At 11 am Singapore time (0300 GMT), the ICE November Brent futures contract was up 28 cents/b (0.37%) from the previous close at $75.74/b while the NYMEX October light sweet crude contract rose 26 cents/b (0.36%) at $72.87/b.
EIA week ending 9/10
Crude oil: -6.4M
Gasoline: -1.9M
Distillates: -1.7M
Refiner utilz: 82.1%
Impld mogas demand: 8.89Mbp
Crude oil rallied to a six-week high following another large drawdown in inventories. US stockpiles fell 6,422kbbl last week, according to EIA data. The data follow warnings from the International Energy Agency that supply lost from storms in the Gulf of Mexico would offset gains from OPEC. (S&P Global Platts)
Market watchers remain bullish on the outlook for the oil market amid the demand growth estimates for 2022. The International Energy Agency has raised its 2022 oil demand growth estimate by 100,000 b/d to 3.2 million b/d, a day after OPEC hiked its own forecast of 2022 global demand growth by 900,000 b/d to 4.15 million b/d.
Nicholas, downgraded to a tropical depression on Tuesday, caused rain, minor flooding and power outages in Texas and Louisiana, where some refineries remained offline here in the wake of Category-4 Hurricane Ida. The earlier storm has kept shut a large portion of the U.S. Gulf offshore oil and gas output. Colonial Pipeline, the largest U.S. fuel line, resumed gasoline and diesel shipments on Wednesday after Nicholas passed, while the Exxon Mobil-operated XOM.N HOOPS pipeline system, which carries crude from large offshore production facilities to Texas, is expected to restart later on Wednesday, the company said. (Reuters)
Sing VLSFO 0.5% INDIC
Oct-21 541.50 / 546.50
Nov-21 536.75 / 541.75
Dec-21 533.25 / 538.25
Jan-22 530.25 / 535.25
Feb-22 527.50 / 532.50
Mar-22 524.75 / 529.75
Q4-21 537.00 / 542.00
Q1-22 527.50 / 532.50
Q2-22 519.75 / 524.75
Q3-22 512.50 / 517.50
CAL22 516.25 / 521.25
Rott VLSFO 0.5% INDIC
Oct-21 517.50 / 522.50
Nov-21 514.50 / 519.50
Dec-21 511.50 / 516.50
Jan-22 508.75 / 513.75
Feb-22 506.00 / 511.00
Mar-22 503.25 / 508.25
Q4-21 514.50 / 519.50
Q1-22 506.00 / 511.00
Q2-22 498.25 / 503.25
Q3-22 490.75 / 495.75
CAL22 494.75 / 499.75
Sing 10ppm GO INDIC
Oct-21 82.75 / 82.87
Nov-21 82.32 / 82.46
Dec-21 81.90 / 82.06
Jan-22 81.57 / 81.75
Feb-22 81.29 / 81.47
Mar-22 81.03 / 81.23
Q4-21 82.33 / 82.51
Q1-22 81.33 / 81.53
Q2-22 80.54 / 80.78
Q3-22 79.83 / 80.13
CAL22 80.14 / 80.44
ICE Gasoil 10ppm INDIC
Oct-21 629.00 / 631.00
Nov-21 625.75 / 627.75
Dec-21 622.75 / 624.75
Jan-22 620.25 / 622.25
Feb-22 617.75 / 619.75
Mar-22 615.00 / 617.00
Q4-21 625.75 / 627.75
Q1-22 617.75 / 619.75
Q2-22 609.50 / 611.50
Q3-22 605.50 / 608.00
CAL22 608.00 / 611.00
Sing 380 cst INDIC
Oct-21 429.50 / 431.50
Nov-21 419.75 / 421.75
Dec-21 414.25 / 416.25
Jan-22 410.00 / 412.00
Feb-22 407.50 / 409.50
Mar-22 405.00 / 407.00
Q4-21 420.75 / 423.25
Q1-22 407.50 / 409.50
Q2-22 400.25 / 402.25
Q3-22 392.75 / 395.75
CAL22 396.25 / 399.25
Rotterdam 3.5% INDIC
Oct-21 404.75 / 406.75
Nov-21 400.25 / 402.25
Dec-21 396.00 / 398.00
Jan-22 393.25 / 395.25
Feb-22 391.00 / 393.00
Mar-22 388.75 / 390.75
Q4-21 400.00 / 402.50
Q1-22 391.00 / 393.00
Q2-22 384.00 / 386.00
Q3-22 375.75 / 378.75
CAL22 379.25 / 382.25
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