Morning Oil Report
At 11:20 am Singapore time (0320 GMT), the October ICE Brent futures contract was up 4 cents/b (0.06%) from the previous close at $69.55/b, while the NYMEX September light sweet crude contract was 8 cents/b (0.12%) higher at $67.37/b.
Despite the global resurgence of COVID-19, Wall Street investment banks are forecasting that oil prices will be supported as the outlook for global growth remains strong. Morgan Stanley expects Brent oil prices to be in the mid- to high $70s range for the rest of 2021 and remain supported well above $70/b throughout 2022.
Other analysts shared similar bearish views, noting that mobility in China has fallen sharply as authorities impose strict guidelines to curb rising COVID-19 infection rates. China’s refineries processed 13.96 million b/d of crude in July, down 6% from a record high of 14.86 million b/d in June, National Bureau of Statistics data released Aug 16 showed. The volume was also down 0.9% year on year, marking the first year-on-year fall since March 2020. (S&P Global Platts)
The main news on the wires over the past few days is the situation in Afghanistan with the Taliban retaking the capital Kabul with the withdrawal of the President from the presidential office. Awful scenes ensued with the airport being stormed and citizens holding onto planes in order to flee the new Taliban rule.
OIL MARKET ROUND-UP:
Libya’s Budget Battle Could Imperil Oil Output, Minister Says
Biden Should Reverse OPEC Oil Output Boost Call: GOP Senators
EIA Sees U.S. Shale-Oil Rising 49K B/D to 8.09M B/D in Sept.
U.S. Gulf Coast Receives 1st Cargo This Year of Cameroon Crude
U.S. Summer Gasoline Demand Edges Lower Again
Singapore 380 INDIC
Sep21 380.50 / 382.50
Oct21 376.00 / 378.00
Nov21 372.50 / 374.50
Dec21 370.25 / 372.25
Jan22 368.25 / 370.25
Feb22 367.00 / 369.00
Q4-21 373.00 / 375.00
Q1-22 367.00 / 369.00
Q2-22 363.25 / 365.25
Q3-22 358.50 / 361.50
CAL22 362.25 / 365.25
Rotterdam 3.5% INDIC
Sep21 364.75 / 366.75
Oct21 360.25 / 362.25
Nov21 356.50 / 358.50
Dec21 353.75 / 355.75
Jan22 351.75 / 353.75
Feb22 350.50 / 352.50
Q4-21 356.75 / 358.75
Q1-22 350.50 / 352.50
Q2-22 346.50 / 348.50
Q3-22 341.00 / 344.00
CAL22 344.75 / 347.75
Singapore VLSFO 0.5% INDIC
Sep21 492.50 / 497.50
Oct21 490.75 / 495.75
Nov21 488.75 / 493.75
Dec21 486.75 / 491.75
Jan22 485.00 / 490.00
Feb22 483.25 / 488.25
Q4-21 488.75 / 493.75
Q1-22 483.25 / 488.25
Q2-22 477.50 / 483.50
Q3-22 472.25 / 478.25
CAL22 474.75 / 480.75
Rott VLSFO 0.5% INDIC
Sep21 471.00 / 476.00
Oct21 470.00 / 475.00
Nov21 468.75 / 473.75
Dec21 467.25 / 472.25
Jan22 465.50 / 470.50
Feb22 463.50 / 468.50
Q4-21 468.50 / 473.50
Q1-22 463.50 / 468.50
Q2-22 457.00 / 463.00
Q3-22 451.00 / 457.00
CAL22 454.25 / 460.25
Sing 10ppm GO INDIC
Sep21 74.63 / 74.77
Oct21 74.48 / 74.68
Nov21 74.24 / 74.44
Dec21 74.00 / 74.20
Jan22 73.83 / 74.03
Feb22 73.67 / 73.87
Q4-21 74.25 / 74.45
Q1-22 73.67 / 73.87
Q2-22 73.33 / 73.53
Q3-22 73.15 / 73.35
CAL22 73.10 / 73.50
Ice Gasoil Swap
Sep21 566.92 / 568.92
Oct21 566.58 / 568.58
Nov21 563.99 / 565.99
Dec21 562.00 / 564.00
Jan22 561.02 / 563.02
Feb22 559.90 / 561.90
Q4-21 564.20 / 566.20
Q1-22 559.89 / 561.89
Q2-22 556.68 / 558.68
Q3-22 558.46 / 560.46
CAL22 557.32 / 560.32
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