Oil prices settled almost unchanged on Monday after Colonial pipeline officials said that they could largely restart within the week after a cyberattack forced its shutdown.
Brent crude futures settled at $68.32, up 4 cents.
The ransomware gang accused of crippling the leading US fuel pipeline operator said on Monday that it never meant to create havoc, an unusual statement that experts saw as a sign the cybercriminals’ scheme had gone awry.
OPEC produced 25.28 MMB/D in Apr’21, up 80 KB/D MoM; Russia and eight other non-OPEC partners in the group’s supply accord added 13.21 MMB/D, up 130 KB/D, according to the latest S&P Global Platts survey.
At a global level, the death toll from the COVID-19 virus rose to 3.32 Million (+10,586 DoD) yesterday. The total number of active cases rose fell by around 200,000 DoD to 18.07 million. (Click here for details).
Asia’s naphtha crack dropped 67 cents to $96.43 a tonne on Monday as cracker operators sought cheaper liquefied petroleum gas (LPG) as feedstock.
The June crack is lower at $ 0.35 /bbl
Asia’s gasoline margin rebounded on Monday as a jump in U.S. prices, following a cyberattack that shut a major fuel pipeline over the weekend, offset lower demand in the U.S. east coast due to the coronavirus pandemic.
The gasoline crack in Singapore rose to $6.69 per barrel on Monday, from $6.33 per barrel in the previous session.
Traders provisionally booked at least six tankers to ship gasoline from Europe to US destinations following a cyber attack that shut the US’ top fuel pipeline network, Refinitiv Eikon data showed on Monday.
The June crack is lower at $8.75 /bbl
Click Here for a graphical depiction of Global Gasoline stocks by region.
Asia’s cash differentials for gasoil with 10 ppm sulphur were at a discount of 14 cents per barrel to Singapore quotes on Monday, 4 cents lower than the previous day.
The exchange of futures for swaps (EFS), the gasoil price spread between Singapore and Northwest Europe, dropped to a one-week low of around minus $15 a tonne on Monday, Refinitiv data showed, making arbitrage shipments to the West more economical.
Cash differentials for jet fuel eased by a further three cents to a premium of 9 cents a barrel to Singapore quotes on Monday.
Global scheduled airline capacity for the week starting 10 May’21 was down 0.4% WoW to 62.1 million seats, 58.2% of Jan’20 levels, as a plunge in SE Asia capacity offset a rise in European and North American capacity, according to OAG..
The June crack for 500 ppm Gasoil is lower at $6.65 /bbl with the 10 ppm crack at $ 8.00 /bbl. The regrade is at -$ 0.45 /bbl.
Click Here for a graphical depiction of Global Distillate stocks by region.
Concerns of over supply and limited incremental demand weighed on Asia’s 0.5% very low-sulphur fuel oil (VLSFO) and high-sulphur fuel oil (HSFO) markets.
The front-month VLSFO time-spread and crack against Dubai crude were lower on Monday, at minus $1 per tonne and $12.28 a barrel, respectively.
The VLSFO cash differential, however, nudged 34 cents per tonne away from a more than four-month low on Friday to minus $1.22 a tonne as cargo deals resurfaced in the Singapore window.
The HSFO market was also weighed down by a sluggish power generation demand and ample supplies with cash premiums for cargoes of the mainstay 380-cst HSFO falling to a 2021 low of minus 52 cents a tonne to Singapore quotes.
The June crack for 180 cst FO is lower at -$5.35 /bbl with the visco spread at $0.85 /bbl.
Click Here for a graphical depiction of Fuel Oil stocks by region.
No fresh action today.
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About this blog
This blog post attempts to give a top level summary of the Singapore market goings on to a person who seeks to obtain a directional sense of the market on a daily basis.