At 10:25 am Singapore time (0225 GMT), the ICE December Brent futures contract was up 9 cents/b (0.11%) from the previous close at $83.27/b, while the NYMEX November light sweet crude contract was 5 cents/b (0.06%) higher at $80.49/b.
API
Crude +5.213MM
Gasoline -4.575MM
Distillate -2.707MM
Cushing -2.275MM
US crude inventories rose 5.2 million in the week ended Oct. 8, the American Petroleum Institute said in a weekly report late Oct. 13, defying analyst expectations of a 140,000-barrel draw. Gasoline inventories fell 4.6 million in the week and distillate stocks fell 2.7 million barrels, the API said.
“The slight revision lower was due to lower-than-expected consumption in the first three quarters of the year,” ING research analysts said in a note Oct. 14, adding that OPEC still expected to see stronger demand in Q4, particularly given the potential for gas to oil switching. However ANZ research analysts in an Oct. 14 note pointed out that while the spike in natural gas could boost petroleum use in areas such as power generation, it could also hurt demand in other areas such as refining. Energy shortages in Europe continue to impact oil markets, with diesel futures in deep backwardation, driven by the switching to gasoil/diesel for power generation. (S&P Global Platts)
Oil prices were also supported by concerns about supply tightness after the U.S. Energy Information Administration (EIA) said on Wednesday that crude oil output in the United States, the world’s biggest producer, is going to decline in 2021 more than previously forecast, though it will bounce back in 2022. The EIA will release its inventory report later on Thursday at 11 a.m. EDT (1500 GMT). (Reuters)
OIL MARKET ROUND-UP:
* OPEC Remains Cautious on Oil-Demand Strength Despite Price Surge
* Putin: We Don’t Want to Limit Oil Output to Push Prices Too High
* U.S. Distillate Margins to Jump 47% This Winter: EIA
* EIA Raises 2022 Forecasts for WTI, Brent Prices by Nearly $6/Bbl
* EIA Raises 2022 U.S. Crude Output Forecast to 11.73m b/d
* API Reports U.S. Crude Stockpile Gain of 5.21M Bbl Last Week
* Total U.S. Fuel Demand Still Behind 2019 Levels: EIA’s STEO
* Global Energy Crisis Ripples Through Europe’s Diesel Market
*Rotterdam 3.5% INDIC*
Nov21 464.00 / 466.00
Dec21 459.00 / 461.00
Jan22 454.75 / 456.75
Feb22 451.50 / 453.50
Mar22 447.75 / 449.75
Apr22 444.25 / 446.25
Q1-22 451.25 / 453.25
Q2-22 440.50 / 442.50
Q3-22 429.00 / 431.00
Q4-22 415.75 / 418.75
CAL22 432.25 / 438.25
*Singapore 380 INDIC*
Nov21 487.00 / 489.00
Dec21 481.50 / 483.50
Jan22 476.25 / 478.25
Feb22 472.25 / 474.25
Mar22 468.50 / 470.50
Apr22 465.00 / 467.00
Q1-22 472.25 / 474.25
Q2-22 461.50 / 463.50
Q3-22 451.75 / 453.75
Q4-22 441.00 / 444.00
CAL22 454.75 / 460.75
*Rott VLSFO 0.5% INDIC*
Nov21 573.50 / 578.50
Dec21 570.00 / 575.00
Jan22 566.50 / 571.50
Feb22 563.00 / 568.00
Mar22 559.50 / 564.50
Apr22 556.00 / 561.00
Q1-22 563.00 / 568.00
Q2-22 552.50 / 557.50
Q3-22 541.50 / 547.50
Q4-22 530.00 / 538.00
CAL22 545.75 / 553.75
*Sing VLSFO 0.5% INDIC*
Nov21 598.00 / 603.00
Dec21 594.00 / 599.00
Jan22 589.75 / 594.75
Feb22 585.50 / 590.50
Mar22 581.50 / 586.50
Apr22 578.00 / 583.00
Q1-22 585.50 / 590.50
Q2-22 574.50 / 579.50
Q3-22 563.75 / 569.75
Q4-22 553.00 / 561.00
CAL22 568.00 / 576.00
*Sing 10ppm GO INDIC*
Nov21 96.03 / 96.17
Dec21 95.20 / 95.40
Jan22 94.50 / 94.70
Feb22 93.80 / 94.00
Mar22 93.12 / 93.32
Apr22 92.49 / 92.69
Q1-22 93.75 / 94.05
Q2-22 91.77 / 92.07
Q3-22 89.93 / 90.23
Q4-22 88.41 / 88.71
CAL22 89.78 / 90.18
*ICE Gasoil 10ppm INDIC*
Nov21 724.29 / 728.29
Dec21 718.51 / 722.51
Jan22 712.71 / 716.71
Feb22 707.15 / 711.15
Mar22 701.30 / 705.30
Apr22 695.50 / 699.50
Q1-22 707.05 / 711.05
Q2-22 691.32 / 695.32
Q3-22 679.64 / 683.64
Q4-22 666.45 / 670.45
CAL22 684.13 / 688.13
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Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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