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Singapore Update
Provisional forecasts for fuel flows into Asia for Nov at 7.2mmts, up 18% over Oct and well above the YTD average of
6.1mmt
The Dec/Jan 180 spread was as low as -$2 in mid-Oct, was backwardation $4/mt on Friday
View that the market is comfortably supplied and that the strength does not reflect market fundamentals
Fuel inventory 18.154 mil bbls, still on the low side
Oil Market Update
Russia has spoken to Venezuela/Saudi about the need to support the oil market and may cut oil production to shore up
flagging prices, altho its ability to change output is limited
Saudi Arabia has not committed to lower production, but Russia said Riyadh had expressed “a willingness to cooperate on
issues related to energy and oil markets".
Venezuela has also said it will curb its own output if OPEC agreed to do so Oil prices rose on Friday for their first weekly
gain in two months with Brent returning above $80 a barrel after a rally triggered by China's interest rate cut and
speculation of an OPEC output cut
China's central bank cut benchmark interest rates for the first time in more than two years to reduce borrowing costs and
ward off the slowest growth in 24 years
Oil prices ended the week up due to news of a surprise interest rate cut in China – an attempt to spur growth in the
country which could experience its lowest economic growth data for 14 years. Increased growth would lead to increased
demand for oil for the world’s second-largest oil consumer; currently the second-largest net oil importer – set to become
the largest in 2014 following the U.S. shale oil boom.
Prices shown as of 24 November 2014
Port
380cst
380cst LS
180cst
MGO
Piraeus
437-442
477-482
466-471
727-730
Kali Limenes
505-509
-
563-568
869-873
Augusta
439-443
-
463-468
751-754
Ceuta
448-452
478-482
477-482
741-745
Mediterranean
Malta
421-425
502-506
441-446
714-718
Gibraltar
430-435
459-464
462-466
741-745
Limassol
465-467
493-495
-
785-790
445-449
-
471-475
750-755
468--471
-
497-500
773-776
Kavkaz
335-340
-
-
799-803
Yuzhnyy
564-567
-
-
843-849
Novorossisysk
295-300
-
375-380
785-790
Tuapse
305-310
-
-
799-802
Rotterdam
416-420
427-431
437-442
690-694
Antwerp
417-422
428-432
441-445
687-691
Hamburg
423-426
445-449
455-458
718-721
St.Petersburg
284-287
314-317
304-307
672-676
Murmansk
364-368
428-432
384-388
701-705
Fujairah
460-464
-
500-504
914-918
Jeddah
579-583
-
644-648
1059-1063
Aden
674-678
-
739-744
1099-1103
Dubai
478-482
-
518-522
920-925
Singapore
474-478
539-542
488-492
717-720
Hong Kong
467-471
-
475-479
733-736
Shanghai
494-498
609-613
543-547
959-961
Vladivostok
368-372
-
354-358
646-649
Black Sea
Istanbul
Costanza
North Europe
Middle East
Asia