At 11:01 am Singapore time (0301 GMT), the ICE January Brent futures contract was down 23 cents/b (0.27%) from the previous close at $83.49/b, while the NYMEX December light sweet crude contract fell 41 cents/b (0.49%) at $83.16/b.
Crude oil futures dipped in mid-morning trade in Asia Nov. 1 following weak economic data out of China and Beijing’s announcement that it would release state oil product reserves to the domestic market. China’s National Food and Strategic Reserves Administration said Oct. 31. that it will release state oil product reserves to the domestic market to offset a supply shortage and stabilize prices in certain regions. The announcement shows the government’s efforts to ensure domestic supplies and to control inflation by capping energy prices. It did not announce the volume to be released or targeted regions. (S&P Global Platts)
Latest Commitments of Traders data from the US Commodity Futures Trading Commission showed investors have turned sour on the outlook for oil prices, with speculative net longs in the NYMEX oil contract posting its first decline in four weeks as of Oct. 26. Speculative net longs in the NYMEX contract fell by 5,992 lots to 340,844 in the week to Oct. 26, CFTC data showed. (S&P Global Platts)
Having settled lower last week for the first time since early September, ICE Brent continues to trade lower in early morning trading in Asia. Part of the more recent weakness probably reflects the growing pressure on OPEC+ to increase output more aggressively. The US administration has called on OPEC+ once again to increase output and it is yet to be seen what else the US would be willing to do in order to bring prices down. We would expect noise from key consumers to increase over the remainder of the week, given that OPEC+ will be holding their regular monthly meeting on 4 November. Iran nuclear talks are set to resume this month and the group would not want to increase output if there is the potential for higher Iranian flows. (ING)
*Rotterdam 3.5% INDIC*
Dec21 438.50 / 440.50
Jan22 437.25 / 439.25
Feb22 435.75 / 437.75
Mar22 433.25 / 435.25
Apr22 430.25 / 432.25
May22 427.00 / 429.00
Q1-22 435.25 / 437.25
Q2-22 426.75 / 428.75
Q3-22 415.75 / 417.75
Q4-22 403.25 / 406.25
CAL22 418.50 / 424.50
CAL23 379.00 / 387.00
*Singapore 380 INDIC*
Dec21 454.50 / 456.50
Jan22 453.00 / 455.00
Feb22 451.50 / 453.50
Mar22 449.25 / 451.25
Apr22 446.75 / 448.75
May22 444.25 / 446.25
Q1-22 451.25 / 453.25
Q2-22 444.25 / 446.25
Q3-22 436.50 / 438.50
Q4-22 427.75 / 430.75
CAL22 438.00 / 444.00
CAL23 402.50 / 410.50
*Rott VLSFO 0.5% INDIC*
Dec21 563.50 / 568.50
Jan22 560.25 / 565.25
Feb22 556.25 / 561.25
Mar22 552.25 / 557.25
Apr22 548.50 / 553.50
May22 544.75 / 549.75
Q1-22 556.25 / 561.25
Q2-22 544.75 / 549.75
Q3-22 533.00 / 539.00
Q4-22 520.75 / 528.75
CAL22 537.75 / 545.75
CAL23 483.00 / 499.00
*Sing VLSFO 0.5% INDIC*
Dec21 589.75 / 594.75
Jan22 585.00 / 590.00
Feb22 580.50 / 585.50
Mar22 576.50 / 581.50
Apr22 572.50 / 577.50
May22 568.50 / 573.50
Q1-22 580.50 / 585.50
Q2-22 568.50 / 573.50
Q3-22 556.00 / 562.00
Q4-22 543.50 / 551.50
CAL22 561.00 / 569.00
CAL23 505.50 / 521.50
*Sing 10ppm GO INDIC*
Dec21 93.51 / 93.65
Jan22 92.52 / 92.72
Feb22 91.66 / 91.86
Mar22 90.83 / 91.03
Apr22 90.05 / 90.25
May22 89.33 / 89.53
Q1-22 91.60 / 91.90
Q2-22 89.28 / 89.58
Q3-22 87.55 / 87.85
Q4-22 86.32 / 86.62
CAL22 88.65 / 89.05
CAL23 83.35 / 83.75
*ICE Gasoil 10ppm INDIC*
Dec21 707.01 / 711.01
Jan22 700.19 / 704.19
Feb22 693.14 / 697.14
Mar22 685.49 / 689.49
Apr22 678.34 / 682.34
May22 672.33 / 676.33
Q1-22 692.95 / 696.95
Q2-22 673.90 / 677.90
Q3-22 663.29 / 667.29
Q4-22 654.61 / 658.61
CAL22 671.18 / 675.18
CAL23 634.40 / 638.40
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