At 10:30 am Singapore time (0230 GMT), the ICE November Brent futures contract was down 24 cents/b (0.31%) from the previous close at $78.40/b, while the NYMEX November light sweet crude contract was 5 cents/b (0.05%) lower at $74.78/b.
EIA weekly data
Crude stocks +4.578M
Gasoline stocks +0.193M
Distillate stocks +0.384M
Cushing stocks +0.131M
According to the US Energy Information Administration data showed late Sept. 29, total US commercial crude oil stocks climbed 4.6 million barrels to 418.54 million barrels in the week to Sept. 24. U.S. crude oil inventories are about 7% below the five year average for this time of year. Total motor gasoline inventories increased by 200,000 barrels on the week, while distillate fuel inventories increased by 400,000 barrels. The build was largely in line with recent expectations, with recent American Petroleum Institute data showing stockpiles were up 4.1 million barrels in the week. (S&P Global Platts)
Joint Technical Committee of OPEC+ report suggests that market will be undersupplied by 1.2 million b/d in October and 900,000 b/d in November. This will further eat into oil inventories, which have been falling across regions.
Meanwhile, a stronger US dollar has added further pressure to crude prices. The US dollar index was seen at 94.29 in midmorning trading and on pace to close at a one-year high.
The Biden Administration continues to speak with OPEC about the importance of mitigating high oil prices to better support the economy, White House Press Secretary Jen Psaki said on Tuesday as Brent Crude prices hit $80 per barrel for the first time in three years. And the Biden Administration’s outreach regarding oil prices doesn’t stop with OPEC, Psaki said. (Oilprice.com)
OIL MARKET ROUND-UP:
* OPEC Sees 1.2m B/D Oil Supply Deficit in Oct., 900k B/D in Nov.
* TotalEnergies CEO Says Europe Gas Crisis May Last All Winter
* U.S. Crude Stockpiles Rise; Gasoline Demand Wanes: EIA Takeaways
* SPR Crude Inventories Keep Falling, to Lowest Since 2003
* Winter Oil Crunch Calls for OPEC to Cover Shortfall, Rystad Says
Sing VLSFO 0.5% INDIC
Oct-21 554.25 / 559.25
Nov-21 552.00 / 557.00
Dec-21 549.50 / 554.50
Jan-22 546.75 / 551.75
Feb-22 544.00 / 549.00
Mar-22 541.25 / 546.25
Q4-21 552.00 / 557.00
Q1-22 544.00 / 549.00
Q2-22 535.25 / 540.25
Q3-22 526.50 / 531.50
CAL22 531.00 / 536.00
Rott VLSFO 0.5% INDIC
Oct-21 535.25 / 540.25
Nov-21 532.50 / 537.50
Dec-21 529.75 / 534.75
Jan-22 527.00 / 532.00
Feb-22 524.25 / 529.25
Mar-22 521.50 / 526.50
Q4-21 532.50 / 537.50
Q1-22 524.25 / 529.25
Q2-22 515.75 / 520.75
Q3-22 506.75 / 511.75
CAL22 511.25 / 516.25
Sing 10ppm GO INDIC
Oct-21 88.10 / 88.22
Nov-21 87.57 / 87.71
Dec-21 86.93 / 87.09
Jan-22 86.37 / 86.55
Feb-22 85.91 / 86.09
Mar-22 85.48 / 85.68
Q4-21 87.51 / 87.69
Q1-22 85.88 / 86.08
Q2-22 84.67 / 84.91
Q3-22 83.41 / 83.71
CAL22 84.04 / 84.34
ICE Gasoil 10ppm INDIC
Oct-21 666.00 / 668.00
Nov-21 663.25 / 665.25
Dec-21 659.25 / 661.25
Jan-22 655.50 / 657.50
Feb-22 651.75 / 653.75
Mar-22 647.75 / 649.75
Q4-21 662.75 / 664.75
Q1-22 651.50 / 653.50
Q2-22 640.00 / 642.00
Q3-22 633.25 / 635.75
CAL22 637.50 / 640.50
Sing 380 cst INDIC
Oct-21 455.25 / 457.25
Nov-21 447.25 / 449.25
Dec-21 440.75 / 442.75
Jan-22 436.00 / 438.00
Feb-22 432.25 / 434.25
Mar-22 428.75 / 430.75
Q4-21 447.50 / 450.00
Q1-22 432.50 / 434.50
Q2-22 421.75 / 423.75
Q3-22 411.25 / 414.25
CAL22 416.50 / 419.50
Rotterdam 3.5% INDIC
Oct-21 430.50 / 432.50
Nov-21 425.25 / 427.25
Dec-21 420.25 / 422.25
Jan-22 416.25 / 418.25
Feb-22 413.00 / 415.00
Mar-22 409.75 / 411.75
Q4-21 425.25 / 427.75
Q1-22 413.00 / 415.00
Q2-22 403.00 / 405.00
Q3-22 391.50 / 394.50
CAL22 396.75 / 399.75
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