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Oil and fuel oil hedging market update

21 Apr 2017 07:58 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

Brent closed up 0.06 to $52.99 last night and Jun WTI closed down 0.14 to $50.71. What has the week brought us? Well, we're down 5.5% on the week. Not great if you're hoping/predicting/guessing for $70 per bbl oil like Citibank. This market trying to push above $55 is hard enough, but getting above $60? That's like trying to complete a triple toe loop on an ice rink whilst holding a hippo. Difficult. Again we are in this range between $50 and $55, and try with all their might have OPEC and a grillion of its ministers attempted to talk the market up about extending the cut. I think the extension is already priced in; even the most naive of bulls surely can't sit there and surmise that, come end May, OPEC are going to cease the production cut. I imagine there will probably be a spike when news is confirmed about the extension. This market can't help itself sometimes and give a trader a new toy or headline and they will play with it ferociously like I did with my first ever Scalextric set. But eventually someone has to clear the Scalextric away and then you're just left with a big empty void where there was once happiness. I fear OPEC are going down this path and they will just be left in an empty room speaking into countless microphones with nobody listening. I'm not saying the cartel is dead - far from it, but it needs to perhaps look at a different angle to make the market believe in it once again.

Economic Data/Event: (UK times)

* 2:45pm: U.S. Markit Manufacturing PMI, April (prelim)

* 3:00pm: U.S. Existing Home Sales, March

* 6:00pm: Baker Hughes weekly U.S. oil, gas rig counts

* 8:30pm: CFTC weekly commitments of traders report on futures and options positions

* Today:

* OPEC technical committee meets in Vienna to discuss compliance with output-cuts agreement

* Russian Energy Minister Alexander Novak visits Tokyo for energy talks

Singapore 380 cSt

May17 - 297.75 / 299.75

Jun17 - 297.75 / 299.75

Jul17 - 297.75 / 299.75

Aug17 - 297.50 / 299.50

Sep17 - 297.00 / 299.00

Oct17 - 296.50 / 298.50

Q3-17 - 297.50 / 299.50

Q4-17 - 296.00 / 298.00

Q1-18 - 294.25 / 296.75

Q2-18 - 293.25 / 295.75

CAL18 - 292.00 / 295.50

CAL19 - 281.50 / 286.50

CAL20 - 256.50 / 264.50

Singapore 180 cSt

May17 - 305.50 / 307.50

Jun17 - 304.50 / 306.50

Jul17 - 304.25 / 306.25

Aug17 - 304.25 / 306.25

Sep17 - 303.75 / 305.75

Oct17 - 303.50 / 305.50

Q3-17 - 304.25 / 306.25

Q4-17 - 303.00 / 305.00

Q1-18 - 301.25 / 303.75

Q2-18 - 300.25 / 302.75

CAL18 - 299.50 / 303.00

CAL19 - 290.25 / 295.25

CAL20 - 265.50 / 273.50

Rotterdam 380 cSt

May17 280.50 / 282.50

Jun17 281.50 / 283.50

Jul17 281.50 / 283.50

Aug17 281.25 / 283.25

Sep17 280.75 / 282.75

Oct17 279.75 / 281.75

Q3-17 281.25 / 283.25

Q4-17 278.50 / 280.50

Q1-18 278.00 / 280.50

Q2-18 277.75 / 280.25

CAL18 276.00 / 279.50

CAL19 264.75 / 269.75

CAL20 238.25 / 246.25



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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