At 11:10 am Singapore time (0310 GMT), the ICE January Brent futures contract was up 21 cents/b (0.25%) from the previous close at $84.92/b, while the NYMEX December light sweet crude contract rose 13 cents/b (0.15%) at $84.18/b. Both benchmarks had settled higher by 0.5%-1.2% overnight.
Latest figures from the US Energy Information Administration had showed crude inventory levels at Cushing declining to 27.3 million barrels as of Oct. 22 — a low not seen since October 2018. Investors will now be looking towards this week’s inventory report from the EIA for guidance on the next move in prices. Analysts surveyed by S&P Global Platts said Nov. 1 that they expect total US commercial crude stocks to have climbed up 300,000 barrels over the week ended Oct. 29 to around 431.1 million barrels. The expected build comes up well short of the nearly 3.5-million-barrel increase typically seen during the last week of October and would put inventories 6.3% behind the five-year average of EIA data. (S&P Global Platts)
Total gasoline stocks are, meanwhile, expected to have declined 900,000 barrels to around 214.7 million barrels, while distillate stocks likely fell by around 1.5 million barrels to 123.6 million barrels. OPEC+ ministers are set to meet on Nov. 4 to discuss the course of action for December, where output is expected to increase by 400,000 b/d, according to a July agreement. (S&P Global Platts)
Oil rallied to multi-year highs last week, helped by a post-pandemic demand rebound and the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+, sticking to gradual, monthly production increases of 400,000 barrels per day (bpd), despite calls for more oil from major consumers. The increase in OPEC’s oil output in October fell short of the rise planned under a deal with allies, a Reuters survey found on Monday, as involuntary outages in some smaller producers offset higher supplies from Saudi Arabia and Iraq. OPEC pumped 27.50 million barrels per day (bpd) in October, the survey found, a rise of 190,000 bpd from the previous month but below the 254,000 increase permitted under the supply deal. (Reuters)
Sing VLSFO 0.5% INDIC
Dec-21 599.50 / 604.50
Jan-22 594.50 / 599.50
Feb-22 589.75 / 594.75
Mar-22 585.50 / 590.50
Apr-22 581.25 / 586.25
May-22 577.25 / 582.25
Q1-22 590.00 / 595.00
Q2-22 577.25 / 582.25
Q3-22 565.25 / 570.25
Q4-22 554.00 / 559.00
CAL22 571.50 / 576.50
Rott VLSFO 0.5% INDIC
Dec-21 573.00 / 578.00
Jan-22 569.75 / 574.75
Feb-22 565.75 / 570.75
Mar-22 561.75 / 566.75
Apr-22 558.00 / 563.00
May-22 554.25 / 559.25
Q1-22 565.75 / 570.75
Q2-22 554.25 / 559.25
Q3-22 543.00 / 548.00
Q4-22 531.75 / 536.75
CAL22 548.75 / 553.75
Sing 10ppm GO INDIC
Dec-21 94.85 / 94.97
Jan-22 93.85 / 93.99
Feb-22 92.94 / 93.10
Mar-22 92.10 / 92.28
Apr-22 91.33 / 91.51
May-22 90.55 / 90.75
Q1-22 92.96 / 93.14
Q2-22 90.51 / 90.71
Q3-22 88.62 / 88.86
Q4-22 87.31 / 87.61
CAL22 89.81 / 90.11
ICE Gasoil 10ppm INDIC
Dec-21 718.00 / 720.00
Jan-22 710.75 / 712.75
Feb-22 704.25 / 706.25
Mar-22 696.75 / 698.75
Apr-22 689.50 / 691.50
May-22 682.75 / 684.75
Q1-22 704.00 / 706.00
Q2-22 683.25 / 685.25
Q3-22 672.25 / 674.25
Q4-22 664.00 / 666.50
CAL22 680.50 / 683.50
Sing 380 cst INDIC
Dec-21 461.00 / 463.00
Jan-22 459.75 / 461.75
Feb-22 458.25 / 460.25
Mar-22 456.00 / 458.00
Apr-22 453.50 / 455.50
May-22 451.00 / 453.00
Q1-22 457.75 / 460.25
Q2-22 451.00 / 453.00
Q3-22 442.75 / 444.75
Q4-22 433.00 / 436.00
CAL22 445.75 / 448.75
Rotterdam 3.5% INDIC
Dec-21 445.00 / 447.00
Jan-22 443.75 / 445.75
Feb-22 442.25 / 444.25
Mar-22 439.75 / 441.75
Apr-22 436.75 / 438.75
May-22 433.50 / 435.50
Q1-22 441.75 / 444.25
Q2-22 433.50 / 435.50
Q3-22 422.25 / 424.25
Q4-22 410.00 / 413.00
CAL22 426.50 / 429.50
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