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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

30 Aug 2017 07:47 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

Brent closed up 0.11 last night to $52.00 and WTI closed down 0.13 to $46.44. So I mentioned yesterday about TC2 being one to watch. For those not familiar with shipping acronyms (there are many, believe me) TC2 is the route for clean tankers from Continental Europe to USAC for Medium Range size boats. I'll put this theory into context; last week before Harvey decided it had the hump with pootling around the sea and smashed its way into Texas, the spot rate for Sep TC2 paper was WS 125. Last night the settlement for Sep was WS165. That's a 25pct increase in a week and it looks to me like the physical market is way higher than spot paper. Couple this with the fact that the hurricane season looks to just be getting started, (there are a couple of others behind Harvey, unfortunately) and you have quite a spike on your hands. I also think that the next two weeks are crucial for flat price. If we take the morals out of this devastating hurricane and purely look at what effect this storm will have on the oil market, then I think it is safe to say that it is what the market needed in order to come back in to balance as quickly as possible. I'm sure force majeure is being called on around the globe for delivered US crude oil, condensate and LNG, and this leaves a void for those who have been suffering with floating distressed cargoes; they are now able to find a home, discharge and return back to their ports to fill up as quickly as possible. Now, this may only be a temporary fix, but if you're of a bullish nature then you can't see further out than three days, anyway, so I imagine we could see crude touch $60 per bbl within the next two weeks.

Economic Data/Events: (UK times)

* 9:30am: U.K. mortgage approvals for July, est. 65.5k (prior 64.7k)

* 10am: Eurozone consumer confidence for Aug., final, est. -1.5 (prior -1.5)

* 12pm: U.S. MBA mortgage applications for week ended Aug. 25, (prior -0.5%)

* 1:15pm: U.S. ADP employment change for Aug., est. 185k (prior 178k)

* 1:30pm: U.S. GDP annualized q/q for 2Q, est. 2.7% (prior 2.6%)

* 3:30pm: EIA weekly oil inventory report; TOPLive blog coverage begins 3:20pm

Singapore 380 cSt

Sep17 - 303.75 / 305.75

Oct17 - 303.00 / 305.00

Nov17 - 301.50 / 303.50

Dec17 - 300.00 / 302.00

Jan18 - 298.75 / 300.75

Feb18 - 297.50 / 299.50

Q4-17 - 301.50 / 303.50

Q1-18 - 298.00 / 300.00

Q2-18 - 296.75 / 299.25

Q3-18 - 295.75 / 298.25

CAL18 - 296.50 / 300.00

CAL19 - 290.50 / 295.50

CAL20 - 272.75 / 279.75

Singapore 180 cSt

Sep17 - 309.00 / 311.00

Oct17 - 308.50 / 310.50

Nov17 - 306.75 / 308.75

Dec17 - 305.75 / 307.75

Jan18 - 305.50 / 307.50

Feb18 - 304.50 / 306.50

Q4-17 - 307.00 / 309.00

Q1-18 - 304.75 / 306.75

Q2-18 - 304.00 / 306.50

Q3-18 - 303.25 / 305.75

CAL18 - 303.75 / 307.25

CAL19 - 299.25 / 304.25

CAL20 - 281.75 / 288.75

Rotterdam 380 cSt

Sep17 289.00 / 291.00

Oct17 286.50 / 288.50

Nov17 283.75 / 285.75

Dec17 281.50 / 283.50

Jan18 282.50 / 284.50

Feb18 282.75 / 284.75

Q4-17 283.75 / 285.75

Q1-18 282.50 / 284.50

Q2-18 282.25 / 284.75

Q3-18 282.00 / 284.50

CAL18 280.75 / 284.25

CAL19 271.50 / 276.50

CAL20 253.50 / 260.50



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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