At 10:30 am Singapore time (0230 GMT), the ICE November Brent futures contract was down 98 cents/b (1.24%) from the previous close at $78.11/b, while the NYMEX November light sweet crude contract was 83 cents/b (1.10%) lower at $74.46/b.
In inventory news, the American Petroleum Institute reported late Sept. 28 that US crude supplies rose by 4.1 million barrels for the week ended Sept. 24, defying most expectations for a decline. US gasoline inventories rose 3.6 million barrels in the week, while distillate stocks were up 2.5 million barrels, the API said.
Oil demand is expected to rise strongly in the next few years, OPEC forecast on Tuesday, sounding a warning that the world needs to keep investing in production to avert a crunch even as it transitions to less polluting forms of energy.
China’s weakening housing market and growing power outages have hit sentiment as any fallout for the world’s second-biggest economy would likely have a knock-on effect on oil demand, analysts said. China is the world’s top oil importer and second-biggest consumer of the fossil fuel after the United States. (Reuters)
OIL MARKET ROUND-UP:
* Gas-Starved Europe Can’t Look West as U.S. Faces Its Own Crunch
* Vitol Says OPEC+ May Have to Raise Oil Output More Than Planned
* Europe Imports of Fuels from East Asia Set for 11-Month High
* U.S. Reached Out to China on Cutting Iran Oil Imports: Rtrs
* U.K. Filling Stations Without Fuel Falls to 37%: Retailers
* Total Says Plastic Makers Getting Battered by Container Shortage
* China’s Transport-Fuel Demand May Peak in a Few Years, BOCI Says
* OIL DEMAND MONITOR: Road Fuels Near Pre-Covid, Jet Far Off
Rotterdam 3.5% INDIC
Oct21 424.50 / 426.50
Nov21 419.50 / 421.50
Dec21 415.25 / 417.25
Jan22 412.00 / 414.00
Feb22 408.75 / 410.75
Mar22 405.50 / 407.50
Q4-21 419.75 / 421.75
Q1-22 408.75 / 410.75
Q2-22 398.75 / 400.75
Q3-22 387.00 / 390.00
CAL22 391.25 / 394.25
Singapore 380 INDIC
Oct21 448.00 / 450.00
Nov21 440.75 / 442.75
Dec21 435.00 / 437.00
Jan22 430.50 / 432.50
Feb22 427.00 / 429.00
Mar22 423.50 / 425.50
Q4-21 441.25 / 443.25
Q1-22 427.00 / 429.00
Q2-22 416.50 / 418.50
Q3-22 406.25 / 409.25
CAL22 410.25 / 413.25
Rott VLSFO 0.5% INDIC
Oct21 525.00 / 530.00
Nov21 522.50 / 527.50
Dec21 520.00 / 525.00
Jan22 517.50 / 522.50
Feb22 514.75 / 519.75
Mar22 512.00 / 517.00
Q4-21 522.50 / 527.50
Q1-22 514.75 / 519.75
Q2-22 506.00 / 512.00
Q3-22 497.50 / 503.50
CAL22 501.75 / 507.75
Singapore VLSFO 0.5% INDIC
Oct21 544.25 / 549.25
Nov21 542.25 / 547.25
Dec21 540.25 / 545.25
Jan22 538.00 / 543.00
Feb22 535.25 / 540.25
Mar22 532.50 / 537.50
Q4-21 542.25 / 547.25
Q1-22 535.25 / 540.25
Q2-22 526.50 / 532.50
Q3-22 518.25 / 524.25
CAL22 522.25 / 528.25
Sing 10ppm GO INDIC
Oct21 86.61 / 86.75
Nov21 86.03 / 86.23
Dec21 85.40 / 85.60
Jan22 84.88 / 85.08
Feb22 84.44 / 84.64
Mar22 84.08 / 84.28
Q4-21 86.00 / 86.20
Q1-22 84.46 / 84.66
Q2-22 83.37 / 83.57
Q3-22 82.23 / 82.43
CAL22 82.69 / 83.09
Ice Gasoil Swap
Oct21 654.49 / 656.49
Nov21 651.73 / 653.73
Dec21 648.27 / 650.27
Jan22 644.28 / 647.28
Feb22 641.08 / 644.08
Mar22 637.53 / 640.53
Q4-21 651.00 / 654.00
Q1-22 640.97 / 643.97
Q2-22 631.72 / 634.72
Q3-22 626.00 / 629.00
CAL22 630.50 / 633.50
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Mobile: (+86)1352 4516743
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Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987
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