FIS Fuel Oil Morning Report 01/09/21

At 11:15 am Singapore time (0315 GMT), the ICE November Brent futures contract was up 57 cents/b (0.79%) from the previous close at $72.20/b, while the NYMEX October light sweet crude contract was 52 cents/b (0.75%) higher at $69.02/b.

 

According to estimates from S&P Global Platts Analytics, about 2.2 million b/d of Louisiana refining capacity remained offline Aug. 31 following the passing and downgrading of Hurricane Ida, as most plants are without power from outside supplier Entergy. Meanwhile, the OPEC+ alliance is scheduled to meet Sept. 1 to decide whether to press on with plans to hike crude production by 400,000 b/d every month, as it is looking to eventually remove its output cuts implemented at the start of the pandemic.

 

“It is likely that OPEC+ will take a cautious approach by having its original production level unchanged. There is very little reason to increase production, even though the US Administration has urged OPEC to increase the output further. This seems to be unlikely due to these uncertain times caused by the outbreak of the delta variant in many countries,” a market source said. (S&P Global Platts)

 

Tuesday’s report from the American Petroleum Institute (API) that showed a bigger-than-expected drop in U.S. crude inventories was bullish and is supporting prices, U.S. crude stocks fell by 4 million barrels for the week ended Aug. 27, according to two market sources, citing API figures on Tuesday. Ahead of the weekly Energy Information Administration report due at 10:30 a.m. EDT (1430 GMT) on Wednesday, a Reuters poll of analysts estimated crude stocks would drop 3.1 million barrels. (Reuters)

 

 

OIL MARKET ROUND-UP:
* China’s Private Refiners Grab Barrels as They Prepare to Ramp Up
* OPEC+ Meets With No Sign of Deviating From Planned Output Hikes
* OPEC+ Sees 2021 Oil Deficit, 2022 Surplus as Supply Revived
* U.S Crude Oil Imports in June Grow to Highest Since 2019: EIA

 

 

*Rotterdam 3.5% INDIC*                                            

Oct21    385.50   /             387.50

Nov21   379.75   /             381.75

Dec21    375.25   /             377.25

Jan22     372.75   /             374.75

Feb22    371.00   /             373.00

Mar22   369.25   /             371.25

Q4-21    380.25   /             382.25

Q1-22    371.00   /             373.00

Q2-22    365.75   /             367.75

Q3-22    358.50   /             361.50

CAL22    360.75   /             366.75

 

*Singapore 380 INDIC*                                

Oct21    405.25   /             407.25

Nov21   397.25   /              399.25

Dec21    392.25   /             394.25

Jan22     389.25   /             391.25

Feb22    387.50   /             389.50

Mar22   385.75   /             387.75

Q4-21    398.25   /             400.25

Q1-22    387.50   /             389.50

Q2-22    382.25   /             384.25

Q3-22    376.25   /             379.25

CAL22    378.75   /             384.75

 

*Rott VLSFO 0.5% INDIC*                                           

Oct21    496.75   /              501.75

Nov21   494.25   /              499.25

Dec21    492.00   /              497.00

Jan22     489.75   /              494.75

Feb22    487.50   /              492.50

Mar22   485.25   /              490.25

Q4-21    494.25   /              499.25

Q1-22    487.50   /              492.50

Q2-22    480.25   /              486.25

Q3-22    472.50   /              480.50

CAL22    476.00   /              484.00

 

*Sing VLSFO 0.5% INDIC*                                            

Oct21    519.25   /              524.25

Nov21   515.50   /              520.50

Dec21    512.50   /              517.50

Jan22     510.25   /              515.25

Feb22    508.00   /              513.00

Mar22   505.75   /              510.75

Q4-21    515.75   /              520.75

Q1-22    508.00   /              513.00

Q2-22    500.75   /              506.75

Q3-22    493.00   /              501.00

CAL22    496.25   /              504.25

 

*Sing 10ppm GO INDIC*

Oct21    78.94     /              79.08

Nov21   78.56     /              78.76

Dec21    78.19     /              78.39

Jan22     77.95     /              78.15

Feb22    77.77     /              77.97

Mar22   77.65     /              77.85

Q4-21    78.50     /              78.80

Q1-22    77.74     /              78.04

Q2-22    77.27     /              77.57

Q3-22    76.88     /              77.18

CAL22    76.82     /              77.22

 

*ICE Gasoil 10ppm INDIC*

Oct21    600.29   /              604.29

Nov21   596.83   /              600.83

Dec21    593.67   /              597.67

Jan22     591.65   /              595.65

Feb22    589.64   /              593.64

Mar22   587.26   /              591.26

Q4-21    596.95   /              600.95

Q1-22    589.52   /              593.52

Q2-22    584.26   /              588.26

Q3-22    581.32   /              585.32

CAL22    585.46   /              589.46

 

 

 

 

 

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

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