At 10:27 am Singapore time (0203 GMT), the ICE January Brent futures contract was down 28 cents/b (0.34%) from the previous close at $82.59/b, while the NYMEX December light sweet crude contract fell 26 cents/b (0.34%) at $81.33/b.
Analysts said risk-off sentiment was building amid an event-thinned calendar at the end of the week, with recent reports of higher-than-expected inflation weighing on investors’ minds. In particular, US headline consumer price inflation for October was reported earlier this week 6.2% higher from a year ago, a 30-year high, with core inflation up 4.6%. (S&P Global Platts)
Investors late Nov. 11 saw the release of OPEC’s monthly oil market report. The group downgraded its 2021 global oil demand forecast by 160,000 b/d, citing weaker economic factors in China and India. However, it indicated the market would remain tight through the rest of the year, with demand for OPEC crude projected to average 29.57 million b/d over the fourth quarter, far higher than the bloc’s output of 27.45 million b/d for October. In the first quarter of 2022, seasonal factors will drive down the call on OPEC crude to 26.81 million b/d, the report stated. (S&P Global Platts)
OPEC sees world consumption surpassing the 100 million bpd mark in the third quarter of 2022, three months later than forecast last month. The producer group has cited the uncertain path for demand as a primary reason why it will not increase supply to satisfy calls for more crude from the United States. Brent crude has gained more than 60% this year and hit a three-year high of $86.70 on Oct. 25. However, oil prices appear to be consolidating below $85 a barrel, Norbert Rucker, head of economics at Julius Baer, said in a note. (Reuters)
Singapore 380 INDIC
Dec21 439.75 / 441.75
Jan22 438.75 / 440.75
Feb22 437.25 / 439.25
Mar22 435.75 / 437.75
Apr22 433.75 / 435.75
May22 431.50 / 433.50
Q1-22 437.25 / 439.25
Q2-22 431.50 / 433.50
Q3-22 424.50 / 426.50
Q4-22 415.75 / 418.75
CAL22 427.00 / 430.00
CAL23 398.00 / 406.00
Rotterdam 3.5% INDIC
Dec21 420.25 / 422.25
Jan22 420.00 / 422.00
Feb22 419.25 / 421.25
Mar22 417.50 / 419.50
Apr22 415.25 / 417.25
May22 413.00 / 415.00
Q1-22 419.00 / 421.00
Q2-22 413.00 / 415.00
Q3-22 404.50 / 406.50
Q4-22 393.25 / 396.25
CAL22 407.00 / 410.00
CAL23 375.00 / 383.00
Singapore VLSFO 0.5% INDIC
Dec21 590.00 / 595.00
Jan22 580.75 / 585.75
Feb22 573.25 / 578.25
Mar22 567.25 / 572.25
Apr22 563.00 / 568.00
May22 558.75 / 563.75
Q1-22 573.75 / 578.75
Q2-22 558.75 / 563.75
Q3-22 546.25 / 552.25
Q4-22 535.00 / 541.00
CAL22 553.00 / 559.00
CAL23 507.75 / 516.75
Rotterdam VLSFO 0.5% INDIC
Dec21 555.50 / 560.50
Jan22 551.00 / 556.00
Feb22 546.75 / 551.75
Mar22 542.50 / 547.50
Apr22 538.25 / 543.25
May22 534.25 / 539.25
Q1-22 546.75 / 551.75
Q2-22 534.25 / 539.25
Q3-22 521.75 / 527.75
Q4-22 510.50 / 516.50
CAL22 528.00 / 534.00
CAL23 483.75 / 492.75
Sing 10ppm GO INDIC
Dec21 92.32 / 92.46
Jan22 91.27 / 91.47
Feb22 90.39 / 90.59
Mar22 89.69 / 89.89
Apr22 89.04 / 89.24
May22 88.46 / 88.66
Q1-22 90.45 / 90.65
Q2-22 88.46 / 88.66
Q3-22 87.12 / 87.32
Q4-22 86.05 / 86.25
CAL22 87.92 / 88.32
CAL23 82.92 / 83.32
Ice Gasoil Swap
Dec21 699.38 / 701.38
Jan22 693.04 / 695.04
Feb22 686.79 / 688.79
Mar22 680.15 / 682.15
Apr22 674.30 / 676.30
May22 669.46 / 671.46
Q1-22 686.65 / 688.65
Q2-22 669.88 / 671.88
Q3-22 662.44 / 664.44
Q4-22 654.20 / 656.20
CAL22 667.80 / 670.80
CAL23 631.23 / 635.23
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