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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

17 Jul 2017 08:11 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

Brent closed Friday up $0.49 to $48.91 and WTI closed at $46.54 up $0.46. There are some encouraging signs that things are getting better for crude; last week's healthy stock draws in the US and the rig count slowly but surely not increasing at the rates they were earlier on in the year, but fundamentally we are still in an oversupplied market. If things do keep going the way they have gone for the last week or so, then I think we will see $50 broken very soon. Once again, fuel oil is at the forefront of every refiner's mind as the world starts to panic about a lack of sour crude. As I mentioned before, the OPEC cuts have mostly been on the heavier, sour grades and this has, obviously, had an effect on the fuel crack price which is keeping fuel oil very well supported. I imagine this strength will continue throughout the rest of the year. So in some respects, you could say 'job done' by OPEC on that part of the barrel.

Economic Data/Events: (UK times)

* 10am: Eurozone CPI y/y for June, final, est. 1.3% (prior 1.4%, revised 1.4%)

* 12pm: ICE weekly commitments of traders report for Brent, gasoil

* 1:30pm: Bloomberg forecast of U.S. waterborne LPG exports

* 1:30pm: U.S. empire manufacturing for July, est. 15 (prior 19.8)

* 7pm: EIA releases monthly Drilling Productivity Report

* Today:

** Bloomberg proprietary forecast of Cushing crude inventory change plus weekly analyst survey of crude, gasoline, distillates inventories

** OPEC Governors to hold internal meeting in Vienna to discuss nominations for new head of research, delegates say. No policy decisions expected

** Russia 5-day Urals loading program for August; Angola crude loading program for September

Singapore 380 cSt

Aug17 - 294.50 / 296.50

Sep17 - 293.75 / 295.75

Oct17 - 293.00 / 295.00

Nov17 - 292.50 / 294.50

Dec17 - 292.25 / 294.25

Jan18 - 291.75 / 293.75

Q4-17 - 292.50 / 294.50

Q1-18 - 291.50 / 293.50

Q2-18 - 292.25 / 294.75

Q3-18 - 293.75 / 296.75

CAL18 - 290.50 / 294.00

CAL19 - 291.00 / 296.50

CAL20 - 275.00 / 283.00

Singapore 180 cSt

Aug17 - 300.50 / 302.50

Sep17 - 299.75 / 301.75

Oct17 - 299.25 / 301.25

Nov17 - 299.00 / 301.00

Dec17 - 298.75 / 300.75

Jan18 - 298.25 / 300.25

Q4-17 - 299.00 / 301.00

Q1-18 - 298.50 / 300.50

Q2-18 - 299.50 / 302.00

Q3-18 - 301.75 / 304.75

CAL18 - 298.00 / 301.50

CAL19 - 300.00 / 305.50

CAL20 - 284.00 / 292.00

Rotterdam 380 cSt

Aug17 282.50 / 284.50

Sep17 280.25 / 282.25

Oct17 278.25 / 280.25

Nov17 276.25 / 278.25

Dec17 274.25 / 276.25

Jan18 275.75 / 277.75

Q4-17 276.25 / 278.25

Q1-18 277.00 / 279.00

Q2-18 279.25 / 281.75

Q3-18 281.00 / 284.00

CAL18 276.25 / 279.75

CAL19 273.75 / 279.25

CAL20 254.50 / 262.50



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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