Oil Morning Report 15/10/21

At 10:25 am Singapore time (0225 GMT), the ICE December Brent futures contract was up 49 cents/b (0.58%) from the previous close at $84.49/b, while the NYMEX November light sweet crude contract was 42 cents/b (0.52%) higher at $81.73/b.

 

EIA week ending 10/8

Crude oil: +6.1M

Gasoline: -2.0M

Distillates: NC

Refiner utilz: 86.7%

Impld mogas demand: 9.2Mbpd

 

The EIA data showed that total US commercial crude inventories climbed 6.09 million barrels to 426.98 million barrels in the week ended Oct. 8, narrowing the inventory deficit to the five-year average to 6.2% from 7% the week before. Total US gasoline stocks fell 1.96 million barrels to 223.11 million barrels in the week, while distillate stocks fell 20,000 barrels to 129.31 million barrels.

 

Tightening availability at Cushing has supported prompt WTI pricing and contributed to a significant widening in the forward curve’s backwardation. The year-ahead WTI contract settled at a $7.47/b discount to the front-month Oct. 14, the widest backwardation since July 13.

 

The International Energy Agency in a monthly oil report late Oct. 14 also highlighted that the oil complex was being supported during the fourth quarter by incremental demand switching from gas to oil, and revised up its demand forecasts for 2021 and 2022 by 170,000 b/d and 210,000 b/d respectively. Global oil demand is now forecast to rise 5.5 million b/d in 2021 and by 3.3 million b/d in 2022 to 99.6 million b/d, slightly above pre-pandemic levels, the agency said. (S&P Global Platts)

 

 

Singapore 380 INDIC                                     

Nov21   492.25   /             494.25

Dec21    486.25   /              488.25

Jan22     480.75   /             482.75

Feb22    476.50   /             478.50

Mar22   472.75   /             474.75

Apr22    469.25   /             471.25

Q1-22    476.75   /             478.75

Q2-22    465.75   /             467.75

Q3-22    455.75   /             457.75

Q4-22    444.75   /             447.75

CAL22    460.25   /             463.25

 

Rotterdam 3.5% INDIC                                 

Nov21   468.25   /             470.25

Dec21    463.25   /             465.25

Jan22     458.75   /             460.75

Feb22    455.25   /             457.25

Mar22   451.50   /             453.50

Apr22    447.75   /             449.75

Q1-22    455.00   /             457.00

Q2-22    444.00   /             446.00

Q3-22    432.25   /             434.25

Q4-22    419.00   /             422.00

CAL22    437.25   /             440.25

 

Singapore VLSFO 0.5% INDIC                                     

Nov21   606.75   /              611.75

Dec21    602.25   /              607.25

Jan22     597.75   /              602.75

Feb22    593.25   /              598.25

Mar22   588.75   /              593.75

Apr22    584.75   /              589.75

Q1-22    593.25   /              598.25

Q2-22    581.00   /              586.00

Q3-22    569.50   /              575.50

Q4-22    559.75   /              565.75

CAL22    575.75   /              581.75

 

Rotterdam VLSFO 0.5% INDIC                                   

Nov21   583.00   /              588.00

Dec21    579.25   /              584.25

Jan22     575.50   /              580.50

Feb22    571.75   /              576.75

Mar22   568.00   /              573.00

Apr22    564.25   /              569.25

Q1-22    571.75   /              576.75

Q2-22    560.50   /              565.50

Q3-22    548.75   /              554.75

Q4-22    538.00   /              544.00

CAL22    554.50   /              560.50

 

Sing 10ppm GO INDIC                                   

Nov21   97.43     /              97.57

Dec21    96.44     /              96.64

Jan22     95.60     /              95.80

Feb22    94.78     /              94.98

Mar22   93.96     /              94.16

Apr22    93.23     /              93.43

Q1-22    94.80     /              95.00

Q2-22    92.52     /              92.72

Q3-22    90.54     /              90.74

Q4-22    88.95     /              89.15

CAL22    91.60     /              92.00

 

Ice Gasoil Swap                                               

Nov21   737.46   /              739.46

Dec21    730.91   /              732.91

Jan22     724.24   /              726.24

Feb22    717.61   /              719.61

Mar22   710.90   /              712.90

Apr22    704.27   /              706.27

Q1-22    717.60   /              719.60

Q2-22    699.61   /              701.61

Q3-22    686.15   /              688.15

Q4-22    669.08   /              671.08

CAL22    692.61   /              695.61

 

 

 

 

 

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