FIS Fuel Oil Morning Report 07/09/21

Brent crude futures for November rose 31 cents, or 0.4%, to $72.53 a barrel by 0452 GMT, after falling 39 cents on Monday. U.S. West Texas Intermediate crude for October was at $69.14 a barrel, down 15 cents, or 0.2%, from Friday’s close, with no settlement price for Monday due to Labor Day holiday in the United States.

 

A relatively calm day in the oil market yesterday saw brent rangebound as the US celebrated Labor day, with a slight drop in Brent on the US open at 1400GMT but then a steady climb back to finish the day relatively flat.

 

Demand woes grew after state oil group Saudi Aramco notified customers that it will cut October official selling prices (OSPs) for all crude grades sold to Asia by at least $1 a barrel. The deep price cuts, a sign that consumption in the world’s top-importing region remains tepid, come as lockdowns across Asia to combat the delta variant of the coronavirus have clouded the economic outlook. Markets are also contending with a decision by the Organization of the Petroleum Exporting Countries and their allies, a grouping known as OPEC+, to raise output by 400,000 barrels per day a month between August and December. (Reuters)

 

On Sept. 5, the US Bureau of Safety and Environmental Enforcement said 88.3%, or about 1.61 million b/d, of US Gulf crude output remained offline. Looking ahead, analysts from Phillip Futures said the carryover effects of supply destruction caused by Hurricane Ida may keep prices elevated over the week, adding that a weaker dollar could also be another supporting driver for crude oil. (Reuters)

 

 

OIL MARKET ROUND-UP:
* Europeans Hit the Road to Fire Rebound in Continent’s Oil Demand
* Ida’s Initial Hit to U.S. Oil Output Has Surpassed Katrina’s
* Shell Says 80% of Its Gulf of Mexico Production Still Shut In
* U.S. Gasoline Imports From Europe Hit 4-Week High; Diesel Slumps
* Oil Tanker Rates to U.S. Gulf Rise Amid Aftershocks From Ida

 

 

*Rotterdam 3.5% INDIC*                                            

Oct21    389.25   /             391.25

Nov21   383.50   /             385.50

Dec21    378.50   /             380.50

Jan22     375.75   /             377.75

Feb22    374.00   /             376.00

Mar22   372.25   /             374.25

Q4-21    383.75   /             385.75

Q1-22    374.00   /             376.00

Q2-22    368.75   /             370.75

Q3-22    362.50   /             365.50

CAL22    362.50   /             368.50

 

*Singapore 380 INDIC*                                

Oct21    410.75   /             412.75

Nov21   401.75   /              403.75

Dec21    396.25   /             398.25

Jan22     392.75   /             394.75

Feb22    391.00   /             393.00

Mar22   389.25   /             391.25

Q4-21    403.00   /             405.00

Q1-22    391.00   /             393.00

Q2-22    385.75   /             387.75

Q3-22    379.75   /             382.75

CAL22    380.25   /             386.25

 

*Rott VLSFO 0.5% INDIC*

Oct21    499.50   /              504.50

Nov21   496.75   /              501.75

Dec21    494.25   /              499.25

Jan22     491.75   /              496.75

Feb22    489.25   /              494.25

Mar22   486.75   /              491.75

Q4-21    497.00   /              502.00

Q1-22    489.25   /              494.25

Q2-22    481.75   /              487.75

Q3-22    474.00   /              482.00

CAL22    477.50   /              485.50

 

*Sing VLSFO 0.5% INDIC*                                            

Oct21    523.00   /              528.00

Nov21   518.25   /              523.25

Dec21    514.50   /              519.50

Jan22     511.75   /              516.75

Feb22    509.25   /              514.25

Mar22   506.75   /              511.75

Q4-21    518.75   /              523.75

Q1-22    509.25   /              514.25

Q2-22    501.25   /              507.25

Q3-22    493.00   /              501.00

CAL22    497.00   /              505.00

 

*Sing 10ppm GO INDIC*                                              

Oct21    79.71     /              79.85

Nov21   79.26     /              79.46

Dec21    78.84     /              79.04

Jan22     78.56     /              78.76

Feb22    78.32     /              78.52

Mar22   78.12     /              78.32

Q4-21    79.20     /              79.50

Q1-22    78.28     /              78.58

Q2-22    77.81     /              78.11

Q3-22    77.43     /              77.73

CAL22    77.33     /              77.73

 

*ICE Gasoil 10ppm INDIC*                                          

Oct21    604.88   /              608.88

Nov21   601.09   /              605.09

Dec21    597.88   /              601.88

Jan22     595.90   /              599.90

Feb22    593.80   /              597.80

Mar22   591.47   /              595.47

Q4-21    601.30   /              605.30

Q1-22    593.72   /              597.72

Q2-22    588.64   /              592.64

Q3-22    585.50   /              589.50

CAL22    589.71   /              593.71

 

 

 

 

 

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

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