Brent crude settled up $1.98, or 2.5%, to $81.26 a barrel. It rose 1.5% last week for a fourth consecutive weekly gain, and was back up to highs last seen in 2018.
Oil jumped to a three-year peak on Monday after OPEC+ confirmed it would stick to its current output policy as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production. The producer club’s decision to keep increasing oil output gradually sent prices sharply higher, adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandemic. (Reuters)
Crude futures were higher since early in the US trading session after the OPEC+ Joint Ministerial Monitoring Committee agreed to keep to its existing plan and only increase output in November by 400,000 b/d, dashing expectations from certain market segments, and despite calls to add more barrels as demand has recovered faster than expected in some parts of the world. (S&P Global Platts)
OIL MARKET ROUND-UP:
* China Private Refiners Wait for Import Quotas Amid Power Crisis
* OPEC+’s Steady-as-She-Goes Approach Alarms Febrile Oil Market
* WTI Surges to Highest Since 2014 on OPEC+ Output Decision
* OPEC+’s Nov. 400K B/d Hike to Stabilize Oil Market: Novak
* Benchmark Oil Supertanker Earnings Reach Highest Since May
* U.S. Gasoline Imports From Europe Hit 8-Week High; Diesel Climbs
Rotterdam 3.5% INDIC
Nov21 453.25 / 455.25
Dec21 447.75 / 449.75
Jan22 443.50 / 445.50
Feb22 440.25 / 442.25
Mar22 436.75 / 438.75
Apr22 433.25 / 435.25
Q1-22 440.25 / 442.25
Q2-22 429.50 / 431.50
Q3-22 418.25 / 420.25
Q4-22 405.75 / 408.75
CAL22 423.00 / 426.00
CAL23 382.25 / 390.25
Singapore 380 INDIC
Nov21 471.75 / 473.75
Dec21 466.50 / 468.50
Jan22 462.00 / 464.00
Feb22 457.25 / 459.25
Mar22 453.75 / 455.75
Apr22 450.25 / 452.25
Q1-22 457.75 / 459.75
Q2-22 447.00 / 449.00
Q3-22 437.25 / 439.25
Q4-22 427.25 / 430.25
CAL22 442.00 / 445.00
CAL23 406.50 / 414.50
Sing 10ppm GO INDIC
Nov21 91.79 / 91.93
Dec21 91.19 / 91.39
Jan22 90.60 / 90.80
Feb22 90.10 / 90.30
Mar22 89.62 / 89.82
Apr22 89.15 / 89.35
Q1-22 90.10 / 90.30
Q2-22 88.70 / 88.90
Q3-22 87.40 / 87.60
Q4-22 86.21 / 86.41
CAL22 87.58 / 87.98
CAL23 82.48 / 82.88
Rott VLSFO 0.5% INDIC
Nov21 542.25 / 547.25
Dec21 540.00 / 545.00
Jan22 537.75 / 542.75
Feb22 535.00 / 540.00
Mar22 532.25 / 537.25
Apr22 529.50 / 534.50
Q1-22 535.00 / 540.00
Q2-22 526.50 / 531.50
Q3-22 517.00 / 523.00
Q4-22 508.50 / 514.50
CAL22 521.50 / 527.50
CAL23 489.75 / 498.75
Singapore VLSFO 0.5% INDIC
Nov21 563.00 / 568.00
Dec21 561.50 / 566.50
Jan22 559.50 / 564.50
Feb22 557.00 / 562.00
Mar22 554.25 / 559.25
Apr22 551.50 / 556.50
Q1-22 556.75 / 561.75
Q2-22 548.50 / 553.50
Q3-22 539.00 / 545.00
Q4-22 530.25 / 536.25
CAL22 543.25 / 549.25
CAL23 514.00 / 523.00
Ice Gasoil Swap
Nov21 694.88 / 696.88
Dec21 690.98 / 692.98
Jan22 687.02 / 689.02
Feb22 682.89 / 684.89
Mar22 677.84 / 679.84
Apr22 672.92 / 674.92
Q1-22 682.60 / 684.60
Q2-22 670.12 / 672.12
Q3-22 659.98 / 661.98
Q4-22 651.54 / 653.54
CAL22 662.08 / 665.08
CAL23 611.28 / 615.28
For more information please contact
FIS Oil Desk
info@freightinvestor.com
UK number: +44 (0) 207 090 1134
Shanghai number: +86 (0)21 63012568
Singapore: +65 87984987
Luke Longhurst
Email: LukeL@freightinvestor.com
Mobile: (+44) 7966 968761
Ricky Forman
Email: RickyF@freightinvestor.com
Mobile: (+44) 7868 708719
Sam Twyford
Email: SamT@freightinvestor.com
Mobile: (+44) 7729 118643
Jessie Deng
Email: jessied@freightinvestor.com
Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987