At 10:30 am Singapore time (0230 GMT), the ICE December Brent futures contract was down 61 cents/b (0.73%) from the previous close at $82.81/b, while the NYMEX November light sweet crude contract was 58 cents/b (0.72%) lower at $80.06/b.
The pause in the recent sustained rally could prompt profit taking, but that may also prompt buying on the dips by market participants anticipating more upside to emerge in the coming week. Investors are awaiting the release of weekly US stocks data by the American Petroleum Institute later Oct. 13 and more definitive numbers by the US Energy Information Administration the following day for fresh pricing cues. Analysts polled Oct. 11 by S&P Global Platts were expecting the data to show a 500,000-barrel draw in US crude stocks to 420.4 million barrels for the week ended Oct. 8, which would run counter to seasonal trends; US inventories typically build as refinery runs slow with the onset of shoulder season maintenance. (S&P Global Platts)
Global demand for fossil fuels could peak by 2025 if the world’s current climate pledges are fully met, but oil demand would still remain at three-quarters of current levels by 2050, missing climate targets by a wide margin, the International Energy Agency said Oct. 13. Under a new ‘Announced Pledges Scenario’ (APS), oil demand peaks soon after 2025 at 97 million b/d and then falls by around 1 million b/d per year to 2050, the IEA said in its latest World Energy Outlook. By 2050, however, the world would still be consuming 77 million b/d, down from around 100 million b/d currently. Although oil use falls by around 4 million b/d in countries with net-zero pledges between 2020 and 2030, the IEA data shows, that is offset by an 8 million b/d increase in the rest of the world. (S&P Global Platts)
OIL MARKET ROUND-UP:
* China Raises Coal and Gas Imports to Counter Energy Crisis
* China Could Win Energy Crisis Reprieve as Coal Mines Recover
* Total Sees Asia Switching to Fuel Oil as Gas Costs Soar
* China Sept. Crude Oil Imports 41.051m Tons: Customs
* Renewable Fuels Output Set to Surge in Clean-Energy Push
* European Gas Reverses Drop With Traders Awaiting Russian Exports
Singapore 380 INDIC
Nov21 481.75 / 483.75
Dec21 476.50 / 478.50
Jan22 471.00 / 473.00
Feb22 467.00 / 469.00
Mar22 462.75 / 464.75
Apr22 459.00 / 461.00
Q1-22 467.00 / 469.00
Q2-22 455.50 / 457.50
Q3-22 445.00 / 447.00
Q4-22 433.50 / 436.50
CAL22 450.00 / 453.00
Rotterdam 3.5% INDIC
Nov21 459.25 / 461.25
Dec21 454.25 / 456.25
Jan22 449.75 / 451.75
Feb22 446.50 / 448.50
Mar22 443.00 / 445.00
Apr22 439.25 / 441.25
Q1-22 446.50 / 448.50
Q2-22 435.50 / 437.50
Q3-22 423.25 / 425.25
Q4-22 409.50 / 412.50
CAL22 428.25 / 431.25
Singapore VLSFO 0.5% INDIC
Nov21 587.25 / 592.25
Dec21 583.75 / 588.75
Jan22 579.75 / 584.75
Feb22 576.25 / 581.25
Mar22 572.75 / 577.75
Apr22 569.50 / 574.50
Q1-22 576.25 / 581.25
Q2-22 566.25 / 571.25
Q3-22 556.00 / 562.00
Q4-22 546.25 / 552.25
CAL22 561.00 / 567.00
Rotterdam VLSFO 0.5% INDIC
Nov21 564.00 / 569.00
Dec21 560.75 / 565.75
Jan22 557.50 / 562.50
Feb22 554.25 / 559.25
Mar22 550.75 / 555.75
Apr22 547.25 / 552.25
Q1-22 554.25 / 559.25
Q2-22 543.75 / 548.75
Q3-22 532.75 / 538.75
Q4-22 522.25 / 528.25
CAL22 538.00 / 544.00
Sing 10ppm GO INDIC
Nov21 94.41 / 94.55
Dec21 93.62 / 93.82
Jan22 92.94 / 93.14
Feb22 92.28 / 92.48
Mar22 91.61 / 91.81
Apr22 90.97 / 91.17
Q1-22 92.30 / 92.50
Q2-22 90.35 / 90.55
Q3-22 88.54 / 88.74
Q4-22 87.08 / 87.28
CAL22 89.46 / 89.86
Ice Gasoil Swap
Nov21 713.21 / 715.21
Dec21 708.40 / 710.40
Jan22 703.39 / 705.39
Feb22 698.11 / 700.11
Mar22 692.56 / 694.56
Apr22 687.14 / 689.14
Q1-22 698.00 / 700.00
Q2-22 683.18 / 685.18
Q3-22 672.34 / 674.34
Q4-22 663.25 / 665.25
CAL22 678.70 / 681.70
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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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