At 11:46 am Singapore time (0346 GMT), the ICE Brent July contract was up 29 cents/b (0.42%) from the May 7 settle at $68.57/b, while the June NYMEX light sweet crude contract was up 19 cents/b (0.29%) at $64.90/b.
As a result of the positive tracks made with the UK vaccine programme, fuel sales here in the UK have hit their highest levels since March of 2020 as the restriction on travel are relaxed as 17th May approaches and further freedoms are granted to the population. Analysts have earmarked that the vaccines are tangible proof of how the world is going to leave the pandemic behind with over half of the UK adult population receiving at least one dose of the vaccine. (Oilprice.com)
The Indian Oil and Gas minister had thanked his counterparts in the middle east for their support in supplying Oxygen to India when it was needed most as the country still grapples to get the COVID-19 pandemic under control. This comes as Indian refiners reversed steep cuts in oil purchases in May for a steady supply in June loadings. (Reuters)
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 8 this week, bringing the total rig count to 448. In the week prior, the U.S. oil and gas rig count increased by 2. The total number of active oil and gas drilling rigs in the U.S. is now 74 more than this time last year. (Oilprice.com)
Tuesday will see OPEC release its monthly market report, which will include OPEC supply numbers for April, along with the group’s views on the outlook for the market. This will be followed by the EIA’s Short-term Energy Outlook on the same day. Wednesday will see the IEA release its monthly oil market report, in which they will share their outlook for the oil market.
In fuel, market sentiment is bullish for the week beginning 10th May, with the market being buoyed by regional demand for procurement of fuel to meet power needs, with Saudi Arabia driving the way. In terms of the VLSFO, downstream demand remains somewhat uncertain owing to the increasing prevalence of COVID cases in India and Asia, with inventories remaining high. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 386.87
* Rott 3.5%: 374.88
* Sing 0.5%: 497.69
* Rott 0.5%: 479.00
*Rotterdam 3.5% INDIC*
Jun21 374.25 / 376.25
Jul21 372.50 / 374.50
Aug21 369.50 / 371.50
Sep21 365.50 / 367.50
Oct21 360.75 / 362.75
Nov21 356.75 / 358.75
Q3-21 369.00 / 371.00
Q4-21 357.00 / 359.00
Q1-22 350.00 / 352.00
Q2-22 344.00 / 347.00
CAL22 341.00 / 347.00
*Singapore 380 INDIC*
Jun21 384.25 / 386.25
Jul21 383.75 / 385.75
Aug21 382.25 / 384.25
Sep21 379.75 / 381.75
Oct21 376.75 / 378.75
Nov21 374.50 / 376.50
Q3-21 381.75 / 383.75
Q4-21 374.50 / 376.50
Q1-22 369.00 / 371.00
Q2-22 363.25 / 366.25
CAL22 360.00 / 366.00
*Rott VLSFO 0.5% INDIC*
Jun21 482.75 / 487.75
Jul21 482.50 / 487.50
Aug21 482.25 / 487.25
Sep21 481.75 / 486.75
Oct21 481.00 / 486.00
Nov21 480.00 / 485.00
Q3-21 482.25 / 487.25
Q4-21 480.00 / 485.00
Q1-22 475.75 / 481.75
Q2-22 470.75 / 478.75
CAL22 468.00 / 476.00
*Sing VLSFO 0.5% INDIC*
Jun21 501.75 / 506.75
Jul21 502.25 / 507.25
Aug21 502.00 / 507.00
Sep21 501.75 / 506.75
Oct21 501.50 / 506.50
Nov21 501.00 / 506.00
Q3-21 502.00 / 507.00
Q4-21 500.75 / 505.75
Q1-22 497.75 / 503.75
Q2-22 492.75 / 500.75
CAL22 490.00 / 498.00
*Sing 10ppm GO INDIC*
Jun21 74.25 / 74.39
Jul21 74.23 / 74.43
Aug21 74.25 / 74.45
Sep21 74.17 / 74.37
Oct21 74.10 / 74.30
Nov21 73.90 / 74.10
Q3-21 74.15 / 74.45
Q4-21 73.82 / 74.12
Q1-22 73.42 / 73.72
Q2-22 73.11 / 73.41
CAL22 72.91 / 73.31
*ICE Gasoil 10ppm INDIC*
Jun21 558.43 / 562.43
Jul21 559.52 / 563.52
Aug21 560.51 / 564.51
Sep21 561.56 / 565.56
Oct21 560.96 / 564.96
Nov21 558.67 / 562.67
Q3-21 560.55 / 564.55
Q4-21 559.34 / 563.34
Q1-22 555.84 / 559.84
Q2-22 548.78 / 552.78
CAL22 551.09 / 555.09