At 10:20 am Singapore time (0220 GMT), the ICE November Brent futures contract was up 22 cents/b (0.28%) from the previous close at $79.75/b, while the NYMEX November light sweet crude contract was 25 cents/b (0.33%) higher at $75.70/b.
The catalyst driving oil prices strength continues to be the bullish demand outlook and near-term constrained supply, leading to a greater-than-expected drawdowns in crude inventories over the past two weeks IG Market Strategist said.
Hurricanes Ida and Nicholas, which swept through the U.S. Gulf of Mexico in August and September, damaged platforms, pipelines and processing hubs, shutting most offshore production for weeks. Also weighing on supply, top African oil exporters Nigeria and Angola will struggle to boost output to their quotas set by the Organization of the Petroleum Exporting Countries (OPEC) until at least next year as underinvestment and nagging maintenance problems continue to hobble output, sources at their respective oil firms warn.
Their battle mirrors that of several other members of the OPEC+ group who curbed production in the past year to support prices when COVID-19 hit demand, but are now failing to ramp up output to meet soaring global fuel needs as economies recover. (Reuters)
China is in the grip of a power crunch as a shortage of coal supplies, tougher emissions standards and strong demand from manufacturers and industry have pushed coal prices to record highs and triggered widespread curbs on usage.
OIL MARKET ROUND-UP:
* Total Sees Oil Demand Peaking Before 2030 in Power Switch
* U.K. Road-Fuel Panic Deepens the Pain in Crisis-Prone Economy
* Call Out Troops to Solve the U.K.’s Fuel Crisis: Oil Strategy
* BP Says Oil Demand Rising Toward Pre-Virus Level: APPEC Update
* Oil-Supply Shock Imminent as Investments Pour Into Green Energy
* Oil Benchmarks Seen Rising More Amid Supply Tightness
Rotterdam 3.5% INDIC
Oct21 438.25 / 440.25
Nov21 433.25 / 435.25
Dec21 428.75 / 430.75
Jan22 425.00 / 427.00
Feb22 421.75 / 423.75
Mar22 418.50 / 420.50
Q4-21 433.25 / 435.25
Q1-22 421.75 / 423.75
Q2-22 411.50 / 413.50
Q3-22 400.00 / 403.00
CAL22 405.00 / 408.00
Singapore 380 INDIC
Oct21 461.50 / 463.50
Nov21 455.25 / 457.25
Dec21 449.50 / 451.50
Jan22 445.00 / 447.00
Feb22 441.25 / 443.25
Mar22 437.50 / 439.50
Q4-21 455.25 / 457.25
Q1-22 441.25 / 443.25
Q2-22 430.50 / 432.50
Q3-22 419.50 / 422.50
CAL22 424.00 / 427.00
Rott VLSFO 0.5% INDIC
Oct21 543.25 / 548.25
Nov21 540.75 / 545.75
Dec21 538.00 / 543.00
Jan22 535.00 / 540.00
Feb22 532.00 / 537.00
Mar22 529.00 / 534.00
Q4-21 540.50 / 545.50
Q1-22 532.00 / 537.00
Q2-22 522.50 / 528.50
Q3-22 513.50 / 519.50
CAL22 518.00 / 524.00
Singapore VLSFO 0.5% INDIC
Oct21 562.00 / 567.00
Nov21 560.00 / 565.00
Dec21 557.75 / 562.75
Jan22 555.00 / 560.00
Feb22 552.25 / 557.25
Mar22 549.50 / 554.50
Q4-21 560.00 / 565.00
Q1-22 552.25 / 557.25
Q2-22 543.75 / 549.75
Q3-22 536.00 / 542.00
CAL22 540.00 / 546.00
Sing 10ppm GO INDIC
Oct21 89.11 / 89.25
Nov21 88.54 / 88.74
Dec21 87.92 / 88.12
Jan22 87.37 / 87.57
Feb22 86.87 / 87.07
Mar22 86.40 / 86.60
Q4-21 88.50 / 88.70
Q1-22 86.88 / 87.08
Q2-22 85.58 / 85.78
Q3-22 84.34 / 84.54
CAL22 84.87 / 85.27
Ice Gasoil Swap
Oct21 674.15 / 677.15
Nov21 671.15 / 674.15
Dec21 667.33 / 670.33
Jan22 663.57 / 666.57
Feb22 660.00 / 663.00
Mar22 656.20 / 659.20
Q4-21 670.90 / 673.90
Q1-22 659.93 / 662.93
Q2-22 650.07 / 653.07
Q3-22 639.93 / 642.93
CAL22 644.62 / 647.62
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