At 10:25 am Singapore time (0225 GMT), the ICE November Brent futures contract was up 28 cents/b (0.38%) from the previous settle at $73.88/b, while the NYMEX October WTI contract was 30 cents/b (0.43%) higher at $70.76/b.
API
Crude -5.437M
Cushing -1.345M
Gasoline -2.761M
Distillate -2.888M
Around 720,217 b/d or 39.6% of Gulf of Mexico output remains shut in following Ida, the US Bureau of Safety and Environmental Enforcement said Sept. 14. The disruptions were reflected in American Petroleum Institute data released late Sept. 14 that showed a 5.44 million-barrel draw in US crude inventories for the week ending Sept. 10, while gasoline inventories fell 2.76 million barrels and distillate stocks fell 2.89 million barrels. (S&P Global Platts)
Singapore 380 CST high sulphur fuel oil cash differential over the grade’s swaps value soared to a 20-month high Sept. 13, helped by robust power sector demand in the Middle East and South Asia. Higher demand from these regions amid rising LNG prices were the main drivers of the widening cash differential, sources said. Kuwait and Saudi Arabia were buying more 380 CST HSFO, while countries including Pakistan and Bangladesh were switching to HSFO from LNG to meet their power generation needs, sources said. On the low sulphur fuel oil side, arbitrage opportunities to Singapore were boosting fundamentals in Europe. “[Arbitrage volumes to Singapore are] the highest in months,” one trader said, noting that several Suezmaxes were heard heading there. This was mainly on the back of strengthened demand, which was boosting premiums. (S&P Global Platts)
OIL MARKET ROUND-UP:
* China’s Oil Refining at 15-Month Low on Virus, Infrastructure
* API Reports U.S. Crude Stockpiles Fell 5.44M Bbl Last Week
* U.S. Gulf Had 720,217 B/D Oil Production Shut on Tuesday: BSEE
* Storm’s Blackouts Disrupt Texas Fuel Shipments to East Coast
* OPEC Takes a More Bullish View of the Oil Market in 2022
* China’s Aug. Apparent Oil Demand Rises 0.7% Y/y
Rotterdam 3.5% INDIC
Oct21 398.00 / 400.00
Nov21 393.00 / 395.00
Dec21 388.75 / 390.75
Jan22 385.75 / 387.75
Feb22 383.75 / 385.75
Mar22 381.75 / 383.75
Q4-21 393.25 / 395.25
Q1-22 383.75 / 385.75
Q2-22 377.25 / 379.25
Q3-22 369.50 / 372.50
CAL22 370.50 / 373.50
Singapore 380 INDIC
Oct21 422.25 / 424.25
Nov21 412.50 / 414.50
Dec21 407.00 / 409.00
Jan22 402.75 / 404.75
Feb22 400.25 / 402.25
Mar22 398.00 / 400.00
Q4-21 414.00 / 416.00
Q1-22 400.50 / 402.50
Q2-22 393.50 / 395.50
Q3-22 386.50 / 389.50
CAL22 388.25 / 391.25
Rott VLSFO 0.5% INDIC
Oct21 508.00 / 513.00
Nov21 505.00 / 510.00
Dec21 502.00 / 507.00
Jan22 499.25 / 504.25
Feb22 496.75 / 501.75
Mar22 494.50 / 499.50
Q4-21 505.00 / 510.00
Q1-22 497.00 / 502.00
Q2-22 489.50 / 495.50
Q3-22 482.75 / 488.75
CAL22 486.25 / 492.25
Singapore VLSFO 0.5% INDIC
Oct21 533.00 / 538.00
Nov21 528.25 / 533.25
Dec21 524.75 / 529.75
Jan22 522.00 / 527.00
Feb22 519.25 / 524.25
Mar22 516.50 / 521.50
Q4-21 528.75 / 533.75
Q1-22 519.25 / 524.25
Q2-22 511.50 / 517.50
Q3-22 504.75 / 510.75
CAL22 508.25 / 514.25
Sing 10ppm GO INDIC
Oct21 81.17 / 81.31
Nov21 80.73 / 80.93
Dec21 80.33 / 80.53
Jan22 80.04 / 80.24
Feb22 79.84 / 80.04
Mar22 79.66 / 79.86
Q4-21 80.75 / 80.95
Q1-22 79.85 / 80.05
Q2-22 79.33 / 79.53
Q3-22 78.84 / 79.04
CAL22 78.93 / 79.33
Ice Gasoil Swap
Oct21 615.60 / 618.60
Nov21 612.48 / 615.48
Dec21 609.74 / 612.74
Jan22 607.77 / 610.77
Feb22 605.75 / 608.75
Mar22 603.41 / 606.41
Q4-21 612.60 / 615.60
Q1-22 605.64 / 608.64
Q2-22 599.69 / 602.69
Q3-22 596.24 / 599.24
CAL22 598.33 / 601.33
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