At 11 am Singapore time (0300 GMT), the ICE December Brent futures contract was down 7 cents/b (0.08%) from the previous close at $83.58/b, while the NYMEX November light sweet crude contract was 13 cents/b (0.16%) lower at $80.39/b.
Tightened US supply has supported prompt-month WTI prices and contributed to the widening backwardation of the WTI forward curve. Front-month WTI settled at a $7.33/b premium to the year-ahead contract Oct. 11, the widest backwardation since mid-July. ANZ research analysts in a note Oct. 12 raised their 2021 oil demand forecast by 450,000 b/d amid continuing recovery in transportation fuel requirements as pandemic mobility restrictions ease across the globe. (S&P Global Platts)
The world’s largest oil exporter, Saudi Arabia, will ship additional volumes of crude to at least three refiners in Asia in November, sources familiar with the matter told Reuters on Monday. Saudi Arabia’s state oil giant Aramco will also deliver the full volumes under the contracts to four other Asian refiners, Reuters’ sources say. Some of the Asian buyers asked for full or incremental supply on top of the contractual volumes because of attractive prices for November, the sources added.
Earlier this month, Saudi Arabia cut its official selling prices (OSPs) for its key Asian market for November. This was a second cut for Saudi prices in two consecutive months, after the price rise spurred by the OPEC+ decision to stick to monthly additions of 400,000 bpd in total rather than boosting output more to cap international prices. (OilPrice.com)
OIL MARKET ROUND-UP:
* China Rethinks Its Path to Climate Goals Due to Energy Crisis
* U.S. Likely to Ask OPEC for More Oil Supplies, Yergin Says
* Big Swings in U.S. Oil Derivatives Show Supplies Tightening
* Iraq Cuts Pricing for All November Crude Sales to Asia
* U.S. Imports of European Gasoline, Diesel Stumble to 4-Week Low
*Rotterdam 3.5% INDIC*
Nov21 470.50 / 472.50
Dec21 465.00 / 467.00
Jan22 460.25 / 462.25
Feb22 456.50 / 458.50
Mar22 452.75 / 454.75
Apr22 449.00 / 451.00
Q1-22 456.50 / 458.50
Q2-22 445.00 / 447.00
Q3-22 432.25 / 434.25
Q4-22 418.00 / 421.00
CAL22 436.00 / 442.00
*Singapore 380 INDIC*
Nov21 497.50 / 499.50
Dec21 490.00 / 492.00
Jan22 483.00 / 485.00
Feb22 478.00 / 480.00
Mar22 473.75 / 475.75
Apr22 469.75 / 471.75
Q1-22 478.25 / 480.25
Q2-22 466.00 / 468.00
Q3-22 454.50 / 456.50
Q4-22 442.75 / 445.75
CAL22 458.50 / 464.50
*Rott VLSFO 0.5% INDIC*
Nov21 570.75 / 575.75
Dec21 567.75 / 572.75
Jan22 564.75 / 569.75
Feb22 561.75 / 566.75
Mar22 558.75 / 563.75
Apr22 555.75 / 560.75
Q1-22 561.75 / 566.75
Q2-22 552.50 / 557.50
Q3-22 542.25 / 548.25
Q4-22 531.25 / 539.25
CAL22 545.75 / 553.75
*Sing VLSFO 0.5% INDIC*
Nov21 592.25 / 597.25
Dec21 589.00 / 594.00
Jan22 585.75 / 590.75
Feb22 582.50 / 587.50
Mar22 579.25 / 584.25
Apr22 576.25 / 581.25
Q1-22 582.50 / 587.50
Q2-22 573.00 / 578.00
Q3-22 562.75 / 568.75
Q4-22 552.75 / 560.75
CAL22 566.75 / 574.75
*Sing 10ppm GO INDIC*
Nov21 95.65 / 95.79
Dec21 94.76 / 94.96
Jan22 94.01 / 94.21
Feb22 93.31 / 93.51
Mar22 92.63 / 92.83
Apr22 91.98 / 92.18
Q1-22 93.25 / 93.55
Q2-22 91.28 / 91.58
Q3-22 89.32 / 89.62
Q4-22 87.69 / 87.99
CAL22 89.17 / 89.57
*ICE Gasoil 10ppm INDIC*
Nov21 721.38 / 725.38
Dec21 715.71 / 719.71
Jan22 710.59 / 714.59
Feb22 705.19 / 709.19
Mar22 699.50 / 703.50
Apr22 694.08 / 698.08
Q1-22 705.10 / 709.10
Q2-22 690.85 / 694.85
Q3-22 677.95 / 681.95
Q4-22 677.94 / 681.94
CAL22 683.70 / 687.70
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FIS Oil Desk
info@freightinvestor.com
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Email: LukeL@freightinvestor.com
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Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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