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
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