At 11:13 am Singapore time (0311 GMT), the ICE August Brent futures contract was up 43 cents/b (0.58%) from the previous close at $75.19/b while the NYMEX August light sweet crude contract was up 49 cents/b (0.67%) at $72.98/b.
API
Crude -8.153M
Cushing -1.318M
Gasoline +2.418M
Distillate +0.428M
Oil prices steadied on Tuesday as broad hopes for a demand recovery persisted, fuelled by comments from OPEC’s secretary general, slightly overshadowing travel curbs due to new outbreaks of the highly contagious Delta variant of the coronavirus. (Reuters)
The data released by the American Petroleum Institute led to some bullishness in the market, as it showed a draw of 8.15 million barrels in the US crude inventories for the week ended June 25. The data was less positive with regards to downstream products inventories, showing gasoline and distillate inventories rising by 2.42 million barrels and 428,000 barrels, respectively. (S&P Global Platts)
Tomorrow marks the next OPEC+ meeting in which it is widely expected to produce the latest production quotas for the month of August. Varying reports are stating that the increase will be around the 500k barrel per day mark increase, with anything less being supportive of the market. If the futures rise alongside aggregate open interest and volume after the meeting, then it will be all systems go for a bull move. For more information on the technical please follow the link FIS Technical – Brent Aug 21 29/06/21 https://fisapp.com/wp-content/uploads/2021/06/FIS-Technical-Oil-Report-29-06-21.pdf
OIL MARKET ROUND-UP:
* Venezuela’s PDVSA Output Reaches ~660K B/d in June
* India Sees Return to Normal Oil Demand by Year-End
* Japan’s Gasoline Demand Seen Dropping 5% Y/y in June: ENEOS
* API Reports U.S. Crude Stockpiles Fell 8.15M Bbl Last Week
* U.S. Gasoline Demand Reaches Strongest This Year
* Europe’s Imports of Clean Fuels from East Asia Set to Plummet
* Benchmark Oil Tanker Rates Dip; U.S. Gulf-Europe Route Gains
Singapore 380 INDIC
Jul21 412.75 / 414.75
Aug21 412.25 / 414.25
Sep21 410.50 / 412.50
Oct21 408.50 / 410.50
Nov21 406.50 / 408.50
Dec21 404.50 / 406.50
Q3-21 411.75 / 413.75
Q4-21 406.50 / 408.50
Q1-22 400.00 / 402.00
Q2-22 392.75 / 395.75
CAL22 388.25 / 391.25
Rotterdam 3.5% INDIC
Jul21 402.00 / 404.00
Aug21 400.50 / 402.50
Sep21 397.00 / 399.00
Oct21 393.50 / 395.50
Nov21 390.50 / 392.50
Dec21 387.50 / 389.50
Q3-21 399.75 / 401.75
Q4-21 390.50 / 392.50
Q1-22 383.00 / 385.00
Q2-22 375.25 / 378.25
CAL22 369.75 / 372.75
Singapore VLSFO 0.5% INDIC
Jul21 530.00 / 535.00
Aug21 529.75 / 534.75
Sep21 528.50 / 533.50
Oct21 527.00 / 532.00
Nov21 525.25 / 530.25
Dec21 523.50 / 528.50
Q3-21 529.50 / 534.50
Q4-21 525.25 / 530.25
Q1-22 519.25 / 525.25
Q2-22 513.00 / 519.00
CAL22 509.25 / 515.25
Rott VLSFO 0.5% INDIC
Jul21 511.50 / 516.50
Aug21 510.00 / 515.00
Sep21 508.50 / 513.50
Oct21 507.00 / 512.00
Nov21 505.25 / 510.25
Dec21 503.50 / 508.50
Q3-21 510.00 / 515.00
Q4-21 505.25 / 510.25
Q1-22 498.75 / 504.75
Q2-22 491.75 / 497.75
CAL22 487.75 / 493.75
Sing 10ppm GO INDIC
Jul21 79.65 / 79.79
Aug21 79.69 / 79.89
Sep21 79.66 / 79.86
Oct21 79.48 / 79.68
Nov21 79.16 / 79.36
Dec21 78.83 / 79.03
Q3-21 79.65 / 79.85
Q4-21 79.15 / 79.35
Q1-22 78.44 / 78.64
Q2-22 77.73 / 77.93
CAL22 77.36 / 77.76
Ice Gasoil Swap
Jul21 599.15 / 601.15
Aug21 600.48 / 602.48
Sep21 601.03 / 603.03
Oct21 599.85 / 601.85
Nov21 597.33 / 599.33
Dec21 595.42 / 597.42
Q3-21 600.20 / 602.20
Q4-21 597.53 / 599.53
Q1-22 593.23 / 595.23
Q2-22 587.40 / 589.40
CAL22 586.84 / 589.84
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
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