Brent crude slipped for a third day and was down 51 cents, 1.4%, at $37.14 a barrel by 0628 GMT after touching a five-month low in the previous session. December Brent contract expires on Friday. U.S. West Texas Intermediate (WTI) crude declined 48 cents, or 1.3%, to $35.69 a barrel after dipping to its lowest since June on Thursday. The losses mark back to back 4.5%+ falls on Wednesday and Thursday.
Production in the US Gulf is beginning to come back online after closures as a result of the predicted hurricane Zeta. The Storm was downgraded to a tropical cyclone and was not as strong as first feared. (Reuters)
The US election looms as the oil market continues to be depressed as a result of increasing supply from OPEC nation Libya, and weakening demand as lockdowns across the globe become a very real possibility. The oil market is now feeling the pinch of the crashing oil prices that have means firms are unable to sustain production at current levels, with job losses as a result of winding down operations and increasing mergers in the US oil and gas market. (Reuters)
Rotterdam fuel volumes in Q3 have increased on the year and on the previous quarter with Marine diesel oil also on the up, 50% up on last year’s figures.
INDEX: (MTD Estimates)
* Sing 380: 251.27
* Rott 3.5%: 236.42
* Sing 0.5%: 319.45
* Rott 0.5%: 299.43
MARKETS NEWS:
- West African Oil Fortunes Diverge Along With Europe and China
- Kuwait Is Committed to All OPEC+ Deal Decisions: Oil Minister
- Shell Shuts Production in Mars Corridor in U.S. Gulf After Zeta
- U.S. Gulf Shuts in 1.6M B/D or 84.8% Oil Production: BSEE
- Venezuela Produces More Gasoline Than Local Demand: Oil Minister
- U.S. Sanctions Eight Companies Over Iran’s Petrochemical Sales
- Gabon Plans to Cut Exports of Rabi Light Crude in December
- Coast Guard Re-Opens Sector Houma Ports With Restrictions
- Mideast-China VLCC Rates Drop; Europe-U.S. Clean Tankers Slump
OTHER NEWS:
- Zeta Leaves Trail of Wreckage, Blackouts Across U.S. South
- PetroChina Rebounds to Profit on Pipe Sale and Oil’s Rise
- Cargill to Add Giant Sails to Cargo Ships to Curb Emissions
- PBF Says Nothing Off the Table as It Eyes More Consolidation
OIL PRODUCT NEWS:
- U.S.: Paulsboro is Latest Casualty of Demand Slump
- EUROPE: U.K. Road Fuel Sales Drop; ARA Weekly Data
- ASIA: Light Distillate Stockpiles Near 1-Year Low
ECONOMIC EVENTS: (Times are London.)
- 5:00pm: Baker Hughes U.S. Rig Count
- 6:30pm: ICE Commitments of Traders report
- 7:30pm: CFTC Commitments of Traders report
- EIA releases 914 production report and Petroleum Supply Monthly
- EARNINGS: Exxon Mobil, Chevron, Phillips 66, Total
Rotterdam 3.5% INDIC
Nov20 221.25 / 223.25
Dec20 218.00 / 220.00
Jan21 216.50 / 218.50
Feb21 216.75 / 218.75
Mar21 217.00 / 219.00
Apr21 217.25 / 219.25
Q1-21 216.75 / 218.75
Q2-21 217.25 / 219.25
Q3-21 217.25 / 219.25
Q4-21 216.25 / 219.25
CAL21 216.75 / 222.75
Singapore 380 INDIC
Nov20 234.75 / 236.75
Dec20 232.00 / 234.00
Jan21 230.75 / 232.75
Feb21 230.50 / 232.50
Mar21 230.50 / 232.50
Apr21 231.00 / 233.00
Q1-21 230.50 / 232.50
Q2-21 231.50 / 233.50
Q3-21 233.00 / 235.00
Q4-21 234.00 / 237.00
CAL21 233.00 / 239.00
Rott VLSFO 0.5% INDIC
Nov20 277.50 / 282.50
Dec20 276.25 / 281.25
Jan21 276.25 / 281.25
Feb21 277.25 / 282.25
Mar21 278.50 / 283.50
Apr21 280.00 / 285.00
Q1-21 277.50 / 282.50
Q2-21 281.50 / 286.50
Q3-21 285.50 / 291.50
Q4-21 288.75 / 296.75
CAL21 278.75 / 286.75
Singapore VLSFO 0.5% INDIC
Nov20 297.25 / 302.25
Dec20 296.25 / 301.25
Jan21 296.00 / 301.00
Feb21 296.50 / 301.50
Mar21 297.50 / 302.50
Apr21 298.75 / 303.75
Q1-21 296.75 / 301.75
Q2-21 300.25 / 305.25
Q3-21 304.25 / 310.25
Q4-21 307.75 / 315.75
CAL21 297.00 / 305.00
Sing 10ppm GO INDIC
Nov20 41.48 / 41.62
Dec20 41.94 / 42.14
Jan21 42.34 / 42.54
Feb21 42.75 / 42.95
Mar21 43.18 / 43.38
Apr21 43.65 / 43.85
Q1-21 42.70 / 43.00
Q2-21 44.04 / 44.34
Q3-21 45.35 / 45.65
Q4-21 46.01 / 46.31
CAL21 44.82 / 45.22
ICE Gasoil 10ppm INDIC
Nov20 310.03 / 312.03
Dec20 313.18 / 315.18
Jan21 316.93 / 318.93
Feb21 320.78 / 322.78
Mar21 324.19 / 326.19
Apr21 327.23 / 329.23
Q1-21 320.65 / 322.65
Q2-21 330.05 / 332.05
Q3-21 341.49 / 343.49
Q4-21 347.60 / 349.60
CAL21 337.82 / 339.82