Asia crude oil: Key market indicators for July 5-9 | Hellenic Shipping News Worldwide
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Asia crude oil: Key market indicators this week
Asia’s crude oil market activity in the May 10-14 trading week is expected to pick up steam, although sentiment continues to be weighed down by demand concerns across Asia amid COVID-19 resurgences, which have caused several countries to introduce, or increase lockdown measures.
July ICE Brent crude futures were pegged at $68.59/b at 0300 GMT May 10, up 65 cents/b from the 0830 GMT Asian close on May 7.
Middle East Crude Activity in the week ahead will focus on the issuance of buy and sell tenders by Asian refiners and Middle East producers for July-loading barrels, respectively, as China, Japan and Russia emerge from seasonal holidays. However, trade is likely to remain muted as India continues to deal with a surge in COVID-19 infections, while other countries like Thailand and Japan also deal with fresh outbreaks.
Singapore Asia s crude oil market activity in the May 10-14 trading week is expected to pick up steam, although sentiment continues to be weighed down by demand concerns across Asia amid COVID-19 resurgences, which have caused several countries to introduce, or increase lockdown measures.
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July ICE Brent crude futures were pegged at $68.59/b at 0300 GMT May 10, up 65 cents/b from the 0830 GMT Asian close on May 7.
Middle East Crude Activity in the week ahead will focus on the issuance of buy and sell tenders by Asian refiners and Middle East producers for July-loading barrels, respectively, as China, Japan and Russia emerge from seasonal holidays. However, trade is likely to remain muted as India continues to deal with a surge in COVID-19 infections, while other countries like Thailand and Japan also deal with fresh outbreaks.
Asia crude oil: Key market indicators this week
Crude oil futures retreated marginally during mid-morning trade in Asia April 5, after the OPEC+ alliance announced its plans late April 1 to gradually taper off production cuts from May to July.
Middles East The week commences with eyes on issuance of official selling prices by various Middle East oil producers. Saudi Aramco issued OSPs for Asian bound crude with a hike of 20-50 cents/b across their various crude grades. OSPs by other producers namely ADNOC, Iraq’s SOMO and Qatar Petroleum are awaited. Focus also remains on the decision by the OPEC+ alliance to gradually ease oil production cuts, including Saudi’s voluntary cuts. With fresh COVID-19 outbreaks and tepid demand scenarios, the impact of additional oil supplies will be closely watched by the market.
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