At 10:12 am Singapore time (0212 GMT), the ICE February Brent futures contract was down 11 cents/b (0.15%) from the previous close at $74.91/b, while the NYMEX January light sweet crude contract fell 18 cents/b (0.25%) at $72.20/b. Both benchmarks had settled higher by 1.5%-2.1% overnight.
Investors have seen few fresh developments or headlines on the omicron variant in the past 24 hours, likely prompting crude to trade in a narrow range for the time being. On the supply side, US oil-directed rigs rose by 15 to 563 in the week ended Dec. 15 , data from energy analytics and software company Enverus Dec. 16 showed. (S&P Global Platts)
Oil demand markers in most of the world’s biggest oil consuming countries outside Europe continued to hit post-pandemic highs in the week to Dec. 12, despite ongoing concerns over the impact of the omicron variant on global growth. Mobility indicators in major Asia and Americas oil-consuming countries improved to within just 2% of pre-COVID-19 levels in the week, according to adjusted data from Google, the highest since the pandemic devastated global oil demand in early 2020. (S&P Global Platts)
The price of WTI crude rose nearly 2% on Thursday on EIA reports that U.S. implied petroleum products demand had risen to record heights. U.S. implied petroleum products demand rose to 23.191 million bpd for week ending December 10. The previous record was set during week ending August 27 of this year, which reached fresh highs of 22.820 million bpd. The increase in demand for petroleum products inspired fresh optimism in the market, as uncertainty in the markets faded after the Federal Reserve’s announcement. (Oilprice.com)
Singapore 380 INDIC
Jan22 408.50 / 410.50
Feb22 409.00 / 411.00
Mar22 409.25 / 411.25
Apr22 408.75 / 410.75
May22 408.25 / 410.25
Jun22 407.25 / 409.25
Q1-22 409.00 / 411.00
Q2-22 408.25 / 410.25
Q3-22 403.50 / 405.50
Q4-22 394.25 / 397.25
CAL22 403.25 / 406.25
CAL23 384.25 / 392.25
Rotterdam 3.5% INDIC
Jan22 397.00 / 399.00
Feb22 396.00 / 398.00
Mar22 394.75 / 396.75
Apr22 393.25 / 395.25
May22 391.75 / 393.75
Jun22 390.00 / 392.00
Q1-22 396.00 / 398.00
Q2-22 391.75 / 393.75
Q3-22 384.25 / 386.25
Q4-22 373.00 / 376.00
CAL22 385.75 / 388.75
CAL23 363.25 / 371.25
Singapore VLSFO 0.5% INDIC
Jan22 550.25 / 555.25
Feb22 534.00 / 539.00
Mar22 523.50 / 528.50
Apr22 517.75 / 522.75
May22 514.25 / 519.25
Jun22 511.25 / 516.25
Q1-22 535.75 / 540.75
Q2-22 514.25 / 519.25
Q3-22 505.00 / 511.00
Q4-22 497.00 / 503.00
CAL22 512.75 / 518.75
CAL23 498.75 / 507.75
Rotterdam VLSFO 0.5% INDIC
Jan22 511.00 / 516.00
Feb22 504.25 / 509.25
Mar22 499.25 / 504.25
Apr22 495.25 / 500.25
May22 491.75 / 496.75
Jun22 488.75 / 493.75
Q1-22 504.75 / 509.75
Q2-22 491.75 / 496.75
Q3-22 482.50 / 488.50
Q4-22 474.75 / 480.75
CAL22 488.25 / 494.25
CAL23 477.75 / 486.75
Sing 10ppm GO INDIC
Jan22 84.99 / 85.13
Feb22 84.32 / 84.52
Mar22 83.78 / 83.98
Apr22 83.29 / 83.49
May22 82.80 / 83.00
Jun22 82.29 / 82.49
Q1-22 84.35 / 84.55
Q2-22 82.79 / 82.99
Q3-22 81.77 / 81.97
Q4-22 80.92 / 81.12
CAL22 82.36 / 82.76
CAL23 79.36 / 79.76
Ice Gasoil Swap
Jan22 640.36 / 642.36
Feb22 638.03 / 640.03
Mar22 634.50 / 636.50
Apr22 630.51 / 632.51
May22 627.00 / 629.00
Jun22 624.36 / 626.36
Q1-22 637.65 / 639.65
Q2-22 627.29 / 629.29
Q3-22 622.32 / 624.32
Q4-22 619.47 / 621.47
CAL22 626.18 / 629.18