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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

16 Jun 2017 07:55 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

Brent closed down $0.08 last night to $46.92 and WTI closed at $46.46 down $0.27. Spare a thought for Theresa May as she wakes up this morning having gambled on so much hope of increasing her majority, and now sits trying to hold together the most precarious of coalitions. Reality hits us all and it seems as if the same can be said of the oil market. Brent seems to be struggling to break out of the current range and there are no factors at the moment that should cause it to either. I'm pretty sure the US rig count will see another gain this week - so that won't help things later on. Here's a quote for you from a good friend of mine: "This 1.25 million barrel cut is truly dead and buried: Since that fateful month of October, US production has risen 880,000 barrels a day and the three exempt nations last month ran 353,000 barrels a day over their October levels. That is 1.233 million barrels a day that were not supposed to exist. So, the cut which was supposed to resolve all of OPEC's problems in 6 months instead died a gruesome death in 5." Ouch. I'm also reading reports that there is a lot of crude in floating storage - hardly a surprise considering demand isn't increasing but global production has remained the same vis-a-vis the above statement. So the famous glut headlines are among us again. Perhaps this is just how the crude oil market will be going forward - plenty of supply wherever it is needed at prices that are affordable for most people's balance sheets. Not bad if you're a consumer right? Fuel oil continues to be the queen of the barrel. How much longer this will last? Who knows, but watch the refining margins closely; the minute sour runs are back up, fuel oil could go the same way as its big brother.

Economic Data/Events: (UK times)

* 1:30pm: U.S. housing starts for May, est. 1,220k (prior 1,172k)

* 3pm: University of Michigan sentiment for June, prelim., est. 97 (prior 97.1)

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

* 8:30pm: Commodity Futures Trading Commission weekly schedule report on futures, options positions

* Asia Downstream Technology and Markets Conference in Beijing

Singapore 380 cSt

Jul17 - 281.25 / 283.25

Aug17 - 279.50 / 281.50

Sep17 - 278.00 / 280.00

Oct17 - 276.25 / 278.25

Nov17 - 275.50 / 277.50

Dec17 - 274.75 / 276.75

Q3-17 - 279.75 / 281.75

Q4-17 - 275.75 / 277.75

Q1-18 - 274.00 / 276.50

Q2-18 - 273.50 / 276.00

CAL18 - 274.75 / 278.25

CAL19 - 270.50 / 275.50

CAL20 - 245.00 / 253.00

Singapore 180 cSt

Jul17 - 287.75 / 289.75

Aug17 - 286.00 / 288.00

Sep17 - 284.50 / 286.50

Oct17 - 283.25 / 285.25

Nov17 - 282.50 / 284.50

Dec17 - 281.75 / 283.75

Q3-17 - 286.25 / 288.25

Q4-17 - 282.75 / 284.75

Q1-18 - 281.00 / 283.50

Q2-18 - 280.75 / 283.25

CAL18 - 282.25 / 285.75

CAL19 - 278.50 / 283.50

CAL20 - 254.00 / 262.00

Rotterdam 380 cSt

Jul17 265.75 / 267.75

Aug17 263.75 / 265.75

Sep17 261.75 / 263.75

Oct17 259.75 / 261.75

Nov17 257.75 / 259.75

Dec17 255.75 / 257.75

Q3-17 263.75 / 265.75

Q4-17 257.75 / 259.75

Q1-18 256.75 / 259.25

Q2-18 257.25 / 259.75

CAL18 258.50 / 262.00

CAL19 252.75 / 257.75

CAL20 226.75 / 234.75



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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