Brent crude was up $1.14 or 1.5% at $79.23 a barrel by 0208 GMT, having risen a third consecutive week through Friday. U.S. Oil added $1.11 or 1.5% to $75.09, its highest since July, after rising for a fifth straight week last week.
Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.
The US Bureau of Safety and Environmental Enforcement reported Sept. 23 that around 294,414 b/d, or 16.18%, of the Gulf’s oil production remained offline post-Ida. Despite the proportion of offline production easing, full production recovery is not expected until early 2022, with Shell reporting extensive damage to its infrastructure. Meanwhile, market watchers will track the OPEC+ meeting, which is scheduled to have on Oct. 4 to discuss about the strength in energy markets. In the previous meeting on Sept. 1, OPEC+ alliance agreed to stick with its existing plan to release 400,000 bpd to the market in October. (S&P Global Platts)
Market analysts said that in the current environment it seems almost certain that the group will continue to ease supply cuts, which should see them confirm at least a 400,000 b/d supply increase for November, however adding that they would not rule out OPEC+ deciding to ease by more than this amount, particularly if the current strength in the market persists. (S&P Global Platts)
OIL MARKET ROUND-UP:
* U.K. Temporarily Exempts Fuel Industry From Competition Act
* Fuel Shortages Pile Pressure on Johnson as U.K. Crisis Escalates
* Global Oil Supply Threatened by Massive Under-Investment: Hess
* ASIA-AMERICAS FUEL: Sept. Flows Decline After Three-Week Surge
Sing VLSFO 0.5% INDIC
Oct-21 555.50 / 560.50
Nov-21 553.00 / 558.00
Dec-21 550.50 / 555.50
Jan-22 547.75 / 552.75
Feb-22 545.00 / 550.00
Mar-22 542.25 / 547.25
Q4-21 553.00 / 558.00
Q1-22 545.00 / 550.00
Q2-22 536.75 / 541.75
Q3-22 529.25 / 534.25
CAL22 533.25 / 538.25
Rott VLSFO 0.5% INDIC
Oct-21 536.50 / 541.50
Nov-21 533.75 / 538.75
Dec-21 531.00 / 536.00
Jan-22 528.00 / 533.00
Feb-22 525.00 / 530.00
Mar-22 522.00 / 527.00
Q4-21 533.75 / 538.75
Q1-22 525.00 / 530.00
Q2-22 516.00 / 521.00
Q3-22 507.00 / 512.00
CAL22 511.50 / 516.50
Sing 10ppm GO INDIC
Oct-21 87.31 / 87.43
Nov-21 86.76 / 86.90
Dec-21 86.11 / 86.27
Jan-22 85.55 / 85.73
Feb-22 85.00 / 85.18
Mar-22 84.49 / 84.69
Q4-21 86.70 / 86.88
Q1-22 84.98 / 85.18
Q2-22 83.65 / 83.89
Q3-22 82.41 / 82.71
CAL22 83.04 / 83.34
ICE Gasoil 10ppm INDIC
Oct-21 662.25 / 664.25
Nov-21 658.50 / 660.50
Dec-21 653.50 / 655.50
Jan-22 649.75 / 651.75
Feb-22 645.75 / 647.75
Mar-22 641.25 / 643.25
Q4-21 658.00 / 660.00
Q1-22 645.50 / 647.50
Q2-22 633.00 / 635.00
Q3-22 625.75 / 628.25
CAL22 630.50 / 633.50
Sing 380 cst INDIC
Oct-21 455.50 / 457.50
Nov-21 447.75 / 449.75
Dec-21 441.50 / 443.50
Jan-22 436.25 / 438.25
Feb-22 432.50 / 434.50
Mar-22 428.75 / 430.75
Q4-21 448.00 / 450.50
Q1-22 432.50 / 434.50
Q2-22 421.25 / 423.25
Q3-22 410.25 / 413.25
CAL22 415.75 / 418.75
Rotterdam 3.5% INDIC
Oct-21 431.00 / 433.00
Nov-21 425.50 / 427.50
Dec-21 420.50 / 422.50
Jan-22 416.25 / 418.25
Feb-22 413.00 / 415.00
Mar-22 409.75 / 411.75
Q4-21 425.25 / 427.75
Q1-22 413.00 / 415.00
Q2-22 403.00 / 405.00
Q3-22 391.50 / 394.50
CAL22 396.75 / 399.75
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