At 10:45 am Singapore time (0245 GMT), the ICE October Brent futures contract was down 46 cents/b (0.63%) from the previous close at $72.95/b while the NYMEX October light sweet crude contract was down 41 cents/b (0.60%) at $68.80/b.
Due to the damage from torrential rain, flooding, and cyclonic winds, approximately 12% of the US total refining capacity has been shut, ANZ research analysts said in a note Aug. 31, adding that the damage to oil platforms in the Gulf of Mexico looks limited, which should result in a relatively rapid return to full production. According to estimates from S&P Global Platts Analytics, about 2.2 million b/d of refining capacity was offline due to the storm as of Aug. 30, with majority of the plants without power from outside supplier Entergy. However, UOB research analysts said Aug. 31 that Hurricane Ida was downgraded to a tropical storm on Aug. 30 and now further downgraded to a tropical depression as it moves inland. (S&P Global Platts)
Meanwhile, all eyes will be on the upcoming OPEC+ alliance meeting to discuss production target on Sept. 1 amid the pressure from the US to increase crude supplies and rising number of COVID-19 cases globally. Oil demand in the world’s No. 2 consumer looks to be on a recovery path as Beijing eases lockdown measures after largely containing several outbreaks of the COVID-19 Delta variant since it emerged in the country in July, but globally, there are still big concerns as to the spread of the delta variant, and how this spread as the northern hemisphere looks to the autumn and has to contend with the common flu as well as any further changes in the COVID-19 variant.
MARKETS NEWS:
* Ida Is Making Labor Day Gasoline Most Expensive Since 2014
* WTI-Brent Spread Gaps Out as Hurricane Ida Lands a Blow: Chart
* New Orleans Port Still Closed as Sunk Barges Line River: Moran
* Ida Set to Impact U.S. Crude Imports More Than Exports: Clipper
* U.S. Refiners Out of Ida’s Path Shop for Replacement Barrels
* China Oil Giants Use Profits to Step Up Climate Action
**Rotterdam 3.5% INDIC**
Sep21 393.25 / 395.25
Oct21 386.75 / 388.75
Nov21 380.75 / 382.75
Dec21 376.00 / 378.00
Jan22 373.25 / 375.25
Feb22 371.50 / 373.50
Q4-21 381.25 / 383.25
Q1-22 371.50 / 373.50
Q2-22 366.00 / 368.00
Q3-22 358.75 / 361.75
CAL22 360.00 / 366.00
**Singapore 380 INDIC**
Sep21 422.00 / 424.00
Oct21 408.75 / 410.75
Nov21 400.00 / 402.00
Dec21 394.50 / 396.50
Jan22 391.00 / 393.00
Feb22 389.00 / 391.00
Q4-21 401.25 / 403.25
Q1-22 389.25 / 391.25
Q2-22 383.25 / 385.25
Q3-22 376.75 / 379.75
CAL22 378.75 / 384.75
**Rott VLSFO 0.5% INDIC**
Sep21 500.25 / 505.25
Oct21 497.75 / 502.75
Nov21 495.50 / 500.50
Dec21 493.25 / 498.25
Jan22 491.00 / 496.00
Feb22 488.75 / 493.75
Q4-21 495.50 / 500.50
Q1-22 488.75 / 493.75
Q2-22 481.50 / 487.50
Q3-22 473.75 / 481.75
CAL22 477.25 / 485.25
**Sing VLSFO 0.5% INDIC**
Sep21 521.00 / 526.00
Oct21 516.25 / 521.25
Nov21 513.00 / 518.00
Dec21 510.00 / 515.00
Jan22 507.75 / 512.75
Feb22 505.50 / 510.50
Q4-21 513.25 / 518.25
Q1-22 505.50 / 510.50
Q2-22 498.50 / 504.50
Q3-22 491.50 / 499.50
CAL22 494.75 / 502.75
**Sing 10ppm GO INDIC**
Sep21 78.94 / 79.08
Oct21 78.70 / 78.90
Nov21 78.36 / 78.56
Dec21 78.01 / 78.21
Jan22 77.76 / 77.96
Feb22 77.58 / 77.78
Q4-21 78.30 / 78.60
Q1-22 77.55 / 77.85
Q2-22 77.08 / 77.38
Q3-22 76.75 / 77.05
CAL22 76.86 / 77.26
**ICE Gasoil 10ppm INDIC**
Sep21 602.88 / 606.88
Oct21 600.83 / 604.83
Nov21 597.04 / 601.04
Dec21 593.88 / 597.88
Jan22 591.68 / 595.68
Feb22 589.64 / 593.64
Q4-21 597.25 / 601.25
Q1-22 589.58 / 593.58
Q2-22 584.17 / 588.17
Q3-22 581.25 / 585.25
CAL22 583.11 / 587.11
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