At 10:41 am Singapore time (0241 GMT), the ICE November Brent futures contract was down 16 cents/b (0.21%) from the previous close at $75.51/b, while the NYMEX October light sweet crude contract was 15 cents/b (0.21%) lower at $72.46/b.
Demand concerns have resurfaced as China battles a fresh outbreak of COVID-19 cases in southern Fujian province. The country’s National Health Commission recorded 49 locally transmitted cases Sept. 15 and 50 the day before. Supply from the US Gulf Coast was also gradually returning to normal after 95% of US Gulf oil and gas production was shut in late August due to Category 4 Hurricane Ida; 513,878 b/d of crude or 28.2% remained offline as of Sept. 16, according to the US Bureau of Safety and Environmental Enforcement. (S&P Global Platts)
Commercial crude oil stocks in the US have fallen for six straight weeks, with the most recent report from the US Energy Information Administration showing a 6.42 million-barrel draw to 417.45 million barrels last week. US crude oil stocks now looked set to push past pre-pandemic lows of 416.07 million barrels for 2019.
Analysts remained bullish on oil prices going into the end of the year, with Goldman Sachs earlier in September expecting ICE Brent to top $80/b by year end and Bank of America Global Research citing a $100/b price target within the next six months in the event of a colder-than-expected winter.
Singapore 380 INDIC
Oct21 429.75 / 431.75
Nov21 419.25 / 421.25
Dec21 413.50 / 415.50
Jan22 409.00 / 411.00
Feb22 406.25 / 408.25
Mar22 403.50 / 405.50
Q4-21 420.75 / 422.75
Q1-22 406.25 / 408.25
Q2-22 398.50 / 400.50
Q3-22 390.50 / 393.50
CAL22 395.50 / 398.50
Rotterdam 3.5% INDIC
Oct21 404.50 / 406.50
Nov21 399.75 / 401.75
Dec21 395.50 / 397.50
Jan22 392.50 / 394.50
Feb22 390.25 / 392.25
Mar22 387.75 / 389.75
Q4-21 400.00 / 402.00
Q1-22 390.25 / 392.25
Q2-22 382.75 / 384.75
Q3-22 374.00 / 377.00
CAL22 377.50 / 380.50
Singapore VLSFO 0.5% INDIC
Oct21 542.75 / 547.75
Nov21 537.75 / 542.75
Dec21 533.75 / 538.75
Jan22 530.50 / 535.50
Feb22 527.75 / 532.75
Mar22 524.75 / 529.75
Q4-21 538.00 / 543.00
Q1-22 527.75 / 532.75
Q2-22 519.25 / 525.25
Q3-22 512.00 / 518.00
CAL22 516.00 / 522.00
Rott VLSFO 0.5% INDIC
Oct21 519.50 / 524.50
Nov21 516.50 / 521.50
Dec21 513.50 / 518.50
Jan22 510.50 / 515.50
Feb22 507.75 / 512.75
Mar22 505.00 / 510.00
Q4-21 516.50 / 521.50
Q1-22 507.75 / 512.75
Q2-22 499.50 / 505.50
Q3-22 492.00 / 498.00
CAL22 495.75 / 501.75
Sing 10ppm GO INDIC
Oct21 82.92 / 83.06
Nov21 82.42 / 82.62
Dec21 81.97 / 82.17
Jan22 81.61 / 81.81
Feb22 81.31 / 81.51
Mar22 81.03 / 81.23
Q4-21 82.40 / 82.60
Q1-22 81.31 / 81.51
Q2-22 80.56 / 80.76
Q3-22 79.86 / 80.06
CAL22 80.08 / 80.48
Ice Gasoil Swap
Oct21 631.51 / 633.51
Nov21 627.33 / 629.33
Dec21 623.48 / 625.48
Jan22 620.55 / 622.55
Feb22 617.65 / 619.65
Mar22 614.30 / 616.30
Q4-21 627.45 / 629.45
Q1-22 617.50 / 619.50
Q2-22 609.54 / 611.54
Q3-22 604.54 / 606.54
CAL22 607.27 / 610.27