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Oil and fuel oil hedging market update

18 May 2017 07:54 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

Brent closed up $0.36 last night to $52.21 and WTI closed at $49.07 up $0.41. So once again API numbers were wrong. Shock. I don't actually understand the point of API, if I'm honest. I mean, they're right probably 30 pct of the time, their numbers are not official but the market still reacts off the back of them. EIA data was mildly hopeful for the bulls - or at least at first glance; crude stocks were down 1.75mn bbls and product stocks were also down, BUT refinery rates were up 2%, so of course crude stocks are going to go down. We're close to record highs on crude runs in the US and with driving season round the corner, US consumers must be hoping that gasoline demand spikes - and spikes soon. I expect crude to be stuck in a range now until 25th May when OPEC meet and after that we can expect the inevitable rally. After that, I expect us to settle around these levels.

Economic Data/Events: (Times are London)

* 1:30pm: U.S. initial jobless claims, May 13

* 1:30pm: U.S. continuing claims, May 6

* 1:30pm: U.S. Philadelphia Fed business outlook, May

* 2pm: Bloomberg's First Word Oil Strategist Julian Lee holds Q&A on upcoming OPEC meeting May 25, can be watched at TLIV from 9am

* 2:45pm: Bloomberg Consumer Comfort, May 14

* 2:45pm: U.S. Bloomberg economic expectations, May

* 6:15pm: Fed's Cleveland President Loretta Mester speaks at Economic Club of Minnesota

* Today:

* * Russian refining maintenance schedule from ministry

* * PJK's weekly ARA oil product stockpiles report

* * JODI issues world oil exports, output data

* * EIA Drilling Productivity report, including DUC data

Singapore 380 cSt

Jun17 - 298.50 / 300.50

Jul17 - 298.75 / 300.75

Aug17 - 298.50 / 300.50

Sep17 - 297.75 / 299.75

Oct17 - 297.00 / 299.00

Nov17 - 296.25 / 298.25

Q3-17 - 298.25 / 300.25

Q4-17 - 296.25 / 298.25

Q1-18 - 294.50 / 297.00

Q2-18 - 293.75 / 296.25

CAL18 - 291.00 / 294.50

CAL19 - 284.25 / 289.25

CAL20 - 261.50 / 269.50

Singapore 180 cSt

Jun17 - 305.75 / 307.75

Jul17 - 305.50 / 307.50

Aug17 - 305.25 / 307.25

Sep17 - 304.50 / 306.50

Oct17 - 304.00 / 306.00

Nov17 - 303.25 / 305.25

Q3-17 - 305.00 / 307.00

Q4-17 - 303.25 / 305.25

Q1-18 - 301.75 / 304.25

Q2-18 - 301.25 / 303.75

CAL18 - 298.50 / 302.00

CAL19 - 292.00 / 297.00

CAL20 - 270.25 / 278.25

Rotterdam 380 cSt

Jun17 284.75 / 286.75

Jul17 284.00 / 286.00

Aug17 282.75 / 284.75

Sep17 281.50 / 283.50

Oct17 280.25 / 282.25

Nov17 278.75 / 280.75

Q3-17 282.75 / 284.75

Q4-17 278.50 / 280.50

Q1-18 277.75 / 280.25

Q2-18 277.50 / 280.00

CAL18 274.50 / 278.00

CAL19 267.50 / 272.50

CAL20 242.00 / 250.00



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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