Good morning all,
At 10:10 am Singapore time (0210 GMT), the ICE January Brent futures contract was up 81 cents/b (1.01%) from the previous close at $81.35/b, while the NYMEX December light sweet crude contract was 89 cents/b (1.13%) higher at $79.70/b.
Sentiment in oil markets was recovering after a 2-day selloff that wiped off up to 6% from front-month futures prices. A keenly watched OPEC+ meeting on Nov. 4 concluded without event, with the producer group sticking to its planned 400,000 b/d per month output increase as expected. While investor sentiment has been shaken in recent days by large builds in US oil inventories and the threat of a release from US Strategic Petroleum Reserves, analysts noted that any selloff won’t go far as oil demand continued to outstrip supply as economies reopen. (S&P Global Platts)
The resumption of Iran nuclear deal talks, scheduled for Nov. 29, could provide some relief, if an elusive deal that lifts sanctions can be reached. Platts Analytics expects that Iranian crude supply could rise by some 1.4 million b/d with a deal. As they have at every meeting, OPEC+ ministers said they would continue to convene monthly to monitor supply and demand fundamentals. The next meeting is scheduled for Dec. 2. The US oil rig count has continued to climb amid the upswing in prices. The number of rigs chasing primarily oil has moved 16 higher on the week to 528, energy analytics and software company Enverus said, marking the largest one-week increase since March and pushing the number of active oil rigs to the highest since April 2020. (S&P Global Platts)
*Rotterdam 3.5% INDIC*
Dec21 413.75 / 415.75
Jan22 413.50 / 415.50
Feb22 412.50 / 414.50
Mar22 410.50 / 412.50
Apr22 408.00 / 410.00
May22 405.50 / 407.50
Q1-22 412.00 / 414.00
Q2-22 405.25 / 407.25
Q3-22 396.50 / 398.50
Q4-22 386.25 / 389.25
CAL22 398.25 / 404.25
CAL23 367.00 / 375.00
*Singapore 380 INDIC*
Dec21 432.25 / 434.25
Jan22 431.25 / 433.25
Feb22 430.00 / 432.00
Mar22 428.50 / 430.50
Apr22 426.75 / 428.75
May22 425.00 / 427.00
Q1-22 429.75 / 431.75
Q2-22 424.75 / 426.75
Q3-22 418.75 / 420.75
Q4-22 411.50 / 414.50
CAL22 419.50 / 425.50
CAL23 390.75 / 398.75
*Rott VLSFO 0.5% INDIC*
Dec21 541.75 / 546.75
Jan22 538.50 / 543.50
Feb22 535.00 / 540.00
Mar22 531.50 / 536.50
Apr22 528.00 / 533.00
May22 524.50 / 529.50
Q1-22 535.00 / 540.00
Q2-22 524.50 / 529.50
Q3-22 512.75 / 518.75
Q4-22 500.50 / 508.50
CAL22 517.25 / 525.25
CAL23 476.00 / 492.00
*Sing VLSFO 0.5% INDIC*
Dec21 570.25 / 575.25
Jan22 565.25 / 570.25
Feb22 560.75 / 565.75
Mar22 556.50 / 561.50
Apr22 552.50 / 557.50
May22 548.50 / 553.50
Q1-22 560.75 / 565.75
Q2-22 548.50 / 553.50
Q3-22 536.50 / 542.50
Q4-22 524.75 / 532.75
CAL22 541.50 / 549.50
CAL23 499.00 / 515.00
*Sing 10ppm GO INDIC*
Dec21 90.83 / 90.97
Jan22 89.85 / 90.05
Feb22 89.00 / 89.20
Mar22 88.30 / 88.50
Apr22 87.64 / 87.84
May22 86.97 / 87.17
Q1-22 89.00 / 89.30
Q2-22 86.94 / 87.24
Q3-22 85.41 / 85.71
Q4-22 84.25 / 84.55
CAL22 86.35 / 86.75
CAL23 80.35 / 80.75
*ICE Gasoil 10ppm INDIC*
Dec21 686.43 / 690.43
Jan22 680.59 / 684.59
Feb22 674.80 / 678.80
Mar22 668.10 / 672.10
Apr22 662.00 / 666.00
May22 657.00 / 661.00
Q1-22 674.50 / 678.50
Q2-22 658.31 / 662.31
Q3-22 649.82 / 653.82
Q4-22 647.58 / 651.58
CAL22 657.55 / 661.55
CAL23 632.54 / 636.54
For more information please contact
FIS Oil Desk
info@freightinvestor.com
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Singapore: +65 87984987
Luke Longhurst
Email: LukeL@freightinvestor.com
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Mobile: (+44) 7868 708719
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Mobile: (+44) 7729 118643
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Mobile: (+86)1352 4516743
Jarryd Smith
Email: jarryds@freightinvestor.com
Mobile: (+65) 87984987