Morning Oil Report
At 11:57 am Singapore time (0357 GMT), the ICE October Brent futures contract was up 32 cents/b (0.47%) from the previous close at $66.77/b, while the NYMEX September light sweet crude contract was 34 cents/b (0.53%) higher at $64.03/b.
Oil prices rose on Friday, pulling up from three-month lows, but they were still on track for a weekly loss of over 5% as new lockdowns in countries facing surging cases of the Delta variant dampened the outlook for fuel demand. Broader investor risk aversion also weighed on oil with the U.S. dollar jumping to a nine-month high on signs the U.S. Federal Reserve is considering reducing stimulus this year. (Reuters)
The Delta variant of COVID-19 is the biggest threat to oil prices at present, with the US reporting 157,694 new COVID-19 cases Aug. 18, US Centers of Disease Control and Prevention data showed, while the seven-day moving average stood at 133,055 cases. This frightening statistic is threatening the global recovery and the possibility that we are yet to fully control the spread of the virus. In addition, the US Federal Reserve has signalled it could start tapering bond purchases as early as September, which could spur a rise interest rate and add to downward pressure on energy demand in coming months. (S&P Global Platts)
The OPEC+ group saw its overall compliance with the production cuts at 109 percent in July, down from 113 percent in June, Argus reported on Thursday, citing an internal report meant for the Joint Technical Committee (JTC) of the alliance. The decline in overall conformity levels was mainly the result of OPEC’s leader and top producer, Saudi Arabia, unwinding the last 400,000 barrels per day (bpd) part of its unilateral extra cut of 1 million bpd implemented between February and April. (OilPrice.com)
Sing VLSFO 0.5% INDIC
Sep-21 478.75 / 483.75
Oct-21 476.00 / 481.00
Nov-21 473.50 / 478.50
Dec-21 471.25 / 476.25
Jan-22 469.50 / 474.50
Feb-22 467.75 / 472.75
Q4-21 473.50 / 478.50
Q1-22 467.75 / 472.75
Q2-22 462.75 / 467.75
Q3-22 458.25 / 463.25
CAL22 460.50 / 465.50
Rott VLSFO 0.5% INDIC
Sep-21 457.50 / 462.50
Oct-21 455.75 / 460.75
Nov-21 454.00 / 459.00
Dec-21 452.25 / 457.25
Jan-22 450.50 / 455.50
Feb-22 448.75 / 453.75
Q4-21 454.00 / 459.00
Q1-22 448.75 / 453.75
Q2-22 443.50 / 448.50
Q3-22 438.25 / 443.25
CAL22 440.75 / 445.75
Sing 10ppm GO INDIC
Sep-21 72.31 / 72.43
Oct-21 72.14 / 72.28
Nov-21 71.87 / 72.03
Dec-21 71.59 / 71.77
Jan-22 71.39 / 71.57
Feb-22 71.20 / 71.40
Q4-21 71.82 / 72.00
Q1-22 71.18 / 71.38
Q2-22 70.90 / 71.14
Q3-22 70.73 / 71.03
CAL22 70.77 / 71.07
ICE Gasoil 10ppm INDIC
Sep-21 548.75 / 550.75
Oct-21 547.75 / 549.75
Nov-21 545.50 / 547.50
Dec-21 543.25 / 545.25
Jan-22 542.00 / 544.00
Feb-22 541.25 / 543.25
Q4-21 545.50 / 547.50
Q1-22 541.00 / 543.00
Q2-22 537.75 / 539.75
Q3-22 537.75 / 540.25
CAL22 537.75 / 540.75
Sing 380 cst INDIC
Sep-21 370.50 / 372.50
Oct-21 364.50 / 366.50
Nov-21 360.00 / 362.00
Dec-21 357.00 / 359.00
Jan-22 354.75 / 356.75
Feb-22 353.50 / 355.50
Q4-21 360.25 / 362.75
Q1-22 353.50 / 355.50
Q2-22 349.75 / 351.75
Q3-22 345.25 / 348.25
CAL22 347.00 / 350.00
Rotterdam 3.5% INDIC
Sep-21 353.50 / 355.50
Oct-21 348.50 / 350.50
Nov-21 344.25 / 346.25
Dec-21 341.00 / 343.00
Jan-22 339.00 / 341.00
Feb-22 337.75 / 339.75
Q4-21 344.50 / 347.00
Q1-22 337.75 / 339.75
Q2-22 334.00 / 336.00
Q3-22 328.50 / 331.50
CAL22 330.25 / 333.25
For more information please contact
FIS Oil Desk
info@freightinvestor.com
UK number: +44 (0) 207 090 1134
Shanghai number: +86 (0)21 63012568
Singapore: +65 87984987
Luke Longhurst
Email: LukeL@freightinvestor.com
Mobile: (+44) 7966 968761
Ricky Forman
Email: RickyF@freightinvestor.com
Mobile: (+44) 7868 708719
Sam Twyford
Email: SamT@freightinvestor.com
Mobile: (+44) 7729 118643
Jessie Deng
Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987