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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

13 Jul 2017 08:27 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

Brent closed up $0.22 last night to $47.74 and WTI closed at $45.49 up $0.45. This market frustrates about as much as grapes with seeds. We witnessed a healthy draw on crude last night and an okayish draw on gasoline, but refinery runs were up and it's obvious that distillate demand is weak - as that showed a build of some 3mn bbls. US crude stocks are down 7% since end March, but instead of the market welcoming this fairly bullish news it instead reacted like a teenager after too many Southern Comfort's and vomited. Unless you've been under a rock for the whole of this year, so far we all know that the OPEC cuts have been about as successful as Sam Allardyce's England management tenure, but when it is evidenced that stocks are being drawn, why go down? It makes no sense. Yes US crude production was up, but that was fairly negligible, and China are the biggest importer of crude again, so demand is up. The signs to me seem like they are going in the way of rebalancing, but we came off around $1 per bbl after numbers. I have a suspicion that the market has lost all faith in the OPEC agreement and the thought that they may look at deepening the cuts to raise prices. Which was never going to happen anyway. Anyway, let's allow the market to limp on - Andy Murray-style.

Economic Data/Events: (UK times)

* 7am: Germany CPI m/m for June, final, est. 0.2% (prior 0.2%)

* 7:45am: France CPI y/y for June, final, est. 0.7% (prior 0.7%)

* 9am: Singapore onshore oil-product stockpile data

* 9am: IEA monthly oil market report, including estimates of world demand and OPEC production

* 1:30pm: U.S. initial jobless claims, July 8, est. 245k (prior 248k)

* 1:30pm: U.S. PPI final demand m/m for June, est. 0% (prior 0%)

* Today: WPC in Istanbul, speakers including Woodside CEO Peter Coleman, final day

Singapore 380 cSt

Aug17 - 283.75 / 285.75

Sep17 - 283.00 / 285.00

Oct17 - 282.25 / 284.25

Nov17 - 281.75 / 283.75

Dec17 - 281.50 / 283.50

Jan18 - 281.00 / 283.00

Q4-17 - 281.75 / 283.75

Q1-18 - 281.00 / 283.00

Q2-18 - 282.00 / 284.50

Q3-18 - 283.75 / 286.75

CAL18 - 279.75 / 283.25

CAL19 - 275.00 / 280.50

CAL20 - 257.75 / 265.75

Singapore 180 cSt

Aug17 - 289.75 / 291.75

Sep17 - 289.00 / 291.00

Oct17 - 288.50 / 290.50

Nov17 - 288.25 / 290.25

Dec17 - 288.00 / 290.00

Jan18 - 287.50 / 289.50

Q4-17 - 288.25 / 290.25

Q1-18 - 288.00 / 290.00

Q2-18 - 289.25 / 291.75

Q3-18 - 291.75 / 294.75

CAL18 - 287.25 / 290.75

CAL19 - 284.00 / 289.50

CAL20 - 266.75 / 274.75

Rotterdam 380 cSt

Aug17 270.50 / 272.50

Sep17 268.50 / 270.50

Oct17 266.50 / 268.50

Nov17 264.75 / 266.75

Dec17 263.00 / 265.00

Jan18 264.75 / 266.75

Q4-17 264.75 / 266.75

Q1-18 266.00 / 268.00

Q2-18 269.00 / 271.50

Q3-18 270.50 / 273.50

CAL18 266.25 / 269.75

CAL19 261.50 / 267.00

CAL20 241.00 / 249.00



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.


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




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