FIS Fuel Oil Morning Report 31/03/21

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
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Email: LukeL@freightinvestor.com

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Email: RickyF@freightinvestor.com

Mobile: (+44) 7868 708719

 

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Mobile: (+86)1352 4516743

 

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Mobile: (+65) 87984987

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