At 11:15 am Singapore time (0315 GMT), the ICE November Brent futures contract was up 57 cents/b (0.79%) from the previous close at $72.20/b, while the NYMEX October light sweet crude contract was 52 cents/b (0.75%) higher at $69.02/b.
According to estimates from S&P Global Platts Analytics, about 2.2 million b/d of Louisiana refining capacity remained offline Aug. 31 following the passing and downgrading of Hurricane Ida, as most plants are without power from outside supplier Entergy. Meanwhile, the OPEC+ alliance is scheduled to meet Sept. 1 to decide whether to press on with plans to hike crude production by 400,000 b/d every month, as it is looking to eventually remove its output cuts implemented at the start of the pandemic.
“It is likely that OPEC+ will take a cautious approach by having its original production level unchanged. There is very little reason to increase production, even though the US Administration has urged OPEC to increase the output further. This seems to be unlikely due to these uncertain times caused by the outbreak of the delta variant in many countries,” a market source said. (S&P Global Platts)
Tuesday’s report from the American Petroleum Institute (API) that showed a bigger-than-expected drop in U.S. crude inventories was bullish and is supporting prices, U.S. crude stocks fell by 4 million barrels for the week ended Aug. 27, according to two market sources, citing API figures on Tuesday. Ahead of the weekly Energy Information Administration report due at 10:30 a.m. EDT (1430 GMT) on Wednesday, a Reuters poll of analysts estimated crude stocks would drop 3.1 million barrels. (Reuters)
OIL MARKET ROUND-UP:
* China’s Private Refiners Grab Barrels as They Prepare to Ramp Up
* OPEC+ Meets With No Sign of Deviating From Planned Output Hikes
* OPEC+ Sees 2021 Oil Deficit, 2022 Surplus as Supply Revived
* U.S Crude Oil Imports in June Grow to Highest Since 2019: EIA
*Rotterdam 3.5% INDIC*
Oct21 385.50 / 387.50
Nov21 379.75 / 381.75
Dec21 375.25 / 377.25
Jan22 372.75 / 374.75
Feb22 371.00 / 373.00
Mar22 369.25 / 371.25
Q4-21 380.25 / 382.25
Q1-22 371.00 / 373.00
Q2-22 365.75 / 367.75
Q3-22 358.50 / 361.50
CAL22 360.75 / 366.75
*Singapore 380 INDIC*
Oct21 405.25 / 407.25
Nov21 397.25 / 399.25
Dec21 392.25 / 394.25
Jan22 389.25 / 391.25
Feb22 387.50 / 389.50
Mar22 385.75 / 387.75
Q4-21 398.25 / 400.25
Q1-22 387.50 / 389.50
Q2-22 382.25 / 384.25
Q3-22 376.25 / 379.25
CAL22 378.75 / 384.75
*Rott VLSFO 0.5% INDIC*
Oct21 496.75 / 501.75
Nov21 494.25 / 499.25
Dec21 492.00 / 497.00
Jan22 489.75 / 494.75
Feb22 487.50 / 492.50
Mar22 485.25 / 490.25
Q4-21 494.25 / 499.25
Q1-22 487.50 / 492.50
Q2-22 480.25 / 486.25
Q3-22 472.50 / 480.50
CAL22 476.00 / 484.00
*Sing VLSFO 0.5% INDIC*
Oct21 519.25 / 524.25
Nov21 515.50 / 520.50
Dec21 512.50 / 517.50
Jan22 510.25 / 515.25
Feb22 508.00 / 513.00
Mar22 505.75 / 510.75
Q4-21 515.75 / 520.75
Q1-22 508.00 / 513.00
Q2-22 500.75 / 506.75
Q3-22 493.00 / 501.00
CAL22 496.25 / 504.25
*Sing 10ppm GO INDIC*
Oct21 78.94 / 79.08
Nov21 78.56 / 78.76
Dec21 78.19 / 78.39
Jan22 77.95 / 78.15
Feb22 77.77 / 77.97
Mar22 77.65 / 77.85
Q4-21 78.50 / 78.80
Q1-22 77.74 / 78.04
Q2-22 77.27 / 77.57
Q3-22 76.88 / 77.18
CAL22 76.82 / 77.22
*ICE Gasoil 10ppm INDIC*
Oct21 600.29 / 604.29
Nov21 596.83 / 600.83
Dec21 593.67 / 597.67
Jan22 591.65 / 595.65
Feb22 589.64 / 593.64
Mar22 587.26 / 591.26
Q4-21 596.95 / 600.95
Q1-22 589.52 / 593.52
Q2-22 584.26 / 588.26
Q3-22 581.32 / 585.32
CAL22 585.46 / 589.46
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