At 10:11 am Singapore time (0211 GMT), the ICE January Brent futures contract was up 11 cents/b (0.13%) from the previous close at $83.54/b, while the NYMEX December light sweet crude contract was similarly up 11 cents/b (0.13%) at $82.04/b.
US Energy Secretary Jennifer Granholm said Nov. 8 that US President Joe Biden might take action this week to address soaring oil and gasoline prices. The US President has been vocal in recent weeks in calling on OPEC to raise output beyond their planned quotas and has blamed the group for the current high oil prices. Analysts said the most likely option for the Biden administration was to tap its Strategic Petroleum Reserves. A ban on crude oil exports, an option that had been brought up by Granholm in the past, was less likely. (S&P Global Platts)
There are signs that the OPEC+ group continues to face difficulty in ramping up output to required levels. The latest S&P Global Platts survey showed OPEC and its allies boosted crude oil production by 480,000 b/d in October. Only half of the group’s members actually increased output last month as many in the coalition are struggling to pump as many barrels as they had promised. (S&P Global Platts)
Output from Africa’s largest crude producer Nigeria dropped to 1.37 million b/d last month, according to the survey, which is 261,000 b/d below its OPEC+ quota. The country continues to be hamstrung by operational setbacks, with key pipelines facing persistent sabotage. Production from Angola meanwhile slipped 40,000 b/d to 1.11 million b/d, well below its quota of 1.362 million b/d. Investors will now be looking to weekly inventory reports from the US for the next gauge in sentiment. Analysts surveyed by S&P Global Platts said Nov. 8 they expect US commercial crude stocks to have climbed 1 million barrels to 435.1 million barrels last week. (S&P Global Platts)
*Rotterdam 3.5% INDIC*
Dec21 431.00 / 433.00
Jan22 430.50 / 432.50
Feb22 429.50 / 431.50
Mar22 427.50 / 429.50
Apr22 425.50 / 427.50
May22 423.25 / 425.25
Q1-22 429.25 / 431.25
Q2-22 423.25 / 425.25
Q3-22 414.50 / 416.50
Q4-22 403.50 / 406.50
CAL22 415.75 / 421.75
CAL23 385.25 / 393.25
*Singapore 380 INDIC*
Dec21 451.25 / 453.25
Jan22 450.25 / 452.25
Feb22 448.50 / 450.50
Mar22 446.50 / 448.50
Apr22 444.50 / 446.50
May22 442.25 / 444.25
Q1-22 448.50 / 450.50
Q2-22 442.25 / 444.25
Q3-22 435.25 / 437.25
Q4-22 427.00 / 430.00
CAL22 436.50 / 442.50
CAL23 407.00 / 415.00
*Rott VLSFO 0.5% INDIC*
Dec21 563.00 / 568.00
Jan22 558.25 / 563.25
Feb22 554.00 / 559.00
Mar22 549.75 / 554.75
Apr22 545.75 / 550.75
May22 542.00 / 547.00
Q1-22 554.00 / 559.00
Q2-22 542.00 / 547.00
Q3-22 530.25 / 536.25
Q4-22 518.25 / 526.25
CAL22 535.25 / 543.25
CAL23 494.25 / 510.25
*Sing VLSFO 0.5% INDIC*
Dec21 595.25 / 600.25
Jan22 587.25 / 592.25
Feb22 580.75 / 585.75
Mar22 575.50 / 580.50
Apr22 571.25 / 576.25
May22 567.00 / 572.00
Q1-22 581.00 / 586.00
Q2-22 567.00 / 572.00
Q3-22 554.25 / 560.25
Q4-22 542.00 / 550.00
CAL22 560.00 / 568.00
CAL23 515.00 / 531.00
*Sing 10ppm GO INDIC*
Dec21 94.07 / 94.21
Jan22 92.92 / 93.12
Feb22 91.92 / 92.12
Mar22 91.19 / 91.39
Apr22 90.54 / 90.74
May22 89.93 / 90.13
Q1-22 91.95 / 92.25
Q2-22 89.89 / 90.19
Q3-22 88.36 / 88.66
Q4-22 87.21 / 87.51
CAL22 89.31 / 89.71
CAL23 84.51 / 84.91
*ICE Gasoil 10ppm INDIC*
Dec21 710.50 / 714.50
Jan22 703.44 / 707.44
Feb22 696.83 / 700.83
Mar22 689.89 / 693.89
Apr22 683.84 / 687.84
May22 678.88 / 682.88
Q1-22 696.70 / 700.70
Q2-22 680.17 / 684.17
Q3-22 671.13 / 675.13
Q4-22 663.17 / 667.17
CAL22 677.80 / 681.80
CAL23 646.01 / 650.01
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