At 10:10 am Singapore time (0210 GMT), the ICE December Brent futures contract was down 4 cents/b (0.05%) from the previous close at $85.95/b, while the NYMEX December light sweet crude contract dipped 11 cents/b (0.13%) to $83.65/b.
Oil prices edged higher on Tuesday after trading down earlier, looking set to sustain a rally driven by strong demand in the United States, the world’s biggest consumer of oil and its products. While China’s red-hot power and coal markets have cooled somewhat after government intervention, energy prices remain elevated worldwide as temperatures fall with the onset of the northern winter. “Forecasts for a colder November have energy traders bracing for a very tight market that will be met (with) unprecedented demand this winter,” OANDA senior market analysts Edward Moya said in a note. (Reuters)
Goldman Sachs said Brent was likely to push above its year-end forecast of $90 a barrel. The bank estimated switching to oil from gas may add 1 million barrels per day (bpd) to oil demand. Gasoline and distillate consumption is back in line with five-year averages in the United States after more than a year of depressed demand. The market will be closely watching U.S. inventory levels this week. Crude oil stockpiles are forecast to have risen by 1.7 million barrels last week, according to a Reuters poll of analysts. Gasoline and distillate inventories were expected to fall, however. (Reuters)
Tehran’s top nuclear negotiator Ali Bagheri Kani said in a tweet late Oct. 25 that he will be meeting with his EU counterpart Enrique Mora in Brussels on Oct. 27 to revive the country’s stalled 2015 nuclear talks. This follows an initial round of discussions between the EU and Iran held in Tehran on Oct. 14. A deal will potentially bring back at least 1.3 million barrels of Iranian oil, according to some analyst estimates, helping to ease a severe shortage of oil at a time when the world needs it going into winter season. (S&P Global Platts)
*Rotterdam 3.5% INDIC*
Nov21 457.75 / 459.75
Dec21 455.50 / 457.50
Jan22 453.75 / 455.75
Feb22 451.50 / 453.50
Mar22 448.50 / 450.50
Apr22 445.25 / 447.25
Q1-22 451.25 / 453.25
Q2-22 441.75 / 443.75
Q3-22 430.50 / 432.50
Q4-22 417.50 / 420.50
CAL22 433.50 / 439.50
CAL23 393.00 / 401.00
*Singapore 380 INDIC*
Nov21 471.75 / 473.75
Dec21 471.50 / 473.50
Jan22 470.00 / 472.00
Feb22 468.00 / 470.00
Mar22 465.50 / 467.50
Apr22 462.75 / 464.75
Q1-22 467.75 / 469.75
Q2-22 459.75 / 461.75
Q3-22 450.50 / 452.50
Q4-22 439.75 / 442.75
CAL22 452.50 / 458.50
CAL23 416.00 / 424.00
*Rott VLSFO 0.5% INDIC*
Nov21 581.25 / 586.25
Dec21 576.00 / 581.00
Jan22 571.25 / 576.25
Feb22 566.75 / 571.75
Mar22 562.50 / 567.50
Apr22 558.25 / 563.25
Q1-22 566.75 / 571.75
Q2-22 554.00 / 559.00
Q3-22 541.00 / 547.00
Q4-22 528.00 / 536.00
CAL22 546.50 / 554.50
CAL23 502.00 / 518.00
*Sing VLSFO 0.5% INDIC*
Nov21 605.50 / 610.50
Dec21 601.00 / 606.00
Jan22 596.50 / 601.50
Feb22 592.00 / 597.00
Mar22 587.50 / 592.50
Apr22 583.25 / 588.25
Q1-22 592.00 / 597.00
Q2-22 579.00 / 584.00
Q3-22 566.25 / 572.25
Q4-22 553.25 / 561.25
CAL22 571.50 / 579.50
CAL23 524.00 / 540.00
*Sing 10ppm GO INDIC*
Nov21 96.70 / 96.84
Dec21 95.73 / 95.93
Jan22 94.84 / 95.04
Feb22 93.96 / 94.16
Mar22 93.12 / 93.32
Apr22 92.31 / 92.51
Q1-22 93.95 / 94.25
Q2-22 91.48 / 91.78
Q3-22 89.39 / 89.69
Q4-22 87.82 / 88.12
CAL22 89.33 / 89.73
CAL23 90.33 / 90.73
*ICE Gasoil 10ppm INDIC*
Nov21 731.71 / 735.71
Dec21 724.76 / 728.76
Jan22 717.69 / 721.69
Feb22 710.64 / 714.64
Mar22 703.25 / 707.25
Apr22 696.13 / 700.13
Q1-22 710.55 / 714.55
Q2-22 691.42 / 695.42
Q3-22 678.86 / 682.86
Q4-22 669.97 / 673.97
CAL22 685.87 / 689.87
CAL23 647.52 / 651.52
For more information please contact
FIS Oil Desk
info@freightinvestor.com
UK number: +44 (0) 207 090 1134
Shanghai number: +86 (0)21 63012568
Singapore: +65 87984987
Luke Longhurst
Email: LukeL@freightinvestor.com
Mobile: (+44) 7966 968761
Ricky Forman
Email: RickyF@freightinvestor.com
Mobile: (+44) 7868 708719
Sam Twyford
Email: SamT@freightinvestor.com
Mobile: (+44) 7729 118643
Jessie Deng
Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987