Brent crude futures rose 15 cents, or 0.2%, to $64.29 a barrel at 0202 GMT, after falling 1.3% on Tuesday before pushing to $64.60 by 0730BST. U.S. West Texas Intermediate (WTI) crude futures jumped 15 cents, or 0.3%, to $60.70 a barrel, after falling 1.6% in the previous session.
Tomorrow marks the day the OPEC ministers are due to meet in order to discuss the way forward for supply plans and how best to tackle the paradox that the oil market finds itself in. The consensus seems that OPEC will be disciplined in the fact that supply cuts may be rolled over to May as there are concerns that the market would find it somewhat challenging to absorb any extra supply that the group may start to produce.
Adding to the view that they should hold back supply, data from the American Petroleum Institute industry group on Tuesday showed U.S. crude oil stocks rose by 3.9 million barrels in the week to March 26, well above analysts’ forecasts in a Reuters’ poll for a build of about 100,000 barrels. The market awaits figures from the EIA data this afternoon at 1530BST. [API/S]
Europe was central to global forecasts in the demand recovery, after the fallout experienced since the pandemic hit over a year ago, with vast vaccine programmes and widespread lockdowns. Unfortunately, the virus is continuing to rear its ugly head and although the end is in sight, new variants of the virus are the biggest threat to the unlocking of the economy. This will be unwelcome news to the OPEC+ group and its meeting tomorrow, as strategy will no doubt have to act accordingly. (Reuters)
INDEX: (MTD Estimates)
* Sing 380: 380.99
* Rott 3.5%: 366.00
* Sing 0.5%: 489.49
* Rott 0.5%: 469.77
OIL MARKET ROUND-UP:
* OPEC Sees Oil Stockpile Surplus Mostly Gone in the Next Quarter
* North Sea Benchmark Crude Loadings to Fall to 13-Year Low in May
* Pertamina’s 2 Storage Tanks Still on Fire, 2 Tanks Extinguished
* Oil Supertanker Earnings Edge Lower; U.S.-Europe Clean Rates Up
* API Reports U.S. Crude Stockpiles Rose 3.91M Bbl Last Week
* U.S. Shale Output to Further Erode Even as Oil Surges, BNEF Says
* U.S. Gasoline Demand Rises 1.8% in Week of March 26: Descartes
* Oil at $70/Bbl Destroys Demand, Total CEO Pouyanne Says
* 3:30pm: EIA weekly report on U.S. oil inventories, supply and
* ICE May Brent crude futures expire
* Nymex April ULSD futures and Nymex April gasoline futures expire
*Rotterdam 3.5% INDIC*
Apr21 353.50 / 355.50
May21 352.25 / 354.25
Jun21 349.50 / 351.50
Jul21 346.00 / 348.00
Aug21 341.50 / 343.50
Sep21 336.25 / 338.25
Q2-21 351.75 / 353.75
Q3-21 341.25 / 343.25
Q4-21 326.00 / 328.00
Q1-22 317.75 / 320.75
CAL22 306.25 / 312.25
*Singapore 380 INDIC*
Apr21 366.00 / 368.00
May21 364.50 / 366.50
Jun21 362.25 / 364.25
Jul21 359.50 / 361.50
Aug21 356.50 / 358.50
Sep21 352.75 / 354.75
Q2-21 364.25 / 366.25
Q3-21 356.25 / 358.25
Q4-21 345.50 / 347.50
Q1-22 337.75 / 340.75
CAL22 327.50 / 333.50
*Rott VLSFO 0.5% INDIC*
Apr21 449.00 / 454.00
May21 448.25 / 453.25
Jun21 447.75 / 452.75
Jul21 447.00 / 452.00
Aug21 446.00 / 451.00
Sep21 445.00 / 450.00
Q2-21 448.50 / 453.50
Q3-21 446.00 / 451.00
Q4-21 442.50 / 448.50
Q1-22 437.75 / 445.75
CAL22 432.25 / 440.25
*Sing VLSFO 0.5% INDIC*
Apr21 468.25 / 473.25
May21 468.00 / 473.00
Jun21 467.50 / 472.50
Jul21 466.75 / 471.75
Aug21 466.25 / 471.25
Sep21 465.50 / 470.50
Q2-21 468.00 / 473.00
Q3-21 466.25 / 471.25
Q4-21 463.50 / 469.50
Q1-22 459.75 / 467.75
CAL22 455.25 / 463.25
*Sing 10ppm GO INDIC*
Apr21 67.69 / 67.83
May21 67.80 / 68.00
Jun21 67.93 / 68.13
Jul21 68.01 / 68.21
Aug21 68.06 / 68.26
Sep21 68.08 / 68.28
Q2-21 67.75 / 68.05
Q3-21 68.00 / 68.30
Q4-21 67.82 / 68.12
Q1-22 67.56 / 67.86
CAL22 67.33 / 67.73
*ICE Gasoil 10ppm INDIC*
Apr21 507.59 / 511.59
May21 509.71 / 513.71
Jun21 511.08 / 515.08
Jul21 512.18 / 516.18
Aug21 513.10 / 517.10
Sep21 514.09 / 518.09
Q2-21 509.45 / 513.45
Q3-21 513.12 / 517.12
Q4-21 513.36 / 517.36
Q1-22 511.35 / 515.35
CAL22 509.47 / 513.47
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