Morning Oil Report
At 9:50 am Singapore time (0150 GMT), the ICE October Brent futures contract was up 40 cents/b (0.58%) from the previous close at $69.15/b, while the NYMEX October light sweet crude contract was 32 cents/b (0.49%) higher at $65.96/b. Both oil benchmarks settled 5.3%-5.4% higher overnight after a spate of bullish reports spurred a rally across asset classes, with several US equity indices closing at or near record highs.
The US Food and Drug Administration Aug. 23 also granted full approval to the Pfizer-BioNTech vaccine, a move that will likely speed up the pace of vaccinations across the country. In addition, preliminary US services and manufacturing PMI data for August released Aug. 23 came in short of expectations, lending support to the notion that the US Federal Reserve will hold back from tapering its massive asset-purchase program in the coming months. (S&P Global Platts)
Also helping the oil market was the report of zero Covid-19 cases in China for the first time since July. This suggests that the worst of the latest outbreak in China may be behind us. Concern about oil demand may now start to ease. Last week, the oil market come under significant pressure, clocking its worst weekly performance since October last year, so it was overdue a relief rally. Interestingly though, while there were big moves in the flat price for both Brent and WTI yesterday, time spreads were more static. The prompt Brent spread was actually marginally weaker. (ING)
OIL MARKET ROUND-UP:
* U.S. Holds Largest Sale of Strategic Oil Reserves in 7 Years
* Benchmark Oil Tankers Cut Losses to Lowest Since Early June
* Supertanker Signals West Africa After Rotterdam Diesel Call
* U.S. Gasoline Imports From Europe Jump on Weekly Basis
*Rotterdam 3.5% INDIC*
Sep21 370.50 / 372.50
Oct21 365.00 / 367.00
Nov21 360.25 / 362.25
Dec21 356.75 / 358.75
Jan22 354.50 / 356.50
Feb22 353.00 / 355.00
Q4-21 360.75 / 362.75
Q1-22 353.00 / 355.00
Q2-22 348.25 / 350.25
Q3-22 342.25 / 345.25
CAL22 338.75 / 344.75
*Singapore 380 INDIC*
Sep21 390.00 / 392.00
Oct21 382.75 / 384.75
Nov21 377.50 / 379.50
Dec21 374.25 / 376.25
Jan22 371.75 / 373.75
Feb22 370.25 / 372.25
Q4-21 378.00 / 380.00
Q1-22 370.25 / 372.25
Q2-22 365.75 / 367.75
Q3-22 360.50 / 363.50
CAL22 356.25 / 362.25
*Rott VLSFO 0.5% INDIC*
Sep21 478.50 / 483.50
Oct21 476.25 / 481.25
Nov21 474.00 / 479.00
Dec21 471.75 / 476.75
Jan22 469.75 / 474.75
Feb22 467.75 / 472.75
Q4-21 474.00 / 479.00
Q1-22 467.75 / 472.75
Q2-22 461.50 / 467.50
Q3-22 455.25 / 463.25
CAL22 458.00 / 466.00
*Sing VLSFO 0.5% INDIC*
Sep21 500.50 / 505.50
Oct21 497.00 / 502.00
Nov21 494.25 / 499.25
Dec21 491.75 / 496.75
Jan22 489.75 / 494.75
Feb22 488.00 / 493.00
Q4-21 494.25 / 499.25
Q1-22 488.00 / 493.00
Q2-22 482.25 / 488.25
Q3-22 476.00 / 484.00
CAL22 478.75 / 486.75
*Sing 10ppm GO INDIC*
Sep21 75.29 / 75.43
Oct21 75.06 / 75.26
Nov21 74.77 / 74.97
Dec21 74.48 / 74.68
Jan22 74.22 / 74.42
Feb22 73.98 / 74.18
Q4-21 74.70 / 75.00
Q1-22 73.95 / 74.25
Q2-22 73.54 / 73.84
Q3-22 73.28 / 73.58
*ICE Gasoil 10ppm INDIC*
Sep21 570.44 / 574.44
Oct21 569.26 / 573.26
Nov21 566.29 / 570.29
Dec21 563.53 / 567.53
Jan22 561.86 / 565.86
Feb22 560.45 / 564.45
Q4-21 566.35 / 570.35
Q1-22 560.30 / 564.30
Q2-22 556.12 / 560.12
Q3-22 553.77 / 557.77
CAL22 555.14 / 559.14
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