Asia crude oil: Key market indicators for June 28-July 2
In the week of June 28-July 2, crude oil will continue its climb as market sources expect the OPEC+ coalition to announce only a marginal increase in production quotas in August.
August ICE Brent crude futures were pegged at $76.07/b at 0200 GMT June 28, 35 cents/b higher from the 0830 GMT Asian close on June 25.
Middle East Crude Market participants await the issuance of August official selling prices with a price hike for lighter crude grades on the back of a stronger sour complex this month. India’s crude demand is in focus amid some COVID-19 recovery, while Chinese demand may stay capped amid less-than-expected import quotas issued.
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.