At 11:25 am Singapore time (0325 GMT), ICE November Brent futures was 43 cents/b (0.59%) higher at $73.35/b while the NYMEX October WTI contract was up 45 cents/b (0.65%) at $70.17/b.
US oil industry struggles to get back on its feet following Hurricane Ida. More than 1m b/d of capacity are still offline, nearly two weeks after the storm hit the Gulf of Mexico. Further, Tropical Storm Nicholas was seen churning through the US Gulf Coast Sept. 12, heading for an expected landfall along the Texas shoreline by late-Sept. 13.
Nicholas is forecast to approach the middle of Texas coast as a strong tropical storm, and it could be near-hurricane intensity if it moves to the right of the forecast track and
remains over water longer, according to a Sept. 12 note from the National Hurricane Center. (S&P Global Platts)
Stocks data from the US Energy Information Administration released Sept. 9 reflected the Ida impact in the near term. Crude inventories fell 1.53 million barrels to 423.87 million barrels for the week ended Sept. 3, around 6% below the five-year seasonal average, while gasoline stocks saw a 7.2 million-barrel drop to 220 million barrels, leaving inventories 4% below the five-year seasonal average. (S&P Global Platts)
Beyond the impact of Ida, market attention will focus this week on potential revisions to the oil demand outlook from the Organization of the Petroleum Operating Countries (OPEC) and the International Energy Agency (IEA) as coronavirus cases continued to rise. OPEC will likely revise its 2022 forecast lower on Monday, two people familiar with the matter said. (Reuters)
OIL MARKET ROUND-UP:
* IAEA, Iran Signal Some Progress on Access to Nuclear Program
* Saudis Give Full Oil Supply to Six in Asia
* Saudi Aramco in Talks to Supply Sudan With Fuel
* Norway’s Oil Addiction at Stake in Election About Climate Change
* China to Release Details on Sales of Oil Reserves in Due Course
* U.S. Total Rig Count Rises to 503, Baker Hughes Says
Sing VLSFO 0.5% INDIC
Oct-21 531.00 / 536.00
Nov-21 526.00 / 531.00
Dec-21 522.00 / 527.00
Jan-22 519.00 / 524.00
Feb-22 516.25 / 521.25
Mar-22 513.50 / 518.50
Q4-21 526.25 / 531.25
Q1-22 516.25 / 521.25
Q2-22 508.75 / 513.75
Q3-22 502.00 / 507.00
CAL22 505.50 / 510.50
Rott VLSFO 0.5% INDIC
Oct-21 506.75 / 511.75
Nov-21 503.75 / 508.75
Dec-21 501.00 / 506.00
Jan-22 498.25 / 503.25
Feb-22 495.75 / 500.75
Mar-22 493.25 / 498.25
Q4-21 503.75 / 508.75
Q1-22 495.75 / 500.75
Q2-22 488.75 / 493.75
Q3-22 482.00 / 487.00
CAL22 485.25 / 490.25
Sing 10ppm GO INDIC
Oct-21 80.63 / 80.75
Nov-21 80.17 / 80.31
Dec-21 79.75 / 79.91
Jan-22 79.43 / 79.61
Feb-22 79.21 / 79.39
Mar-22 79.00 / 79.20
Q4-21 80.14 / 80.32
Q1-22 79.16 / 79.36
Q2-22 78.57 / 78.81
Q3-22 78.07 / 78.37
CAL22 78.26 / 78.56
ICE Gasoil 10ppm INDIC
Oct-21 612.25 / 614.25
Nov-21 608.25 / 610.25
Dec-21 605.00 / 607.00
Jan-22 603.00 / 605.00
Feb-22 600.75 / 602.75
Mar-22 598.50 / 600.50
Q4-21 608.50 / 610.50
Q1-22 600.75 / 602.75
Q2-22 594.25 / 596.25
Q3-22 592.25 / 594.75
CAL22 593.75 / 596.75
Sing 380 cst INDIC
Oct-21 419.50 / 421.50
Nov-21 408.75 / 410.75
Dec-21 402.25 / 404.25
Jan-22 398.00 / 400.00
Feb-22 395.50 / 397.50
Mar-22 393.25 / 395.25
Q4-21 409.75 / 412.25
Q1-22 395.50 / 397.50
Q2-22 389.25 / 391.25
Q3-22 382.75 / 385.75
CAL22 385.75 / 388.75
Rotterdam 3.5% INDIC
Oct-21 395.50 / 397.50
Nov-21 389.25 / 391.25
Dec-21 384.00 / 386.00
Jan-22 380.75 / 382.75
Feb-22 378.75 / 380.75
Mar-22 376.75 / 378.75
Q4-21 389.25 / 391.75
Q1-22 378.75 / 380.75
Q2-22 372.50 / 374.50
Q3-22 365.25 / 368.25
CAL22 368.25 / 371.25
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