At 10:25 am Singapore time (0225 GMT), the ICE December Brent futures contract was up 49 cents/b (0.58%) from the previous close at $84.49/b, while the NYMEX November light sweet crude contract was 42 cents/b (0.52%) higher at $81.73/b.
EIA week ending 10/8
Crude oil: +6.1M
Gasoline: -2.0M
Distillates: NC
Refiner utilz: 86.7%
Impld mogas demand: 9.2Mbpd
The EIA data showed that total US commercial crude inventories climbed 6.09 million barrels to 426.98 million barrels in the week ended Oct. 8, narrowing the inventory deficit to the five-year average to 6.2% from 7% the week before. Total US gasoline stocks fell 1.96 million barrels to 223.11 million barrels in the week, while distillate stocks fell 20,000 barrels to 129.31 million barrels.
Tightening availability at Cushing has supported prompt WTI pricing and contributed to a significant widening in the forward curve’s backwardation. The year-ahead WTI contract settled at a $7.47/b discount to the front-month Oct. 14, the widest backwardation since July 13.
The International Energy Agency in a monthly oil report late Oct. 14 also highlighted that the oil complex was being supported during the fourth quarter by incremental demand switching from gas to oil, and revised up its demand forecasts for 2021 and 2022 by 170,000 b/d and 210,000 b/d respectively. Global oil demand is now forecast to rise 5.5 million b/d in 2021 and by 3.3 million b/d in 2022 to 99.6 million b/d, slightly above pre-pandemic levels, the agency said. (S&P Global Platts)
Singapore 380 INDIC
Nov21 492.25 / 494.25
Dec21 486.25 / 488.25
Jan22 480.75 / 482.75
Feb22 476.50 / 478.50
Mar22 472.75 / 474.75
Apr22 469.25 / 471.25
Q1-22 476.75 / 478.75
Q2-22 465.75 / 467.75
Q3-22 455.75 / 457.75
Q4-22 444.75 / 447.75
CAL22 460.25 / 463.25
Rotterdam 3.5% INDIC
Nov21 468.25 / 470.25
Dec21 463.25 / 465.25
Jan22 458.75 / 460.75
Feb22 455.25 / 457.25
Mar22 451.50 / 453.50
Apr22 447.75 / 449.75
Q1-22 455.00 / 457.00
Q2-22 444.00 / 446.00
Q3-22 432.25 / 434.25
Q4-22 419.00 / 422.00
CAL22 437.25 / 440.25
Singapore VLSFO 0.5% INDIC
Nov21 606.75 / 611.75
Dec21 602.25 / 607.25
Jan22 597.75 / 602.75
Feb22 593.25 / 598.25
Mar22 588.75 / 593.75
Apr22 584.75 / 589.75
Q1-22 593.25 / 598.25
Q2-22 581.00 / 586.00
Q3-22 569.50 / 575.50
Q4-22 559.75 / 565.75
CAL22 575.75 / 581.75
Rotterdam VLSFO 0.5% INDIC
Nov21 583.00 / 588.00
Dec21 579.25 / 584.25
Jan22 575.50 / 580.50
Feb22 571.75 / 576.75
Mar22 568.00 / 573.00
Apr22 564.25 / 569.25
Q1-22 571.75 / 576.75
Q2-22 560.50 / 565.50
Q3-22 548.75 / 554.75
Q4-22 538.00 / 544.00
CAL22 554.50 / 560.50
Sing 10ppm GO INDIC
Nov21 97.43 / 97.57
Dec21 96.44 / 96.64
Jan22 95.60 / 95.80
Feb22 94.78 / 94.98
Mar22 93.96 / 94.16
Apr22 93.23 / 93.43
Q1-22 94.80 / 95.00
Q2-22 92.52 / 92.72
Q3-22 90.54 / 90.74
Q4-22 88.95 / 89.15
CAL22 91.60 / 92.00
Ice Gasoil Swap
Nov21 737.46 / 739.46
Dec21 730.91 / 732.91
Jan22 724.24 / 726.24
Feb22 717.61 / 719.61
Mar22 710.90 / 712.90
Apr22 704.27 / 706.27
Q1-22 717.60 / 719.60
Q2-22 699.61 / 701.61
Q3-22 686.15 / 688.15
Q4-22 669.08 / 671.08
CAL22 692.61 / 695.61
For more information please contact
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