At 11:25 am Singapore time (0325 GMT), the ICE December Brent futures contract was down 5 cents/b (0.06%) from the previous close at $82.51/b, while the NYMEX November light sweet crude contract was 9 cents/b (0.11%) lower at $78.84/b.
API
Crude +0.951M
Gas +3.682M
Distillate +0.345M
Cushing +1.999M
U.S. oil prices rose for a fifth day on Wednesday to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets. Brent crude prices also climbed for a fourth day on the supply anxiety, particularly after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Monday to say with their planned output increase rather than boosting it further. (Reuters)
The American Petroleum Institute reported late Oct. 5 that US crude inventories increased 951,000 barrels for the week ended Oct. 1, defying most analysts’ forecast for a decline of 300,000 barrels. The API also showed that gasoline inventories jumped by about 3.7 million barrels last week, while distillate stocks increased by about 345,000 barrels. (S&P Global Platts)
Saudi Aramco has said that the shortage in the natural gas market had supported oil demand to the tune of about 500,000 b/d. This comes following OPEC+’s announcement that it would keep to its existing plan and only increase output in November by 400,000 b/d. The increase was well below market’s expectations, considering the tight energy supply across the globe. OPEC+ will meet Nov. 4 to review the group’s production plans for December. Global gas prices have also hit record highs in recent weeks, with the S&P Global Platts JKM spot Asian LNG benchmark reaching $34.99/MMBtu and the TTF month-ahead value hitting $32.06/MMBtu on Oct. 4. (S&P Global Platts)
OIL MARKET ROUND-UP:
* Fuel Prices Spike Across Asia as Global Energy Crunch Takes Hold
* API Reports U.S. Crude Stockpiles Rose 951K Bbl Last Week
* Cost of Trading World’s Benchmark Oil Rises After Margin Hike
* OPEC+ Is Acting Very Prudently, Says TotalEnergies CEO
* Nigeria’s Oil Struggles to Find Buyers; Angola Sales Slower M/m
Rotterdam 3.5% INDIC
Nov21 469.50 / 471.50
Dec21 463.75 / 465.75
Jan22 459.25 / 461.25
Feb22 455.75 / 457.75
Mar22 452.25 / 454.25
Apr22 448.75 / 450.75
Q1-22 455.75 / 457.75
Q2-22 444.75 / 446.75
Q3-22 432.25 / 434.25
Q4-22 418.75 / 421.75
CAL22 437.50 / 440.50
Singapore 380 INDIC
Nov21 488.75 / 490.75
Dec21 483.50 / 485.50
Jan22 479.00 / 481.00
Feb22 475.25 / 477.25
Mar22 471.50 / 473.50
Apr22 467.75 / 469.75
Q1-22 475.25 / 477.25
Q2-22 464.25 / 466.25
Q3-22 453.75 / 455.75
Q4-22 442.75 / 445.75
CAL22 458.50 / 461.50
Rott VLSFO 0.5% INDIC
Nov21 557.75 / 562.75
Dec21 555.25 / 560.25
Jan22 552.50 / 557.50
Feb22 549.75 / 554.75
Mar22 546.75 / 551.75
Apr22 543.75 / 548.75
Q1-22 549.75 / 554.75
Q2-22 540.75 / 545.75
Q3-22 531.25 / 537.25
Q4-22 522.75 / 528.75
CAL22 535.75 / 541.75
Singapore VLSFO 0.5% INDIC
Nov21 575.50 / 580.50
Dec21 574.25 / 579.25
Jan22 572.00 / 577.00
Feb22 569.25 / 574.25
Mar22 566.25 / 571.25
Apr22 563.50 / 568.50
Q1-22 569.25 / 574.25
Q2-22 560.75 / 565.75
Q3-22 551.25 / 557.25
Q4-22 543.50 / 549.50
CAL22 556.00 / 562.00
Sing 10ppm GO INDIC
Nov21 94.69 / 94.83
Dec21 93.98 / 94.18
Jan22 93.31 / 93.51
Feb22 92.62 / 92.82
Mar22 91.98 / 92.18
Apr22 91.35 / 91.55
Q1-22 92.65 / 92.85
Q2-22 90.72 / 90.92
Q3-22 88.84 / 89.04
Q4-22 87.35 / 87.55
CAL22 89.79 / 90.19
Ice Gasoil Swap
Nov21 717.20 / 719.20
Dec21 712.11 / 714.11
Jan22 707.01 / 709.01
Feb22 701.50 / 704.50
Mar22 696.09 / 699.09
Apr22 690.34 / 693.34
Q1-22 701.35 / 704.35
Q2-22 687.61 / 690.61
Q3-22 674.54 / 677.54
Q4-22 663.20 / 666.20
CAL22 681.68 / 684.68
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