Brent crude futures for July were at $68.47 a barrel by 0338 GMT, up 38 cents, or 0.6%, while U.S. West Texas Intermediate (WTI) crude for June rose 38 cents, or 0.6%, to $65.09. Both Brent and WTI are on track for a second weekly gain.
Data released this week regarding economic growth for the US and China made sure that oil markets continued to push into Friday as market participants remain relatively bullish on the news that the recovery from the pandemic is well underway. Economic growth forecasts were also revised upwards in the UK as the country expects to further relax restrictions from 17th May, which would be the penultimate stage in the UK’s roadmap out of lockdown, which would see certain holiday destinations open up to UK tourists in a boost to the travel sector and jet fuel demand.
The situation in India with the precarious COVID-19 situation continues to cap oil gains, with cases rising still and the last recorded figure for cases reached 412,000 according to data from John Hopkins university and the new strain that is sweeping across the nation looks to have already reached 17 other countries, putting some of those under new restriction to stop further transmission. The weaker dollar was proving support for prices with the June contract for ICE US dollar index trading at 90.865 at 11 am, down 0.469% from the previous settle and although brent was trading rangebound this morning in Asia, oil looks to post another week of gains. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 388.99
* Rott 3.5%: 376.50
* Sing 0.5%: 499.00
* Rott 0.5%: 479.42
OIL MARKET ROUND-UP:
* U.S. Says Swift Return to Nuclear Deal Hinges on Iran’s Moves
* VLCC Sails to USVI for U.S. Crude Export First Time in a Year
* Supertanker Loads North Sea Oil Via Ship Transfer at Southwold
* Benchmark Tanker Earnings Turn Negative; U.S.-Europe Rates Climb
* 6pm: Baker Hughes weekly rig count report
* 6:30pm: ICE Futures Europe’s weekly commitment of traders report for week ended May 4
* 8:30pm: CFTC weekly commitment of traders data for week ended May 4
*Rotterdam 3.5% INDIC*
Jun21 372.50 / 374.50
Jul21 370.50 / 372.50
Aug21 367.00 / 369.00
Sep21 362.50 / 364.50
Oct21 357.50 / 359.50
Nov21 353.25 / 355.25
Q3-21 366.75 / 368.75
Q4-21 353.50 / 355.50
Q1-22 346.25 / 348.25
Q2-22 340.50 / 343.50
CAL22 336.25 / 342.25
*Singapore 380 INDIC*
Jun21 382.75 / 384.75
Jul21 382.25 / 384.25
Aug21 380.50 / 382.50
Sep21 377.50 / 379.50
Oct21 374.00 / 376.00
Nov21 371.25 / 373.25
Q3-21 380.25 / 382.25
Q4-21 371.50 / 373.50
Q1-22 365.75 / 367.75
Q2-22 360.00 / 363.00
CAL22 355.75 / 361.75
*Rott VLSFO 0.5% INDIC*
Jun21 473.25 / 478.25
Jul21 473.50 / 478.50
Aug21 473.25 / 478.25
Sep21 472.75 / 477.75
Oct21 472.00 / 477.00
Nov21 471.00 / 476.00
Q3-21 473.25 / 478.25
Q4-21 471.00 / 476.00
Q1-22 466.75 / 472.75
Q2-22 461.75 / 469.75
CAL22 459.00 / 467.00
*Sing VLSFO 0.5% INDIC*
Jun21 494.00 / 499.00
Jul21 495.25 / 500.25
Aug21 495.50 / 500.50
Sep21 495.50 / 500.50
Oct21 495.25 / 500.25
Nov21 494.75 / 499.75
Q3-21 495.50 / 500.50
Q4-21 494.75 / 499.75
Q1-22 491.75 / 497.75
Q2-22 486.75 / 494.75
CAL22 484.00 / 492.00
*Sing 10ppm GO INDIC*
Jun21 73.28 / 73.42
Jul21 73.26 / 73.46
Aug21 73.26 / 73.46
Sep21 73.22 / 73.42
Oct21 73.15 / 73.35
Nov21 72.93 / 73.13
Q3-21 73.20 / 73.50
Q4-21 72.86 / 73.16
Q1-22 72.45 / 72.75
Q2-22 72.12 / 72.42
CAL22 71.92 / 72.32
*ICE Gasoil 10ppm INDIC*
Jun21 551.19 / 555.19
Jul21 552.48 / 556.48
Aug21 553.59 / 557.59
Sep21 554.85 / 558.85
Oct21 554.33 / 558.33
Nov21 552.36 / 556.36
Q3-21 553.65 / 557.65
Q4-21 552.93 / 556.93
Q1-22 549.90 / 553.90
Q2-22 546.02 / 550.02
CAL22 548.03 / 552.03
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