At 11:08 am Singapore time (0308 GMT), the ICE December Brent futures contract was down 49 cents/b (0.6%) from the previous close at $80.59/b, while the NYMEX November light sweet crude contract was 76 cents/b (0.98%) lower at $76.67/b.
EIA week ending 10/1
Crude oil: +2.3M
Gasoline: +3.3M
Distillates: -0.4M
Refiner utilz: 89.6%
Impld mogas demand: 9.43Mbpd
According to latest data released by the US Energy Information Administration Oct 6, US commercial crude stocks rose 2.35 million barrels to 420.89 million barrels in the week ended Oct. 1, putting inventories at a four-week high, but still around 7% behind the five-year average. Total motor gasoline inventories increased 3.3 million barrels, while distillate fuel inventories declined by a modest 0.4 million barrels on the week. The build came in above market expectations as the American Petroleum Institute’s latest data showed stockpiles were up 951,000 barrels on the week. (S&P Global Platts)
European gas rose to record highs before falling sharply after Russia promised to alleviate gas concerns. Russia’s President Vladimir Putin said the country is ready to help stabilize global energy markets, and remain a reliable supplier of gas to its customers around the world. Gazprom will send more gas via Ukraine than contracted this year, and exports to Europe may reach an all-time high in 2021 if the current pace is maintained. Elsewhere, sentiment was not helped by reports noting that the US was ready to release emergency oil reserves. (S&P Global Platts)
OIL MARKET ROUND-UP:
* Citi Says Only ‘Matter of Time’ Before OPEC+ Eases Curbs Faster
* U.S. Comments on SPR Release to Send Message to OPEC+, RBC Says
* U.S. Raises Prospect of Releasing Emergency Oil Reserves: FT
* U.S. Welcomes OPEC+ Move to Lift Crude Output as Gas Prices Rise
* Gas-to-Oil Switching: A Trend to Shape Winter Crude Prices
* Global Energy Woes Are Lifting Diesel to Pre-Covid Levels
* U.S. Shale Producers to See Minimal Expansion Despite Oil Rally
* EIA: Crude +2,345k Bbl, Median Est. +1,000k Bbl
* Oil, Gas Surges Mean U.S. Drillers Face Big Hedging Loss: Chart
* Benchmark Oil Supertanker Earnings Slip for a Second Day
Sing VLSFO 0.5% INDIC
Nov-21 566.25 / 571.25
Dec-21 564.25 / 569.25
Jan-22 561.50 / 566.50
Feb-22 558.50 / 563.50
Mar-22 555.50 / 560.50
Apr-22 552.50 / 557.50
Q1-22 558.50 / 563.50
Q2-22 549.25 / 554.25
Q3-22 540.00 / 545.00
q4-22 531.25 / 536.25
CAL22 544.75 / 549.75
Rott VLSFO 0.5% INDIC
Nov-21 546.50 / 551.50
Dec-21 543.50 / 548.50
Jan-22 540.75 / 545.75
Feb-22 537.75 / 542.75
Mar-22 534.75 / 539.75
Apr-22 531.75 / 536.75
Q1-22 537.75 / 542.75
Q2-22 528.75 / 533.75
Q3-22 519.75 / 524.75
q4-22 510.75 / 515.75
CAL22 524.25 / 529.25
Sing 10ppm GO INDIC
Nov-21 92.31 / 92.43
Dec-21 91.64 / 91.78
Jan-22 90.98 / 91.14
Feb-22 90.33 / 90.51
Mar-22 89.68 / 89.86
Apr-22 89.05 / 89.25
Q1-22 90.32 / 90.50
Q2-22 88.42 / 88.62
Q3-22 86.66 / 86.90
q4-22 85.28 / 85.58
CAL22 87.64 / 87.94
ICE Gasoil 10ppm INDIC
Nov-21 699.00 / 701.00
Dec-21 693.50 / 695.50
Jan-22 689.00 / 691.00
Feb-22 684.25 / 686.25
Mar-22 678.75 / 680.75
Apr-22 673.25 / 675.25
Q1-22 684.00 / 686.00
Q2-22 668.50 / 670.50
Q3-22 658.50 / 660.50
q4-22 649.25 / 651.75
CAL22 664.75 / 667.75
Sing 380 cst INDIC
Nov-21 478.75 / 480.75
Dec-21 471.50 / 473.50
Jan-22 465.00 / 467.00
Feb-22 460.50 / 462.50
Mar-22 456.00 / 458.00
Apr-22 452.00 / 454.00
Q1-22 460.25 / 462.75
Q2-22 448.25 / 450.25
Q3-22 437.00 / 439.00
q4-22 425.50 / 428.50
CAL22 442.50 / 445.50
Rotterdam 3.5% INDIC
Nov-21 455.50 / 457.50
Dec-21 449.25 / 451.25
Jan-22 444.50 / 446.50
Feb-22 440.75 / 442.75
Mar-22 437.00 / 439.00
Apr-22 433.00 / 435.00
Q1-22 440.50 / 443.00
Q2-22 429.00 / 431.00
Q3-22 416.50 / 418.50
q4-22 403.00 / 406.00
CAL22 422.00 / 425.00
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FIS Oil Desk
info@freightinvestor.com
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Email: LukeL@freightinvestor.com
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Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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