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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil and fuel oil hedging market update

20 Apr 2017 07:45 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

Brent closed down 1.96 to $52.93 and WTI closed at $50.44 down 1.97. Well you can't see we didn't warn you. EIA data proved to be the only factor of the day to give us some sort of direction and boy did the market drop. Initially the market didn't know what to do. Traders were looking at their screens like a squirrel figuring out how it can reach a tasty looking nut. The squirrel jumped, hit the deck, broke its neck and the bottom fell out of the crude market. If anything I would say that the actual numbers themselves were quite supportive. We should all expect builds on gasoline inventories this time of year with the RVP change for the Summer season. Weekly demand figures were negligible and we saw draws on crude and distillates. Not bad, right? No. No. No. NO. The market reacted off the back of increased US production, which is increasing quicker than my waistline. I've been saying for weeks that the market is hoping that demand is going to increase, but it's ignoring the fact that every week we aren't seeing demand increase. "Ah it'll be better next month, don't you worry" seems to be the rhetoric the bulls are repeating at the end of each month at the moment. On a crude basis, increased US production is offsetting the OPEC cuts, so all eyes on Vienna to see if they contemplate increasing the cuts, because at the moment the only winner is the US really. On a product basis, all eyes will be on Summer driving season, so come end of May, if those gasoline stocks don't start drawing in some size then goodness knows where we will be. Like poor old Cyril the squirrel I reckon. Watch the dollar.

Economic Data/Event: (Times are London)

* 9am: Singapore onshore oil-product stockpile data

* ~noon: Russian refining maintenance schedule from ministry

* 1:30pm: U.S. initial jobless claims, April 15; U.S. continuing claims, April 8; Philadelphia April Fed business outlook

* 2:45pm: Bloomberg consumer comfort, April 16; Bloomberg economic expectations

* 3pm: U.S. leading index for March

* Today:

* PJK's weekly ARA oil product stockpiles report

* Russia 10-day loading program (May)

* Petroleum Media Forum, Abu Dhabi, final day

Singapore 380 cSt

May17 - 300.50 / 302.50

Jun17 - 300.25 / 302.25

Jul17 - 300.25 / 302.25

Aug17 - 300.00 / 302.00

Sep17 - 299.75 / 301.75

Oct17 - 299.25 / 301.25

Q3-17 - 300.00 / 302.00

Q4-17 - 298.75 / 300.75

Q1-18 - 297.00 / 299.50

Q2-18 - 295.50 / 298.00

CAL18 - 295.00 / 298.50

CAL19 - 285.00 / 290.00

CAL20 - 258.75 / 266.75

Singapore 180 cSt

May17 - 308.00 / 310.00

Jun17 - 307.00 / 309.00

Jul17 - 306.75 / 308.75

Aug17 - 306.75 / 308.75

Sep17 - 306.50 / 308.50

Oct17 - 306.25 / 308.25

Q3-17 - 306.75 / 308.75

Q4-17 - 305.75 / 307.75

Q1-18 - 304.00 / 306.50

Q2-18 - 302.50 / 305.00

CAL18 - 302.50 / 306.00

CAL19 - 293.75 / 298.75

CAL20 - 267.75 / 275.75

Rotterdam 380 cSt

May17 284.00 / 286.00

Jun17 284.75 / 286.75

Jul17 285.00 / 287.00

Aug17 284.75 / 286.75

Sep17 284.25 / 286.25

Oct17 283.25 / 285.25

Q3-17 284.75 / 286.75

Q4-17 282.00 / 284.00

Q1-18 281.50 / 284.00

Q2-18 281.50 / 284.00

CAL18 279.00 / 282.50

CAL19 266.75 / 271.75

CAL20 237.75 / 245.75



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.


Image: Freight Investor Services (FIS) logo. Credit: Freight Investor Services (FIS)




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