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Oil and fuel oil hedging market update

10 Jan 2017 08:49 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

U.S. oil prices took their largest losses in a month yesterday, dropping below $55 on the Mar Brent; it seems as though yesterday's morning oil note has made its way to the inboxes of oil traders, and, finally some recognition of the fundamentals of the market. Are fears of growing production coming from more rigs in the U.S., and from signs of an unrelenting wave of oil from Iraq and Iran now weighing prominently on the market?

So the Iranians have taken advantage of higher prices to sell some of their floating storage, halving it down to 17 million barrels from 32.5 million, and again the global production agreement to cut production by 1% looks in jeopardy.

Buckle in for the volatile ride in the $55-60 range until we get more certainty on the level of effectiveness of the OPEC cut deal to counteract all these other factors.

Economic data/events (London times)

* 11am: U.S. NFIB Small Business Optimism, Dec., est. 99.5 (prior 98.4)

* 3pm: U.S. Wholesale Inventories m/m, Nov. (final), est. 0.9% (prior 0.9%)

* 3pm: U.S. JOLTS Job Openings, Nov., est, 5,500 (prior 5,534)

* ~5pm: EIA releases monthly STEO report

* 9:30pm: API weekly oil inventory report

* Today:

* Bloomberg-compiled refinery snapshot, looking at key outages at refineries in the U.S. and Canada, and providing offline capacity projections for crude units and FCCs

* Iraqi loading programs (Feb.)

* OPEC's Secretary-General Mohammad Barkindo visits Kuwait, 2nd day of 3

* U.S. President Barack Obama delivers farewell speech, Chicago

Singapore 380 cSt

Feb17 - 321.75 / 323.75

Mar17 - 319.75 / 321.75

Apr17 - 318.25 / 320.25

May17 - 316.75 / 318.75

Jun17 - 315.25 / 317.25

Jul17 - 313.50 / 315.50

Q2-17 - 316.75 / 318.75

Q3-17 - 312.25 / 314.25

Q4-17 - 307.50 / 310.00

Q1-18 - 305.00 / 307.50

CAL18 - 301.25 / 304.75

CAL19 - 281.75 / 286.75

Singapore 180 cSt

Feb17 - 327.50 / 329.50

Mar17 - 326.00 / 328.00

Apr17 - 325.50 / 327.50

May17 - 324.00 / 326.00

Jun17 - 322.50 / 324.50

Jul17 - 320.75 / 322.75

Q2-17 - 324.00 / 326.00

Q3-17 - 319.75 / 321.75

Q4-17 - 315.00 / 317.50

Q1-18 - 312.25 / 314.75

CAL18 - 309.00 / 312.50

CAL19 - 290.50 / 295.50

Rotterdam 3.5%

Feb17 301.00 / 303.00

Mar17 300.75 / 302.75

Apr17 300.00 / 302.00

May17 299.00 / 301.00

Jun17 298.00 / 300.00

Jul17 296.75 / 298.75

Q2-17 299.00 / 301.00

Q3-17 296.00 / 298.00

Q4-17 290.75 / 293.25

Q1-18 289.75 / 292.25

CAL18 287.00 / 290.50

CAL19 267.50 / 272.50



Founded in 2002, Freight Investor Services is a specialist in dry bulk and commodity derivatives, including cargo freight, iron ore, fertilizer and bunker fuel. The company has offices in London, Dubai, Singapore and Shanghai.

For further details about fuel oil swaps or to discuss trading opportunities, please contact Andrew Cullen, Client Relations & Development Manager, on +44 207 090 1126, or email AndrewC@freightinvestor.com.




Related Links:

Freight Investor Services Ltd.

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