Asia crude oil: Key market indicators this week
Trade activity in the Asian crude oil market is likely to pick up pace for August-loading barrels amid a strong market sentiment, which remains largely supported by brightening demand cues as COVID-19 cases decline in key demand centers such as India.
August ICE Brent crude futures were pegged at $72.96/b at 0230 GMT June 14, 27 cents/b higher from the 0830 GMT Asian close on June 11.
Middle East crude The week ahead is likely to see an uptick in trade for August-loading crude through spot tenders by Middle East producers and Asian refiners. Eyes will be on the issuance of Qatar Petroleum’s Al-Shaheen tender this week with cash premiums in the tender expected to be higher than previous months given the stronger demand cues emerging from Asia.
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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.