U.S. West Texas Intermediate (WTI) crude futures fell 40 cents, or 0.6%, to $64.52 a barrel at 0247 GMT, after gaining 2 cents on Monday. Brent crude futures dropped 45 cents, or 0.7%, to $67.87 a barrel, after climbing 4 cents on Monday
Reports of the hacking of the Colonial pipeline ensured that oil softened over the course of yesterday’s trading, with some reports attributing the hackers to the work of Russians. The pipeline is able to transport 2.5 million barrels per day of crude and products. Is it expected that crude oil demand may fall as refineries scale back production in the short term due to the cyber-attack blocking the oil flows from the south of the US to the other states.
However it was confirmed yesterday that the group were not interested in causing geopolitical problems, rather acting as ransomware and demanding cash in order to release the pipeline with officials hoping that that largest gasoline pipeline in the US would be back up and running before the end of the week. As a result of the outage, Refineries such as that as Motiva Enterprises LLC 609,000 barrel per day operation in Texas was shut on Sunday, with gasoline prices on course to reach their highest levels since 2014. (Reuters)
The new strain of COVID-19 that is sweeping through India is still raising concerns as the WHO have reclassified the variant as one for concern across the whole globe. India recorded a marginally less number of cases in the last 24 hour period yesterday, a sign that the peak of their third wave may have been and gone. (S&P Global Platts)
Analysts expect a slight uptick in US refinery utilization to have sent the country’s commercial crude stocks 4.1 million barrels lower in the week ended May 7 to around 481 million barrels. Figures from the API are expected later this evening, with the EIA figures due tomorrow at 1530BST. (S&P Global Platts)
INDEX: (MTD Estimates)
* Sing 380: 386.03
* Rott 3.5%: 373.20
* Sing 0.5%: 497.57
* Rott 0.5%: 478.20
*Rotterdam 3.5% INDIC*
Jun21 364.25 / 366.25
Jul21 363.00 / 365.00
Aug21 360.50 / 362.50
Sep21 356.75 / 358.75
Oct21 352.25 / 354.25
Nov21 348.50 / 350.50
Q3-21 360.00 / 362.00
Q4-21 348.75 / 350.75
Q1-22 342.50 / 344.50
Q2-22 337.25 / 340.25
CAL22 334.75 / 340.75
*Singapore 380 INDIC*
Jun21 374.00 / 376.00
Jul21 374.00 / 376.00
Aug21 373.25 / 375.25
Sep21 371.00 / 373.00
Oct21 368.00 / 370.00
Nov21 365.50 / 367.50
Q3-21 372.75 / 374.75
Q4-21 365.75 / 367.75
Q1-22 361.00 / 363.00
Q2-22 355.50 / 358.50
CAL22 353.75 / 359.75
*Rott VLSFO 0.5% INDIC*
Jun21 470.50 / 475.50
Jul21 470.25 / 475.25
Aug21 470.00 / 475.00
Sep21 469.50 / 474.50
Oct21 468.75 / 473.75
Nov21 467.75 / 472.75
Q3-21 470.00 / 475.00
Q4-21 467.75 / 472.75
Q1-22 464.25 / 470.25
Q2-22 459.25 / 467.25
CAL22 456.75 / 464.75
*Sing VLSFO 0.5% INDIC*
Jun21 490.75 / 495.75
Jul21 491.75 / 496.75
Aug21 492.25 / 497.25
Sep21 492.25 / 497.25
Oct21 492.00 / 497.00
Nov21 491.50 / 496.50
Q3-21 492.25 / 497.25
Q4-21 491.50 / 496.50
Q1-22 489.25 / 495.25
Q2-22 485.00 / 493.00
CAL22 482.25 / 490.25
*Sing 10ppm GO INDIC*
Jun21 73.32 / 73.46
Jul21 73.27 / 73.47
Aug21 73.26 / 73.46
Sep21 73.24 / 73.44
Oct21 73.16 / 73.36
Nov21 72.98 / 73.18
Q3-21 73.20 / 73.50
Q4-21 72.90 / 73.20
Q1-22 72.49 / 72.79
Q2-22 72.16 / 72.46
CAL22 71.94 / 72.34
*ICE Gasoil 10ppm INDIC*
Jun21 551.48 / 555.48
Jul21 552.64 / 556.64
Aug21 553.72 / 557.72
Sep21 554.98 / 558.98
Oct21 554.54 / 558.54
Nov21 552.53 / 556.53
Q3-21 553.80 / 557.80
Q4-21 553.13 / 557.13
Q1-22 550.11 / 554.11
Q2-22 546.50 / 550.50
CAL22 548.74 / 552.74
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