysts said, adding that most of the crude inventory overhang has been absorbed by the market although refined products inventories still need to be worked off.

Oil Market Roundup:

* China’s Post-Covid Travel Frenzy May Break Labor Day Record
* Prompt Dubai Oil Timespread In Contango For 1st Time Since Nov
* U.S. Imports of Mexican Crude Oil Rise 35%: EIA
* ASIA: OPEC+ to Gently Hike Output; Goldman, UBS Bullish
* NSEA: Vitol and Glencore Buy in Window; Troll Loadings
* U.S.: California Gasoline at $4, Highest Since 2019
* ASIA: Indian Refiners’ HSFO Demand; Tanker Spill

Singapore 380 INDIC     

May21  381.25   /             383.25

Jun21    380.75   /              382.75

Jul21      379.50   /             381.50

Aug21   376.50   /             378.50

Sep21    372.75   /             374.75

Oct21    369.00   /             371.00

Q3-21    376.25   /             378.25

Q4-21    366.25   /             368.25

Q1-22    360.00   /             362.00

Q2-22    354.75   /             357.75

CAL22    351.50   /             354.50

 

Rotterdam 3.5% INDIC                                 

May21  370.25   /             372.25

Jun21    369.25   /             371.25

Jul21      366.75   /             368.75

Aug21   363.00   /             365.00

Sep21    357.75   /             359.75

Oct21    352.50   /             354.50

Q3-21    362.50   /             364.50

Q4-21    348.50   /             350.50

Q1-22    341.25   /             343.25

Q2-22    336.00   /             339.00

CAL22    332.25   /             335.25

 

Singapore VLSFO 0.5% INDIC                                     

May21  489.75   /              494.75

Jun21    489.25   /              494.25

Jul21      489.00   /              494.00

Aug21   488.50   /              493.50

Sep21    488.00   /              493.00

Oct21    487.50   /              492.50

Q3-21    488.50   /              493.50

Q4-21    486.75   /              491.75

Q1-22    483.25   /              489.25

Q2-22    479.75   /              485.75

CAL22    477.75   /              483.75

 

Rott VLSFO 0.5% INDIC                                 

May21  468.25   /              473.25

Jun21    468.00   /              473.00

Jul21      467.50   /              472.50

Aug21   466.75   /              471.75

Sep21    466.00   /              471.00

Oct21    465.00   /              470.00

Q3-21    466.75   /              471.75

Q4-21    463.75   /              468.75

Q1-22    460.00   /              466.00

Q2-22    457.00   /              463.00

CAL22    455.25   /              461.25

 

Sing 10ppm GO INDIC                                   

May21  71.58     /              71.72

Jun21    71.70     /              71.90

Jul21      71.80     /              72.00

Aug21   71.85     /              72.05

Sep21    71.87     /              72.07

Oct21    71.83     /              72.03

Q3-21    71.85     /              72.05

Q4-21    71.66     /              71.86

Q1-22    71.38     /              71.58

Q2-22    71.20     /              71.40

CAL22    70.97     /              71.37

 

Ice Gasoil Swap               

May21  539.04   /              541.04

Jun21    540.50   /              542.50

Jul21      541.60   /              543.60

Aug21   542.56   /              544.56

Sep21    543.59   /              545.59

Oct21    543.49   /              545.49

Q3-21    542.60   /              544.60

Q4-21    542.47   /              544.47

Q1-22    540.80   /              542.80

Q2-22    538.19   /              540.19

CAL22    537.77   /              540.77

 

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

The information provided in this communication is not intended for retail clients. It is general in nature only and does not constitute advice or an offer to sell, or the solicitation of an offer to purchase any swap or other financial instruments, nor constitute any recommendation on our part. The information has been prepared without considering your investment objectives, financial situation, or knowledge and experience. This material is not a research report and is not intended as such. FIS is not responsible for any trading decisions taken based on this communication. Trading swaps and over-the-counter derivatives, exchange-traded derivatives, and options involve substantial risk and are not suitable for all investors. You are advised to perform an independent investigation to determine whether a transaction is suitable for you. No part of this material may be copied or duplicated in any form by any means or redistributed without our prior written consent. Freight Investor Services Ltd (FIS) is authorised and regulated by the Financial Conduct Authority (FRN: 211452) and is a member of the National Futures Association (“NFA”). Freight Investor Services PTE Ltd (‘FIS PTE’) is a private limited company, incorporated and registered in Singapore with company number 200603922G, and has subsidiary offices in India and Shanghai. Freight Investor Solutions DMCC (‘FIS DMCC’) is a private limited company, incorporated and registered in Dubai with company number DMCC1225. Further information about FIS including the location of its offices can be found on our website at www.freightinvestorservices.com

Leave a comment

Your email address will not be published. Required fields are marked *