At 10:28 am Singapore time (0228 GMT), the ICE December Brent futures contract was up 64 cents/b (0.75%) from the previous close at $86.17/b, while the NYMEX December light sweet crude contract was 84 cents/b (1%) higher at $84.60/b.
Oil prices climbed on Monday, extending pre-weekend gains to hit multi-year highs as global supply remained tight amid solid fuel demand in the United States and elsewhere in the world as economies pick up from coronavirus pandemic-induced slumps.
Market participants are now gearing up for the next OPEC+ meeting scheduled for Nov. 4, where the alliance is expected to review production decisions for December. The supply tightness is being further exacerbated by the inability of some OPEC+ countries to raise production quickly to match monthly increments in quotas. “Even with higher quotas under their supply agreement, OPEC is struggling to raise output,” analysts ANZ research analysts said in a note Oct. 25, adding that September production volumes were reportedly 15% lower than planned. (S&P Global Platts)
risks related to demand recovery abound, with concerns that COVID-19 flare-ups could spark renewed lockdown measures that dampen recovery prospects, such as Russia’s announcement of a week-long lockdown from Oct. 30 to Nov. 7. “The focus in the region may now fall on the resurgence of COVID-19 infections in 11 provinces in China,” analysts said. (S&P Global Platts)
Sentiment in the Asian marine fuel 0.5% and high sulfur fuel oil markets stood in contrast, amid firmer demand for very low sulfur fuel oil from North Asia and tightening supply in China. This is in contrast to dwindling power demand in the Middle East and South Asia for HSFO.
*Rotterdam 3.5% INDIC*
Nov21 459.00 / 461.00
Dec21 456.75 / 458.75
Jan22 455.00 / 457.00
Feb22 453.00 / 455.00
Mar22 449.75 / 451.75
Apr22 446.25 / 448.25
Q1-22 452.75 / 454.75
Q2-22 442.75 / 444.75
Q3-22 431.25 / 433.25
Q4-22 418.25 / 421.25
CAL22 434.50 / 440.50
CAL23 394.00 / 402.00
*Singapore 380 INDIC*
Nov21 471.25 / 473.25
Dec21 471.50 / 473.50
Jan22 470.75 / 472.75
Feb22 468.50 / 470.50
Mar22 466.25 / 468.25
Apr22 463.75 / 465.75
Q1-22 468.50 / 470.50
Q2-22 461.00 / 463.00
Q3-22 452.00 / 454.00
Q4-22 441.25 / 444.25
CAL22 453.75 / 459.75
CAL23 417.25 / 425.25
*Rott VLSFO 0.5% INDIC*
Nov21 583.00 / 588.00
Dec21 577.75 / 582.75
Jan22 573.00 / 578.00
Feb22 568.50 / 573.50
Mar22 564.25 / 569.25
Apr22 560.00 / 565.00
Q1-22 568.50 / 573.50
Q2-22 555.75 / 560.75
Q3-22 542.75 / 548.75
Q4-22 529.75 / 537.75
CAL22 548.25 / 556.25
CAL23 503.00 / 519.00
*Sing VLSFO 0.5% INDIC*
Nov21 607.75 / 612.75
Dec21 602.75 / 607.75
Jan22 597.75 / 602.75
Feb22 593.00 / 598.00
Mar22 588.50 / 593.50
Apr22 584.25 / 589.25
Q1-22 593.25 / 598.25
Q2-22 580.00 / 585.00
Q3-22 567.25 / 573.25
Q4-22 554.50 / 562.50
CAL22 572.75 / 580.75
CAL23 525.25 / 541.25
*Sing 10ppm GO INDIC*
Nov21 96.45 / 96.59
Dec21 95.38 / 95.58
Jan22 94.49 / 94.69
Feb22 93.68 / 93.88
Mar22 92.88 / 93.08
Apr22 92.08 / 92.28
Q1-22 93.65 / 93.95
Q2-22 91.27 / 91.57
Q3-22 89.30 / 89.60
Q4-22 87.86 / 88.16
CAL22 89.26 / 89.66
CAL23 90.26 / 90.66
*ICE Gasoil 10ppm INDIC*
Nov21 728.46 / 732.46
Dec21 721.83 / 725.83
Jan22 715.20 / 719.20
Feb22 708.44 / 712.44
Mar22 701.48 / 705.48
Apr22 694.68 / 698.68
Q1-22 708.35 / 712.35
Q2-22 690.12 / 694.12
Q3-22 677.83 / 681.83
Q4-22 665.14 / 669.14
CAL22 683.09 / 687.09
CAL23 641.00 / 645.00
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