At 10:43 am Singapore time (0243 GMT), the ICE October Brent futures contract was up 9 cents/b (0.12%) from the previous close at $72.98/b, while the NYMEX September light sweet crude contract was 13 cents/b (0.18%) higher at $71.39/b.
Crude oil futures lost over 3% yesterday as the market saw some heavy selling towards the end of the European close amidst what seemed like profit taking at the current levels. With Coronavirus cases still at relatively high levels, something must give and yesterday it was front month oil prices. Analysts also noted that the key figures released yesterday surrounding Chinese manufacturing data was worse than expected, and so give some indication that the resurgence of the virus may be threatening the recovery and output from China which is usually a key benchmark of productivity.
Elsewhere, U.S. crude and product inventories likely declined last week with both distillates and gasoline stockpiles predicted to have fallen for a third straight week, a preliminary Reuters poll showed on Monday. (Reuters)
Crude futures also received some respite in mid-morning trade in Asia from the dollar, which has followed US Treasury yields lower, making dollar-denominated assets such as oil cheaper for buyers holding foreign currency. At 10.35 am Singapore time, the ICE Dollar Index was trading at 92.05, down 0.16% from the July 30 settle. (S&P Global Platts)
OIL MARKET ROUND-UP:
* Gasoline Demand Sinks as Virus Batters Leading Asia Importer
* U.S., Israel, U.K. Vow Response Against Iran Over Tanker Attack
* U.S. Gasoline Demand Falls to 9.541m B/d: Descartes Labs
* U.S. Gasoline Imports from Europe Dip W/w
* Benchmark Oil Tanker Rates Rise for First Time in a Week
*Rotterdam 3.5% INDIC*
Sep21 384.75 / 386.75
Oct21 379.75 / 381.75
Nov21 375.75 / 377.75
Dec21 372.75 / 374.75
Jan22 370.25 / 372.25
Feb22 368.25 / 370.25
Q4-21 376.00 / 378.00
Q1-22 368.25 / 370.25
Q2-22 362.25 / 364.25
Q3-22 354.75 / 357.75
CAL22 356.50 / 362.50
*Singapore 380 INDIC*
Sep21 400.50 / 402.50
Oct21 395.50 / 397.50
Nov21 391.75 / 393.75
Dec21 389.25 / 391.25
Jan22 386.75 / 388.75
Feb22 385.00 / 387.00
Q4-21 392.00 / 394.00
Q1-22 385.00 / 387.00
Q2-22 379.75 / 381.75
Q3-22 373.25 / 376.25
CAL22 373.25 / 379.25
*Rott VLSFO 0.5% INDIC*
Sep21 497.75 / 502.75
Oct21 495.50 / 500.50
Nov21 493.25 / 498.25
Dec21 490.75 / 495.75
Jan22 488.25 / 493.25
Feb22 485.75 / 490.75
Q4-21 493.25 / 498.25
Q1-22 485.75 / 490.75
Q2-22 478.25 / 484.25
Q3-22 470.50 / 478.50
CAL22 474.00 / 482.00
*Sing VLSFO 0.5% INDIC*
Sep21 518.50 / 523.50
Oct21 516.25 / 521.25
Nov21 514.00 / 519.00
Dec21 511.50 / 516.50
Jan22 509.00 / 514.00
Feb22 506.50 / 511.50
Q4-21 514.00 / 519.00
Q1-22 506.50 / 511.50
Q2-22 499.25 / 505.25
Q3-22 492.00 / 500.00
CAL22 495.25 / 503.25
*Sing 10ppm GO INDIC*
Sep21 78.51 / 78.65
Oct21 78.30 / 78.50
Nov21 77.95 / 78.15
Dec21 77.60 / 77.80
Jan22 77.26 / 77.46
Feb22 76.92 / 77.12
Q4-21 77.90 / 78.20
Q1-22 76.87 / 77.17
Q2-22 76.10 / 76.40
Q3-22 75.62 / 75.92
CAL22 75.83 / 76.23
*ICE Gasoil 10ppm INDIC*
Sep21 594.18 / 598.18
Oct21 592.63 / 596.63
Nov21 589.36 / 593.36
Dec21 586.47 / 590.47
Jan22 584.70 / 588.70
Feb22 582.85 / 586.85
Q4-21 589.50 / 593.50
Q1-22 583.24 / 587.24
Q2-22 576.53 / 580.53
Q3-22 575.32 / 579.32
CAL22 578.90 / 582.90
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FIS Oil Desk
info@freightinvestor.com
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Luke Longhurst
Email: LukeL@freightinvestor.com
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Mobile: (+44) 7729 118643
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Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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