At 12:19 pm Singapore time (0419 GMT), the ICE November Brent futures contract was down 1 cent/b (0.01%) from the previous close at $73.02/b while the NYMEX October light sweet crude contract was down 14 cents/b (0.2%) at $69.85/b.
The latest Energy Information Administration data released late Sept. 2 showed that US crude inventories fell 7.2 million barrels to 425.4 million barrels for the week ended Aug. 27, bringing inventories to roughly 6% below the five-year seasonal average. At 11:57 am Singapore time, the ICE US Dollar Index fell to 92.21, down from the previous close of 92.23 and on pace to close at its weakest since July 29. (S&P Global Platts)
Meanwhile, the latest data released by the US Department of Labor showed that weekly initial jobless claims stood at 340,000 for the week ended Aug. 28, marking its lowest since the start of the pandemic in mid-March 2020. Jobless claims totaled 340,000 for the week ended Aug. 28, compared with market estimates of 345,000. (S&P Global Platts)
Energy Aspects head of research, said oil prices are expected to continue on the upswing for the rest of the year, with high natural gas prices potentially boosting demand for fuel in the winter and Hurricane Ida taking “an enormous amount” of hydrocarbons offline. (Oilprice.com)
OIL MARKET ROUND-UP:
* U.S. Gulf Oil Industry Studies Ida’s Damage Days After Storm
* U.S. Gulf Shuts in 1.703m B/D or ~94% Oil Production: BSEE
* Biden Says Emergency Oil Reserve Can Be Used If Needed
* OPEC Boosted Output Last Month Even as Some Members Left Behind
* Gasoil Stockpiles Fall in Europe’s ARA Region: Insights Global
Singapore 380 INDIC
Oct21 408.00 / 410.00
Nov21 401.00 / 403.00
Dec21 397.25 / 399.25
Jan22 394.25 / 396.25
Feb22 392.50 / 394.50
Mar22 390.75 / 392.75
Q4-21 402.00 / 404.00
Q1-22 392.50 / 394.50
Q2-22 387.25 / 389.25
Q3-22 381.50 / 384.50
CAL22 384.00 / 387.00
Rotterdam 3.5% INDIC
Oct21 388.50 / 390.50
Nov21 383.75 / 385.75
Dec21 380.00 / 382.00
Jan22 377.50 / 379.50
Feb22 375.75 / 377.75
Mar22 374.00 / 376.00
Q4-21 384.00 / 386.00
Q1-22 375.75 / 377.75
Q2-22 370.25 / 372.25
Q3-22 363.50 / 366.50
CAL22 366.25 / 369.25
Singapore VLSFO 0.5% INDIC
Oct21 521.75 / 526.75
Nov21 517.50 / 522.50
Dec21 514.25 / 519.25
Jan22 511.75 / 516.75
Feb22 509.50 / 514.50
Mar22 507.25 / 512.25
Q4-21 517.75 / 522.75
Q1-22 509.50 / 514.50
Q2-22 502.25 / 508.25
Q3-22 495.50 / 501.50
CAL22 498.75 / 504.75
Rott VLSFO 0.5% INDIC
Oct21 500.25 / 505.25
Nov21 497.50 / 502.50
Dec21 495.00 / 500.00
Jan22 492.50 / 497.50
Feb22 490.25 / 495.25
Mar22 488.00 / 493.00
Q4-21 497.50 / 502.50
Q1-22 490.25 / 495.25
Q2-22 483.00 / 489.00
Q3-22 476.25 / 482.25
CAL22 479.75 / 485.75
Sing 10ppm GO INDIC
Oct21 80.14 / 80.28
Nov21 79.68 / 79.88
Dec21 79.25 / 79.45
Jan22 78.94 / 79.14
Feb22 78.69 / 78.89
Mar22 78.46 / 78.66
Q4-21 79.70 / 79.90
Q1-22 78.69 / 78.89
Q2-22 78.14 / 78.34
Q3-22 77.69 / 77.89
CAL22 77.77 / 78.17
Ice Gasoil Swap
Oct21 610.33 / 612.33
Nov21 606.26 / 608.26
Dec21 602.75 / 604.75
Jan22 600.48 / 602.48
Feb22 598.30 / 600.30
Mar22 595.89 / 597.89
Q4-21 606.45 / 608.45
Q1-22 598.22 / 600.22
Q2-22 592.68 / 594.68
Q3-22 590.91 / 592.91
CAL22 591.68 / 594.68
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