Morning Oil Report
At 10:58 am Singapore time (0258 GMT), the ICE October Brent futures contract was up 87 cents/b (1.33%) from the previous close at $66.05/b, while the NYMEX October light sweet crude contract was 74 cents/b (1.19%) higher at $62.87/b.
The pandemic still provides the oil market with a sense of fear of a full-blown revival of another wave of a different variant. The Delta variant which was first identified in India seems to be the biggest problem as it is more transmissible than any previous strains of the virus. Last week saw a dramatic response to the news of the increasing cases globally, with oil off rather substantially.
Both oil benchmarks last week posted their steepest declines since October last year as growing clusters of delta variant outbreaks globally and a strengthening US dollar threw off a recovery in global oil demand. Both benchmarks settled lower on the week by 7.66%-8.94%. Nonetheless, some bright spots appeared amid the fresh wave of pandemic outbreaks worldwide. (S&P Global Platts)
China, the world’s largest crude oil importer, has imposed new restrictions with its ‘zero tolerance’ coronavirus policy, which is affecting shipping and global supply chains. The United States and China have also imposed flight-capacity restrictions. While the pandemic drags on fuel demand, supply is steadily increasing. U.S. production rose to 11.4 million barrels per day in the most recent week, and drilling firms added rigs for the third week in a row, services company Baker Hughes said. But a slide in the U.S. dollar provided some support. (Reuters)
The dollar index, which measures the currency against six peers, traded at 93.333, down slightly from 93.734, its highest in more than nine months hit on Friday.
OIL MARKET ROUND-UP:
- Gasoline Margins Slump as Big Oil Guzzlers Face Lockdown
- Vitol, Trafigura Face Years of Oil-Trading Curbs in Mexico
- Singapore Floating Stocks of VLSFO Rise on Week, Kpler Says
- Cheap Freight Shows Europe Gasoline Export Issue: Maersk Tankers
**Rotterdam 3.5% INDIC**
Sep21 354.00 / 356.00
Oct21 349.00 / 351.00
Nov21 344.50 / 346.50
Dec21 341.25 / 343.25
Jan22 339.25 / 341.25
Feb22 338.00 / 340.00
Q4-21 344.75 / 346.75
Q1-22 338.00 / 340.00
Q2-22 334.25 / 336.25
Q3-22 329.00 / 332.00
CAL22 329.75 / 335.75
**Singapore 380 INDIC**
Sep21 371.25 / 373.25
Oct21 365.00 / 367.00
Nov21 360.50 / 362.50
Dec21 357.75 / 359.75
Jan22 355.75 / 357.75
Feb22 354.50 / 356.50
Q4-21 361.00 / 363.00
Q1-22 354.50 / 356.50
Q2-22 350.75 / 352.75
Q3-22 346.00 / 349.00
CAL22 347.25 / 353.25
**Rott VLSFO 0.5% INDIC**
Sep21 457.75 / 462.75
Oct21 455.50 / 460.50
Nov21 453.50 / 458.50
Dec21 451.50 / 456.50
Jan22 449.50 / 454.50
Feb22 447.50 / 452.50
Q4-21 453.50 / 458.50
Q1-22 447.50 / 452.50
Q2-22 441.50 / 447.50
Q3-22 435.25 / 443.25
CAL22 438.00 / 446.00
**Sing VLSFO 0.5% INDIC**
Sep21 479.75 / 484.75
Oct21 476.50 / 481.50
Nov21 474.00 / 479.00
Dec21 471.75 / 476.75
Jan22 470.00 / 475.00
Feb22 468.25 / 473.25
Q4-21 474.00 / 479.00
Q1-22 468.25 / 473.25
Q2-22 462.75 / 468.75
Q3-22 457.25 / 465.25
CAL22 459.50 / 467.50
**Sing 10ppm GO INDIC**
Sep21 72.37 / 72.51
Oct21 72.17 / 72.37
Nov21 71.89 / 72.09
Dec21 71.62 / 71.82
Jan22 71.39 / 71.59
Feb22 71.22 / 71.42
Q4-21 71.85 / 72.15
Q1-22 71.19 / 71.49
Q2-22 70.94 / 71.24
Q3-22 70.78 / 71.08
CAL22 70.75 / 71.15
**ICE Gasoil 10ppm INDIC**
Sep21 548.19 / 552.19
Oct21 547.18 / 551.18
Nov21 544.71 / 548.71
Dec21 542.48 / 546.48
Jan22 541.24 / 545.24
Feb22 539.95 / 543.95
Q4-21 544.80 / 548.80
Q1-22 539.88 / 543.88
Q2-22 536.50 / 540.50
Q3-22 535.07 / 539.07
CAL22 535.94 / 539.94
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