At 10:45 am Singapore time (0245 GMT), the ICE December Brent futures contract was down 50 cents/b (0.58%) from the previous close at $85.90/b, while the NYMEX December light sweet crude contract was 60 cents/b (0.71%) lower at $84.05/b after settling at a fresh seven-year high overnight.
API
Crude: +2.318 M
Cushing: -3.734 M
Gasoline: +0.530 M
Distillate: +0.986
Saudi Aramco raised concerns yesterday that spare oil capacity is falling quickly and that the market could see a deeper deficit next year, particularly if there is a strong rebound in air travel in 2022. However, this view is at odds with what OPEC+ are forecasting for next year. The group expects strong non-OPEC supply growth in 2022, while our balance sheet shows the market returning to surplus in 2Q22. (ING)
The API late Oct. 26 reported a 2.32 million-barrel build in US commercial crude oil stockpiles last week, running against expectations for a 100,000-barrel draw. Gasoline inventories meanwhile rose by 530,000 barrels, while distillate stocks climbed by 986,000 barrels. However bearish sentiment was capped by another strong draw in crude oil stocks at the US oil storage hub of Cushing, Oklahoma, which fell 3.73 million barrels in the week, highlighting the ongoing supply tightness in the market. This follows a 2.32 million-barrel draw at Cushing the week before. Investors will look to the US Energy Information Administration’s weekly report due for release later Oct. 27 to confirm the API data. (S&P Global Platts)
Despite the inventory builds of the last few weeks, oil inventories in the United States are still down for the year, to the tune of 61 million barrels so far this year, according to API data, and 4 million barrels since the start of 2020. U.S. oil production for the week ending October 15—the last week for which the Energy Information Administration has provided data—slid 100,000 bpd to 11.3 million bpd, and is still 1.8 million bpd below the all-time high of 13.1 million bpd reached right before the pandemic took hold in the United States. (Oilprice.com)
Rotterdam 3.5% INDIC
Nov21 446.75 / 448.75
Dec21 445.00 / 447.00
Jan22 444.50 / 446.50
Feb22 443.00 / 445.00
Mar22 440.50 / 442.50
Apr22 437.50 / 439.50
Q1-22 442.75 / 444.75
Q2-22 434.25 / 436.25
Q3-22 423.00 / 425.00
Q4-22 410.00 / 413.00
CAL22 427.25 / 430.25
CAL23 385.75 / 393.75
Singapore 380 INDIC
Nov21 460.00 / 462.00
Dec21 460.50 / 462.50
Jan22 460.50 / 462.50
Feb22 459.75 / 461.75
Mar22 458.25 / 460.25
Apr22 456.00 / 458.00
Q1-22 459.50 / 461.50
Q2-22 453.25 / 455.25
Q3-22 444.25 / 446.25
Q4-22 434.00 / 437.00
CAL22 447.50 / 450.50
CAL23 410.00 / 418.00
Rott VLSFO 0.5% INDIC
Nov21 576.25 / 581.25
Dec21 572.00 / 577.00
Jan22 568.00 / 573.00
Feb22 564.00 / 569.00
Mar22 560.00 / 565.00
Apr22 556.00 / 561.00
Q1-22 564.00 / 569.00
Q2-22 552.00 / 557.00
Q3-22 539.50 / 545.50
Q4-22 527.50 / 533.50
CAL22 545.50 / 551.50
CAL23 497.25 / 506.25
Singapore VLSFO 0.5% INDIC
Nov21 598.75 / 603.75
Dec21 595.00 / 600.00
Jan22 591.00 / 596.00
Feb22 587.00 / 592.00
Mar22 583.00 / 588.00
Apr22 579.00 / 584.00
Q1-22 587.00 / 592.00
Q2-22 575.00 / 580.00
Q3-22 562.75 / 568.75
Q4-22 551.50 / 557.50
CAL22 568.75 / 574.75
CAL23 521.50 / 530.50
Sing 10ppm GO INDIC
Nov21 96.27 / 96.41
Dec21 95.27 / 95.47
Jan22 94.35 / 94.55
Feb22 93.45 / 93.65
Mar22 92.54 / 92.74
Apr22 91.74 / 91.94
Q1-22 93.45 / 93.65
Q2-22 90.98 / 91.18
Q3-22 88.96 / 89.16
Q4-22 87.46 / 87.66
CAL22 90.11 / 90.51
CAL23 83.81 / 84.21
Ice Gasoil Swap
Nov21 729.70 / 731.70
Dec21 723.04 / 725.04
Jan22 716.11 / 718.11
Feb22 708.89 / 710.89
Mar22 701.57 / 703.57
Apr22 693.81 / 695.81
Q1-22 708.85 / 710.85
Q2-22 688.97 / 690.97
Q3-22 676.22 / 678.22
Q4-22 669.19 / 671.19
CAL22 685.31 / 688.31
CAL23 644.52 / 648.52
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