Brent crude futures settled at $85.82 a barrel, a gain of 0.9% or 74 cents and the highest since October 2018. November U.S. West Texas Intermediate (WTI) crude , which expires on Wednesday, settled at $83.87, up 91 cents, or 1.1%. The more active WTI contract for December settled up 98 cents to $83.42 a barrel.
EIA week ending 10/15
Crude oil: -0.4M
Gasoline: -5.4M
Distillates: -3.9M
Refiner utilz: 84.7%
Impld mogas demand: 9.63Mbpd
Even after hitting the highest levels in several years in recent days, oil prices have further room to rise this winter. At least short-term market fundamentals suggest so, analysts say. Inventories around the world have fallen to below the pre-pandemic five-year average as stocks are depleting, with demand bouncing back amid a weaker supply response from producers. The energy crunch in Europe and Asia and record-high natural gas and coal prices add more arguments to the bullish case for oil in coming months as a switch from gas to oil products such as fuel oil and diesel, especially in Asia, is already underway. (Oilprice.com)
OPEC and its allies do not see any crude oil shortages in the market, Saudi energy minister Prince Abdulaziz bin Salman said Oct. 20, dismissing calls from consuming countries to increase supplies to tame rising prices. “For the first time, we see our role limited,” Prince Abdulaziz said at the India Energy Forum. “The issue is not the lack of crude oil. Even if we supply it, … where are the refineries that will convert it?” Dated Brent prices have more than doubled in the last year, with S&P Global Platts assessing the benchmark at $85.03/b on Oct. 19. (S&P Global Platts)
OPEC+ members are in the midst of an agreement to increase crude production by 400,000 b/d every month, but key customers, including India, the US and Japan, have complained that the alliance is still holding back too much supply. The OPEC+ alliance is next scheduled to meet Nov. 4 to review production plans for December. Earlier at the conference, Indian petroleum minister Shri Hardeep Singh Puri said he hoped OPEC+ would “factor in the sentiments” of consuming countries. (S&P Global Platts)
OIL MARKET ROUND-UP: (Bloomberg)
* No Relief at the Pump in Sight With U.S. Gasoline Demand Surging
* Global Energy Crisis Draws Oil From Key U.S. Storage Hub: Chart
* Ethanol Output Back to Pre-Covid Level in U.S. on Demand Jump
* Large Gasoline Draw Leaves Inventories At Lowest Since Nov. 2019
* CHINA OIL DATA WRAP: Apparent Demand Falls; Crude Imports Drop
* Oil Barometers: WTI Dec.-Dec. Touches $10; Premium to Dubai
Rotterdam 3.5% INDIC
Nov21 461.00 / 463.00
Dec21 458.25 / 460.25
Jan22 455.50 / 457.50
Feb22 452.50 / 454.50
Mar22 449.25 / 451.25
Apr22 446.00 / 448.00
Q1-22 452.50 / 454.50
Q2-22 442.50 / 444.50
Q3-22 431.25 / 433.25
Q4-22 418.75 / 421.75
CAL22 434.50 / 440.50
CAL23 394.00 / 402.00
Singapore 380 INDIC
Nov21 477.25 / 479.25
Dec21 475.25 / 477.25
Jan22 472.75 / 474.75
Feb22 469.75 / 471.75
Mar22 466.75 / 468.75
Apr22 463.75 / 465.75
Q1-22 469.75 / 471.75
Q2-22 460.50 / 462.50
Q3-22 451.00 / 453.00
Q4-22 441.50 / 444.50
CAL22 453.75 / 459.75
CAL23 417.25 / 425.25
Rott VLSFO 0.5% INDIC
Nov21 583.25 / 588.25
Dec21 578.00 / 583.00
Jan22 573.75 / 578.75
Feb22 569.75 / 574.75
Mar22 565.75 / 570.75
Apr22 561.75 / 566.75
Q1-22 569.75 / 574.75
Q2-22 557.75 / 562.75
Q3-22 545.75 / 551.75
Q4-22 533.50 / 541.50
CAL22 550.75 / 558.75
CAL23 503.00 / 519.00
Sing VLSFO 0.5% INDIC
Nov21 603.25 / 608.25
Dec21 598.75 / 603.75
Jan22 594.25 / 599.25
Feb22 590.00 / 595.00
Mar22 585.75 / 590.75
Apr22 581.50 / 586.50
Q1-22 590.00 / 595.00
Q2-22 577.50 / 582.50
Q3-22 565.00 / 571.00
Q4-22 552.75 / 560.75
CAL22 570.25 / 578.25
CAL23 525.25 / 541.25
Sing 10ppm GO INDIC
Nov21 96.92 / 97.06
Dec21 95.87 / 96.07
Jan22 94.99 / 95.19
Feb22 94.19 / 94.39
Mar22 93.40 / 93.60
Apr22 92.66 / 92.86
Q1-22 94.15 / 94.45
Q2-22 91.92 / 92.22
Q3-22 89.94 / 90.24
Q4-22 88.41 / 88.71
CAL22 89.85 / 90.25
CAL23 90.85 / 91.25
ICE Gasoil 10ppm INDIC
Nov21 732.04 / 736.04
Dec21 725.74 / 729.74
Jan22 719.28 / 723.28
Feb22 712.74 / 716.74
Mar22 705.85 / 709.85
Apr22 699.23 / 703.23
Q1-22 712.60 / 716.60
Q2-22 694.69 / 698.69
Q3-22 682.35 / 686.35
Q4-22 671.63 / 675.63
CAL22 688.38 / 692.38
CAL23 647.63 / 651.63
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