Good morning,
At 10:10 am Singapore time (0210 GMT), the ICE January Brent futures contract was up $1.03/b (1.24%) from the previous close at $83.75/b, while the NYMEX December light sweet crude contract rose $1.02/b (1.26%) at $82.29/b. Both benchmarks had settled higher by 2.7%-3.1% in the last session Nov. 5.
Financial markets across Asia are being buoyed by a stellar US jobs report that showed the US adding jobs at a faster-than-expected pace, boosting hopes of a quick recovery from the COVID-19 pandemic. US non-farm payrolls jumped 531,000 last month, the Department of Labor said, beating some analysts’ forecasts of a 450,000 increase.
Also adding to bullish sentiment was news that pharmaceutical giant Pfizer had stopped a trial for a COVID-19 experimental antiviral pill early after it was shown to cut by 89% the chances of hospitalization, or death, for adults at risk of developing severe disease. This comes as the US on Nov. 8 reopens its borders to vaccinated travellers across the world, boosting the outlook for jet fuel demand as airplanes prepare to take to the skies again. (S&P Global Platts)
The latest developments will add to the overall bullish sentiment in oil prices as analysts maintain that oil markets remain in deficit and prices will continue to be supported going forward. Market watchers also noted that Saudi Aramco had raised its December official selling prices, announced late Nov. 5, for Asia, Mediterranean, Europe and US-bound cargoes as strengthening Asian demand ahead of colder winter months is expected to tighten crude supplies. (S&P Global Platts)
The global supply chain disruptions that have fuelled inflation alongside rebounding demand for everything have been in the spotlight for weeks now. Although little attention has been paid to the effect of these disruptions on the oil and gas industry, it is certainly not insulated. And these disruptions could add further upside potential to oil prices. The American Trucking Association has calculated a shortage of 80,000 drivers that the industry needs to keep delivering goods on time. But it’s not just finished goods that truckers deliver. They also move chemicals, cement, and pipes—goods and materials necessary in the oil industry. To make matters worse, some chemicals are imported, making supplies vulnerable to port logjams that have plagued the U.S. for weeks. (Oilprice.com)
Sing VLSFO 0.5% INDIC
Dec-21 594.25 / 599.25
Jan-22 588.50 / 593.50
Feb-22 584.00 / 589.00
Mar-22 579.50 / 584.50
Apr-22 575.50 / 580.50
May-22 571.50 / 576.50
Q1-22 584.00 / 589.00
Q2-22 571.50 / 576.50
Q3-22 559.50 / 564.50
Q4-22 548.25 / 553.25
CAL22 565.75 / 570.75
Rott VLSFO 0.5% INDIC
Dec-21 565.75 / 570.75
Jan-22 562.50 / 567.50
Feb-22 558.75 / 563.75
Mar-22 555.00 / 560.00
Apr-22 551.25 / 556.25
May-22 547.50 / 552.50
Q1-22 558.75 / 563.75
Q2-22 547.50 / 552.50
Q3-22 536.25 / 541.25
Q4-22 525.00 / 530.00
CAL22 541.75 / 546.75
Sing 10ppm GO INDIC
Dec-21 94.26 / 94.38
Jan-22 93.20 / 93.34
Feb-22 92.25 / 92.41
Mar-22 91.49 / 91.67
Apr-22 90.84 / 91.02
May-22 90.25 / 90.45
Q1-22 92.28 / 92.46
Q2-22 90.28 / 90.48
Q3-22 88.68 / 88.92
Q4-22 87.53 / 87.83
CAL22 89.66 / 89.96
ICE Gasoil 10ppm INDIC
Dec-21 713.00 / 715.00
Jan-22 705.75 / 707.75
Feb-22 699.75 / 701.75
Mar-22 693.25 / 695.25
Apr-22 687.00 / 689.00
May-22 681.50 / 683.50
Q1-22 699.75 / 701.75
Q2-22 682.00 / 684.00
Q3-22 673.00 / 675.00
Q4-22 665.50 / 668.00
CAL22 679.75 / 682.75
Sing 380 cst INDIC
Dec-21 457.00 / 459.00
Jan-22 455.25 / 457.25
Feb-22 453.50 / 455.50
Mar-22 451.50 / 453.50
Apr-22 449.25 / 451.25
May-22 447.00 / 449.00
Q1-22 453.25 / 455.75
Q2-22 447.00 / 449.00
Q3-22 440.25 / 442.25
Q4-22 432.25 / 435.25
CAL22 443.00 / 446.00
Rotterdam 3.5% INDIC
Dec-21 435.75 / 437.75
Jan-22 435.00 / 437.00
Feb-22 433.75 / 435.75
Mar-22 431.75 / 433.75
Apr-22 429.25 / 431.25
May-22 426.75 / 428.75
Q1-22 433.25 / 435.75
Q2-22 426.75 / 428.75
Q3-22 418.25 / 420.25
Q4-22 407.50 / 410.50
CAL22 421.25 / 424.25
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