At 10:00 am Singapore time (0200 GMT), the ICE December Brent futures contract was up 21 cents/b (0.25%) from the previous close at $84.53/b, while the NYMEX December light sweet crude contract rose 6 cents/b (0.07%) at $82.87/b.
Oil prices edged up on Friday but were headed for their first weekly losses in at least eight weeks after U.S. oil stocks rose more than expected and Iran flagged it was resuming talks with Western powers which could lead to an end to sanctions.
Crude prices have endured wild intra-day swings of close to 3% this week amid a slew of bullish and bearish reports, but were otherwise on track to end the week slightly lower by about 1%. Analysts said that while sentiment was under pressure from large inventory builds in the US and the potential return of Iranian oil as Iran and Western powers return to the negotiating table, the ongoing narrative of a tight supply market has not gone away. “The oil market deficit that is in place will not change anytime soon despite the recent bearish headlines of rising COVID cases across eastern Europe and Asia, potentially additional output from Iran, and expectations it won’t be a particularly bad winter for the North,” said OANDA senior market analyst Edward Moya. (S&P Global Platts)
In Nigeria, Shell declared force majeure on Bonny Light crude loadings Oct. 25 due to the shutdown of the Nembe Creek Trunk line, a key pipeline for the grade, a spokesperson said Oct. 27. Bonny Light is one of Nigeria’s main export grades, but the 150,000 b/d Nembe Creek Trunk Line — a pipeline feeding the grade’s export terminal, operated by Aiteo Exploration and Production Limited — has come under repeated attack from militants. Loading volumes are typically around the 250,000 b/d mark, in the absence of disruption.
Meanwhile, OPEC and its allies appear set to reaffirm plans to increase crude production by 400,000 b/d in December after an advisory committee saw no major changes in the market’s supply/demand outlook, despite calls from major consumers to further boost output to tame three-year high oil prices. (S&P Global Platts)
Singapore 380 INDIC
Nov21 458.00 / 460.00
Dec21 457.25 / 459.25
Jan22 456.00 / 458.00
Feb22 454.75 / 456.75
Mar22 453.25 / 455.25
Apr22 451.50 / 453.50
Q1-22 454.75 / 456.75
Q2-22 449.75 / 451.75
Q3-22 442.75 / 444.75
Q4-22 433.50 / 436.50
CAL22 444.75 / 447.75
CAL23 409.75 / 417.75
Rotterdam 3.5% INDIC
Nov21 442.25 / 444.25
Dec21 441.25 / 443.25
Jan22 440.50 / 442.50
Feb22 439.50 / 441.50
Mar22 437.25 / 439.25
Apr22 434.50 / 436.50
Q1-22 439.25 / 441.25
Q2-22 431.50 / 433.50
Q3-22 422.00 / 424.00
Q4-22 410.50 / 413.50
CAL22 425.50 / 428.50
CAL23 386.50 / 394.50
Singapore VLSFO 0.5% INDIC
Nov21 596.25 / 601.25
Dec21 592.00 / 597.00
Jan22 587.75 / 592.75
Feb22 583.75 / 588.75
Mar22 579.75 / 584.75
Apr22 576.00 / 581.00
Q1-22 583.75 / 588.75
Q2-22 572.25 / 577.25
Q3-22 560.50 / 566.50
Q4-22 549.75 / 555.75
CAL22 566.25 / 572.25
CAL23 524.00 / 533.00
Rotterdam VLSFO 0.5% INDIC
Nov21 571.50 / 576.50
Dec21 567.75 / 572.75
Jan22 564.00 / 569.00
Feb22 560.25 / 565.25
Mar22 556.50 / 561.50
Apr22 552.75 / 557.75
Q1-22 560.25 / 565.25
Q2-22 549.00 / 554.00
Q3-22 537.25 / 543.25
Q4-22 526.00 / 532.00
CAL22 542.75 / 548.75
CAL23 500.00 / 509.00
Sing 10ppm GO INDIC
Nov21 94.72 / 94.86
Dec21 93.72 / 93.92
Jan22 92.82 / 93.02
Feb22 91.98 / 92.18
Mar22 91.18 / 91.38
Apr22 90.44 / 90.64
Q1-22 92.00 / 92.20
Q2-22 89.75 / 89.95
Q3-22 88.08 / 88.28
Q4-22 86.82 / 87.02
CAL22 89.06 / 89.46
CAL23 83.76 / 84.16
Ice Gasoil Swap
Nov21 716.92 / 718.92
Dec21 710.50 / 712.50
Jan22 703.82 / 705.82
Feb22 697.06 / 699.06
Mar22 689.75 / 691.75
Apr22 682.80 / 684.80
Q1-22 696.90 / 698.90
Q2-22 678.45 / 680.45
Q3-22 668.19 / 670.19
Q4-22 656.41 / 658.41
CAL22 674.48 / 677.48
CAL23 631.18 / 635.18
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