At 10:20 am Singapore time (0220 GMT), the ICE January Brent futures contract was down $1.33/b (1.56%) from the previous close at $83.39/b, while the NYMEX December light sweet crude contract fell $1.54/b (1.84%) at $82.37/b.
If confirmed by data from the US Energy Information Administration out later Nov. 3, crude oil inventories would have risen for five of the last six weeks, indicating that demand is not recovering as quickly as expected, industry sources said. Gasoline inventories, meanwhile, fell 552,000 barrels, while distillate stocks climbed 573,000 barrels, the API data showed. (S&P Global Platts)
Nonetheless, calls have been growing for the OPEC+ group to raise production beyond the scheduled 400,000 b/d per month when they convene on Nov. 4. Key oil-consuming countries including the US, Japan and India have pressured the group to temper oil prices that have surged amid a global gas crisis, outages and a lack of oil investments due to climate change pledges. Recent public comments from OPEC members, however, showed they are unlikely to budge. Kuwait’s oil minister said Nov. 1 he supports the OPEC+ group’s planned 400,000 b/d monthly crude output hike, while Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said Oct. 20 he saw no evidence of a crude shortage. (S&P Global Platts)
Data from the U.S. Energy Information Administration, the statistical arm of the U.S. Department of Energy, will be released later on Wednesday. In a sign that high prices are encouraging more supply elsewhere, BP said on Tuesday it will ramp up investments in its onshore U.S. shale oil and gas business to $1.5 billion in 2022 from $1 billion this year. (Reuters)
*Rotterdam 3.5% INDIC*
Dec21 431.00 / 433.00
Jan22 430.50 / 432.50
Feb22 429.50 / 431.50
Mar22 427.25 / 429.25
Apr22 424.75 / 426.75
May22 422.00 / 424.00
Q1-22 429.25 / 431.25
Q2-22 422.00 / 424.00
Q3-22 412.25 / 414.25
Q4-22 400.75 / 403.75
CAL22 414.25 / 420.25
CAL23 376.75 / 384.75
*Singapore 380 INDIC*
Dec21 447.75 / 449.75
Jan22 447.00 / 449.00
Feb22 445.75 / 447.75
Mar22 444.00 / 446.00
Apr22 442.00 / 444.00
May22 439.75 / 441.75
Q1-22 445.75 / 447.75
Q2-22 439.75 / 441.75
Q3-22 432.00 / 434.00
Q4-22 423.25 / 426.25
CAL22 433.25 / 439.25
CAL23 400.00 / 408.00
*Rott VLSFO 0.5% INDIC*
Dec21 560.50 / 565.50
Jan22 557.00 / 562.00
Feb22 553.50 / 558.50
Mar22 549.75 / 554.75
Apr22 546.00 / 551.00
May22 542.00 / 547.00
Q1-22 553.50 / 558.50
Q2-22 542.00 / 547.00
Q3-22 529.50 / 535.50
Q4-22 516.50 / 524.50
CAL22 534.50 / 542.50
CAL23 485.75 / 501.75
*Sing VLSFO 0.5% INDIC*
Dec21 587.75 / 592.75
Jan22 583.00 / 588.00
Feb22 578.75 / 583.75
Mar22 574.50 / 579.50
Apr22 570.25 / 575.25
May22 566.00 / 571.00
Q1-22 578.75 / 583.75
Q2-22 566.00 / 571.00
Q3-22 553.25 / 559.25
Q4-22 540.50 / 548.50
CAL22 558.75 / 566.75
CAL23 508.25 / 524.25
*Sing 10ppm GO INDIC*
Dec21 93.20 / 93.34
Jan22 92.30 / 92.50
Feb22 91.46 / 91.66
Mar22 90.66 / 90.86
Apr22 89.89 / 90.09
May22 89.16 / 89.36
Q1-22 91.40 / 91.70
Q2-22 89.12 / 89.42
Q3-22 87.33 / 87.63
Q4-22 86.00 / 86.30
CAL22 88.42 / 88.82
CAL23 82.42 / 82.82
*ICE Gasoil 10ppm INDIC*
Dec21 704.89 / 708.89
Jan22 698.88 / 702.88
Feb22 692.84 / 696.84
Mar22 685.75 / 689.75
Apr22 678.63 / 682.63
May22 672.42 / 676.42
Q1-22 692.50 / 696.50
Q2-22 674.05 / 678.05
Q3-22 662.89 / 666.89
Q4-22 655.80 / 659.80
CAL22 671.31 / 675.31
CAL23 634.47 / 638.47
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