At 11:24 am Singapore time (0324 GMT), the ICE January Brent futures contract was down 63 cents/b (0.76%) from the previous close at $81.80/b, while the NYMEX December light sweet crude contract fell by 67 cents/b (0.83%) to $80.09/b.
API
Crude +0.655m
Gasoline -2.792m
Distillate +107k
Data from the American Petroleum Institute industry group showed gasoline stocks fell by 2.8 million barrels for the week ended Nov. 12, according to market sources. The drawdown was much bigger than the 600,000-barrel decrease that 10 analysts polled by Reuters had expected. Crude inventories rose by 655,000 barrels, the market sources said. That was less than analysts’ expectations for a build of 1.4 million barrels. (Reuters)
Oil prices slipped as the support from a tight supply outlook eroded slightly following the release of the International Energy Agency’s monthly Oil Market Report late Nov. 16, which highlighted the role that post-hurricane increase in US shale production, spurred by strong oil prices, played in meeting recovering demand. (S&P Global Platts)
The expectation of rising shale production was backed by the US Energy Information Administration’s monthly Drilling Productivity Report released Nov. 15, which forecasts an 85,000 b/d increase in oil production from November to December, the largest of which is likely from the Permian basin. In addition, media reports of the US requesting China to release its oil reserves to help stabilize strong crude oil prices, as part of ongoing economic negotiations between the two countries, has bolstered expectations of an increase in supply. (S&P Global Platts)
Rotterdam 3.5% INDIC
Dec21 423.50 / 425.50
Jan22 423.00 / 425.00
Feb22 422.00 / 424.00
Mar22 420.25 / 422.25
Apr22 418.25 / 420.25
May22 415.75 / 417.75
Q1-22 421.75 / 423.75
Q2-22 415.75 / 417.75
Q3-22 407.00 / 409.00
Q4-22 395.50 / 398.50
CAL22 409.50 / 412.50
CAL23 378.50 / 386.50
Singapore 380 INDIC
Dec21 448.00 / 450.00
Jan22 445.50 / 447.50
Feb22 443.00 / 445.00
Mar22 441.00 / 443.00
Apr22 439.00 / 441.00
May22 436.75 / 438.75
Q1-22 443.00 / 445.00
Q2-22 436.75 / 438.75
Q3-22 429.75 / 431.75
Q4-22 421.50 / 424.50
CAL22 432.50 / 435.50
CAL23 404.50 / 412.50
Rott VLSFO 0.5% INDIC
Dec21 551.00 / 556.00
Jan22 547.00 / 552.00
Feb22 543.25 / 548.25
Mar22 539.75 / 544.75
Apr22 536.25 / 541.25
May22 532.75 / 537.75
Q1-22 543.25 / 548.25
Q2-22 532.75 / 537.75
Q3-22 522.50 / 528.50
Q4-22 512.75 / 518.75
CAL22 527.75 / 533.75
CAL23 490.00 / 499.00
Singapore VLSFO 0.5% INDIC
Dec21 581.00 / 586.00
Jan22 572.75 / 577.75
Feb22 566.75 / 571.75
Mar22 562.50 / 567.50
Apr22 559.00 / 564.00
May22 555.50 / 560.50
Q1-22 567.25 / 572.25
Q2-22 555.50 / 560.50
Q3-22 544.50 / 550.50
Q4-22 534.75 / 540.75
CAL22 550.25 / 556.25
CAL23 519.00 / 528.00
Sing 10ppm GO INDIC
Dec21 91.38 / 91.52
Jan22 90.57 / 90.77
Feb22 89.85 / 90.05
Mar22 89.22 / 89.42
Apr22 88.64 / 88.84
May22 88.04 / 88.24
Q1-22 89.90 / 90.10
Q2-22 88.04 / 88.24
Q3-22 86.68 / 86.88
Q4-22 85.66 / 85.86
CAL22 87.46 / 87.86
CAL23 82.86 / 83.26
Ice Gasoil Swap
Dec21 693.28 / 695.28
Jan22 688.31 / 690.31
Feb22 683.58 / 685.58
Mar22 677.23 / 680.23
Apr22 670.98 / 673.98
May22 666.17 / 669.17
Q1-22 682.70 / 685.70
Q2-22 666.62 / 669.62
Q3-22 659.35 / 662.35
Q4-22 652.31 / 655.31
CAL22 665.25 / 668.25
CAL23 631.11 / 635.11