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Oil and fuel oil hedging market update

12 Jan 2017 08:44 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

Brent closed up 1.46 last night to $55.10 and WTI closed at $52.25 up $1.43. EIA data later showed huge build on crude all products last night; did the market drop on this bearish news? Not on your nelly. We rallied. Apparently, people seem to now think that if refineries run at full tilt and there is a build up of products that this signals demand is strong. Ummmm, I don't know about you, but Maths 101 would dictate that if there is too much of something then demand isn't good. Or am I missing something? I see no reason why, based on those figures, that we shouldn't drop below $50 by the first week of Feb.

Economic data/events (London times)

* 8am: Singapore onshore oil-product stockpile data

* 10am: Norwegian Petroleum Directorate will present 2016 exploration and production results, and investment and output estimates for the next five years, Stavanger

* ~11am: Russian refining maintenance schedule from ministry

* 1:30pm: Federal Reserve Bank of Philadelphia President Patrick Harker will speak at the Desmond Hotel in Malvern, PA

* 1:30pm: Chicago Fed President Charles Evans and Atlanta Fed President Dennis Lockhart will hold a conversation on the economic outlook and monetary policy at a meeting of the American Council of Life Insurers, Naples

* 1:30pm: U.S. Import Price Index, Dec.

* 1;30pm: U.S. Initial Jobless Claims, Jan. 7

* 1:30pm: U.S. Continuing Claims Dec. 31

* 2:45pm: Bloomberg Consumer Comfort, Jan. 8

* midnight: U.S. Federal Reserve Chair Janet Yellen will host a town hall meeting with educators, Washington

* Today:

* PJK's weekly ARA oil product stockpiles report

* Atlantic Council Global Energy Summit, Abu Dhabi, 1st day

* U.S. Secretary of State confirmation hearing for Rex Tillerson, final day

Singapore 380 cSt

Feb17 - 321.50 / 323.50

Mar17 - 319.50 / 321.50

Apr17 - 317.75 / 319.75

May17 - 316.25 / 318.25

Jun17 - 314.75 / 316.75

Jul17 - 313.00 / 315.00

Q2-17 - 316.25 / 318.25

Q3-17 - 311.75 / 313.75

Q4-17 - 307.25 / 309.75

Q1-18 - 304.75 / 307.25

CAL18 - 299.75 / 303.25

CAL19 - 282.50 / 287.50

Singapore 180 cSt

Feb17 - 327.75 / 329.75

Mar17 - 325.75 / 327.75

Apr17 - 325.00 / 327.00

May17 - 323.50 / 325.50

Jun17 - 322.00 / 324.00

Jul17 - 320.25 / 322.25

Q2-17 - 323.50 / 325.50

Q3-17 - 319.25 / 321.25

Q4-17 - 314.75 / 317.25

Q1-18 - 312.00 / 314.50

CAL18 - 307.50 / 311.00

CAL19 - 291.25 / 296.25

Rotterdam 3.5%

Feb17 301.25 / 303.25

Mar17 301.00 / 303.00

Apr17 300.50 / 302.50

May17 299.75 / 301.75

Jun17 299.00 / 301.00

Jul17 298.00 / 300.00

Q2-17 299.75 / 301.75

Q3-17 296.50 / 298.50

Q4-17 291.00 / 293.50

Q1-18 289.75 / 292.25

CAL18 285.25 / 288.75

CAL19 268.75 / 273.75



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.




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