At 10:40 am Singapore time (0240 GMT), ICE November Brent futures were 2 cents/b (0.03%) higher at $71.71/b while the NYMEX October WTI contract was up 14 cents/b (0.20%) at $68.49/b.
Chinese crude imports in August rose 8% on the month to 10.53 million b/d, or 44.53 million mt, according to General Administration of Customs data Sept. 7. It was the first time since April that inflows crossed the 10 million b/d mark, signalling a slowdown of destocking activity in China’s state-owned oil sector. Meanwhile, the damage on oil production facilities in the US Gulf following Hurricane Ida continued to keep output largely halted, limiting price declines. More than a week after Ida made landfall, 1.44 million b/d, or 79.33% of total US Gulf crude output, remained shut in, the Bureau of Safety and Environmental Enforcement said Sept. 7. (S&P Global Platts)
Analysts polled by Reuters expect, on average, that crude stocks fell by 3.8 million barrels in the week to Sept. 3, and see gasoline stocks down by 3.6 million barrels and distillates down by 3 million barrels. Oil prices fell on Tuesday in a widespread commodity selloff as the U.S. dollar jumped on worries that rising Covid-19 cases in the United States and Asia will potentially lead to slower growth. (CNBC)
Stock data from the American Petroleum Institute is due Sept. 8, having been delayed one day due to the US holiday Sept. 6.
In fuel, The tight European high sulfur fuel oil market strengthened further on the day, HSFO crack highest since May. Hi-lo spread widens to $73.25/mt. The widening spread has come towards the end of the summer period during which 1%S fuel oil typically sees support from utility demand for power for air-conditioning.
On the 0.5%S marine fuel side, the market continued to expect firmer demand after the typical summer lull period for the bunker fuel market. Supplies have tightened due to refinery maintenance and lower production, market sources said.
OIL MARKET ROUND-UP:
* Fuel Oil Jumps as Asia Utilities Seek Alternatives to Pricey Gas
* Gasoline Demand Down 0.4%, Falls 6th Straight Week: Descartes
Rotterdam 3.5% INDIC
Oct21 391.25 / 393.25
Nov21 383.50 / 385.50
Dec21 377.25 / 379.25
Jan22 373.75 / 375.75
Feb22 371.75 / 373.75
Mar22 369.50 / 371.50
Q4-21 384.00 / 386.00
Q1-22 371.75 / 373.75
Q2-22 366.00 / 368.00
Q3-22 359.75 / 362.75
CAL22 360.75 / 363.75
Singapore 380 INDIC
Oct21 416.00 / 418.00
Nov21 403.50 / 405.50
Dec21 395.00 / 397.00
Jan22 390.50 / 392.50
Feb22 388.00 / 390.00
Mar22 385.75 / 387.75
Q4-21 404.75 / 406.75
Q1-22 388.00 / 390.00
Q2-22 381.75 / 383.75
Q3-22 375.75 / 378.75
CAL22 378.25 / 381.25
Rott VLSFO 0.5% INDIC
Oct21 497.00 / 502.00
Nov21 494.25 / 499.25
Dec21 491.50 / 496.50
Jan22 488.75 / 493.75
Feb22 486.25 / 491.25
Mar22 483.75 / 488.75
Q4-21 494.25 / 499.25
Q1-22 486.25 / 491.25
Q2-22 478.50 / 484.50
Q3-22 471.75 / 477.75
CAL22 475.25 / 481.25
Singapore VLSFO 0.5% INDIC
Oct21 520.75 / 525.75
Nov21 515.50 / 520.50
Dec21 511.50 / 516.50
Jan22 508.75 / 513.75
Feb22 506.00 / 511.00
Mar22 503.50 / 508.50
Q4-21 516.00 / 521.00
Q1-22 506.00 / 511.00
Q2-22 498.00 / 504.00
Q3-22 491.25 / 497.25
CAL22 494.75 / 500.75
Sing 10ppm GO INDIC
Oct21 79.12 / 79.26
Nov21 78.65 / 78.85
Dec21 78.23 / 78.43
Jan22 77.95 / 78.15
Feb22 77.72 / 77.92
Mar22 77.55 / 77.75
Q4-21 78.65 / 78.85
Q1-22 77.74 / 77.94
Q2-22 77.30 / 77.50
Q3-22 76.91 / 77.11
CAL22 76.95 / 77.35
Ice Gasoil Swap
Oct21 601.00 / 603.00
Nov21 597.50 / 599.50
Dec21 594.47 / 596.47
Jan22 592.75 / 594.75
Feb22 590.82 / 592.82
Mar22 588.47 / 590.47
Q4-21 597.65 / 599.65
Q1-22 590.68 / 592.68
Q2-22 585.68 / 587.68
Q3-22 582.93 / 584.93
CAL22 584.17 / 587.17
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