At 11:08 am Singapore time (0308 GMT), ICE November Brent futures was 23 cents/b (0.32%) higher at $72.83/b while the NYMEX October WTI contract was up 14 cents/b (0.20%) at $69.44/b.
API
Crude -2.882M
Cushing +1.794M
Gasoline -6.414M
Distillate -3.748M
In inventory news, the US commercial crude stocks declined 2.88 million barrels in the week ended Sept. 3, the American Petroleum Institute said Sept. 8 Analysts surveyed Sept. 7 by Platts had called for a 7.4 million-barrel draw over the same period. Meanwhile, the US Energy Information Administration in its September Short-Term Energy Outlook released Sept. 8 lowered the global oil demand estimate for 2022 by 240,000 b/d to 101.01 million b/d. The EIA cut its 2021 estimate for WTI crude prices by 24 cents/b to $65.69/b and expects prices to fall further in 2022 to average $62.37/b. Similarly, the EIA trimmed its Brent crude spot price estimate for 2021 by 10 cents/b to $68.61/b while maintaining its 2022 estimate at $66.04/b. (S&P Global Platts)
Hurricane Ida continues to cause supply issues on the US, with the storm damaging infrastructure in such a bad way, that no other storm has cause that much outage after nine days that IDA. It is estimates that 77% of supply in the Gulf is still offline. Although the Gulf is built to deal with such weather phenomenon, it has caused one of the biggest issues for pipelines and rigs in the last few decades.
OIL MARKET ROUND-UP:
* No Hurricane Has Hit U.S. Energy Markets Quite Like Ida Has
* Russian Oil Shipments to the U.S. Set to Surge in Ida’s Wake
* Libya Protests Block Oil Exports, Risking Recent Stability
* Biden’s Call for More OPEC Oil Is Still Bugging Shale CEOs
* API Reports U.S. Crude Stockpiles Fell 2.88M Bbl Last Week
* EIA Lowers 2022 U.S. Crude Output Forecast to 11.72m b/d
*Rotterdam 3.5% INDIC*
Oct21 392.25 / 394.25
Nov21 384.75 / 386.75
Dec21 378.75 / 380.75
Jan22 375.50 / 377.50
Feb22 373.50 / 375.50
Mar22 371.50 / 373.50
Q4-21 385.25 / 387.25
Q1-22 373.50 / 375.50
Q2-22 367.50 / 369.50
Q3-22 360.75 / 363.75
CAL22 360.75 / 366.75
*Singapore 380 INDIC*
Oct21 416.25 / 418.25
Nov21 404.25 / 406.25
Dec21 396.75 / 398.75
Jan22 392.25 / 394.25
Feb22 389.50 / 391.50
Mar22 387.25 / 389.25
Q4-21 405.75 / 407.75
Q1-22 389.75 / 391.75
Q2-22 383.25 / 385.25
Q3-22 377.25 / 380.25
CAL22 378.50 / 384.50
*Rott VLSFO 0.5% INDIC*
Oct21 499.00 / 504.00
Nov21 496.00 / 501.00
Dec21 493.25 / 498.25
Jan22 490.75 / 495.75
Feb22 488.25 / 493.25
Mar22 486.00 / 491.00
Q4-21 496.25 / 501.25
Q1-22 488.50 / 493.50
Q2-22 481.00 / 487.00
Q3-22 473.25 / 481.25
CAL22 476.75 / 484.75
*Sing VLSFO 0.5% INDIC*
Oct21 523.25 / 528.25
Nov21 517.75 / 522.75
Dec21 513.50 / 518.50
Jan22 510.25 / 515.25
Feb22 507.50 / 512.50
Mar22 504.75 / 509.75
Q4-21 518.25 / 523.25
Q1-22 507.50 / 512.50
Q2-22 499.50 / 505.50
Q3-22 491.50 / 499.50
CAL22 495.25 / 503.25
*Sing 10ppm GO INDIC*
Oct21 79.49 / 79.63
Nov21 79.01 / 79.21
Dec21 78.59 / 78.79
Jan22 78.30 / 78.50
Feb22 78.09 / 78.29
Mar22 77.89 / 78.09
Q4-21 78.95 / 79.25
Q1-22 78.04 / 78.34
Q2-22 77.56 / 77.86
Q3-22 77.17 / 77.47
CAL22 77.08 / 77.48
*ICE Gasoil 10ppm INDIC*
Oct21 602.21 / 606.21
Nov21 598.91 / 602.91
Dec21 596.14 / 600.14
Jan22 594.28 / 598.28
Feb22 592.09 / 596.09
Mar22 589.72 / 593.72
Q4-21 599.10 / 603.10
Q1-22 592.03 / 596.03
Q2-22 586.51 / 590.51
Q3-22 584.11 / 588.11
CAL22 588.11 / 592.11
For more information please contact
FIS Oil Desk
info@freightinvestor.com
UK number: +44 (0) 207 090 1134
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Singapore: +65 87984987
Luke Longhurst
Email: LukeL@freightinvestor.com
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Ricky Forman
Email: RickyF@freightinvestor.com
Mobile: (+44) 7868 708719
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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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