NYMEX December WTI settled $3.05 lower at $80.86/b and ICE January Brent declined $2.73 to $81.99/b.
EIA week ending 10/29
Crude oil: +3.3M
Gasoline: -1.5M
Distillates: +2.2M
Refiner utilz: 86.3%
Impld mogas demand: 9.50Mbpd
The crude build was largely in line with recent market expectations. American Petroleum Institute data released late Nov. 2 showed US crude inventories climbed 3.6 million barrels over the period. Still, EIA showed a US crude production averaged 11.5 million b/d over the period, an increase of 200,000 b/d from the week prior and the highest since late August, prior to hurricanes Ida and Nicholas shutting in Gulf of Mexico output. (S&P Global Platts)
The Joint Comprehensive Plan of Action reached in 2015 set restrictions on Iran’s nuclear program in exchange for relief from US sanctions. The Trump administration reimposed sanctions on Iran’s oil, petrochemical, shipping and other sectors in 2018. S&P Global Platts Analytics expects Iranian oil supply to rise to 3.66 million b/d by December 2022 if a deal is reached and US oil sanctions are removed. If talks are delayed further or collapse, the Iranian supply outlook would fall to 2.17 million b/d.
The market is likely to look toward the Nov. 4 OPEC+ group meeting or next direction. The group is widely expected to go ahead with its planned 400,000 b/d December output increase, but calls for the group to send more crude to market to offset rising prices are growing. If you take a look at gas prices and you take a look at oil prices, that is a consequence of thus far the refusal of Russia or the OPEC nations to pump more oil. We will see what happens on that score sooner or later” US President Joe Biden said Nov. 2 at the COP26, UN Climate Change Conference. (S&P Global Platts)
*Rotterdam 3.5% INDIC*
Dec21 421.25 / 423.25
Jan22 421.00 / 423.00
Feb22 420.00 / 422.00
Mar22 418.00 / 420.00
Apr22 415.50 / 417.50
May22 413.00 / 415.00
Q1-22 419.50 / 421.50
Q2-22 412.75 / 414.75
Q3-22 404.00 / 406.00
Q4-22 393.75 / 396.75
CAL22 405.75 / 411.75
CAL23 371.25 / 379.25
*Singapore 380 INDIC*
Dec21 439.25 / 441.25
Jan22 438.25 / 440.25
Feb22 437.00 / 439.00
Mar22 435.50 / 437.50
Apr22 433.50 / 435.50
May22 431.50 / 433.50
Q1-22 437.00 / 439.00
Q2-22 431.50 / 433.50
Q3-22 424.75 / 426.75
Q4-22 416.75 / 419.75
CAL22 425.50 / 431.50
CAL23 395.00 / 403.00
*Rott VLSFO 0.5% INDIC*
Dec21 551.00 / 556.00
Jan22 547.75 / 552.75
Feb22 544.25 / 549.25
Mar22 540.50 / 545.50
Apr22 536.75 / 541.75
May22 532.75 / 537.75
Q1-22 544.25 / 549.25
Q2-22 532.75 / 537.75
Q3-22 520.50 / 526.50
Q4-22 508.25 / 516.25
CAL22 525.50 / 533.50
CAL23 480.00 / 496.00
*Sing VLSFO 0.5% INDIC*
Dec21 578.25 / 583.25
Jan22 573.50 / 578.50
Feb22 569.00 / 574.00
Mar22 564.75 / 569.75
Apr22 560.50 / 565.50
May22 556.25 / 561.25
Q1-22 569.25 / 574.25
Q2-22 556.25 / 561.25
Q3-22 543.50 / 549.50
Q4-22 531.00 / 539.00
CAL22 549.00 / 557.00
CAL23 503.00 / 519.00
*Sing 10ppm GO INDIC*
Dec21 91.52 / 91.66
Jan22 90.58 / 90.78
Feb22 89.78 / 89.98
Mar22 89.05 / 89.25
Apr22 88.38 / 88.58
May22 87.70 / 87.90
Q1-22 89.75 / 90.05
Q2-22 87.67 / 87.97
Q3-22 86.04 / 86.34
Q4-22 84.82 / 85.12
CAL22 87.02 / 87.42
CAL23 81.02 / 81.42
*ICE Gasoil 10ppm INDIC*
Dec21 691.81 / 695.81
Jan22 686.47 / 690.47
Feb22 680.98 / 684.98
Mar22 674.35 / 678.35
Apr22 667.90 / 671.90
May22 662.42 / 666.42
Q1-22 680.60 / 684.60
Q2-22 663.86 / 667.86
Q3-22 654.31 / 658.31
Q4-22 645.66 / 649.66
CAL22 661.11 / 665.11
CAL23 625.62 / 629.62
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