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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

01 Sep 2017 09:22 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

Brent was down $21 cents, or $0.4 percent, at $52.65 barrel this morning and WTI was down $35 cents, or $0.7 percent, at $46.88 barrel at 06:41 GMT. So, we had a significant move upwards in an unexpected Marilyn Monroe moment, luckily I was wearing my Sunday best briefs - Brent ended up over 3.2% on the new November contract, but we are still on track for a weekly decline. Storm Harvey continues to rip its way through the Southern States of the U.S., with the level of disruption being assessed in terms of refineries, as well as traders now scrambling to get supplies of refined products to the U.S. sending freight rates flying as we mentioned yesterday. Reduction in the refining capacity, the tapping of crude reserves in the U.S., the shipping of products, backlog of unrefined crude waiting for refineries - it does look like these do not help the oversupply of crude at all, just like when you think you are getting under control the number of toys the kids have, but then a Christmas and a birthday and somehow the number has increased again. Anyway, some good size returned to the oil market trading yesterday, but I expect a quiet couple of days today and Monday with Labour day.

Economic Data/Events: (UK times)

* 1:30pm: U.S. change in nonfarm payrolls for Aug., est. 180k (prior 209k); U.S. unemployment rate for Aug., est. 4.3% (prior 4.3%)

* 2:45pm: U.S. market manufacturing PMI for Aug., final, est. 52.5 (prior 52.5)

* 3pm: U.S. ISM manufacturing for Aug., est. 56.5 (prior 56.3); U.S. University of Michigan consumer sentiment index for Aug., final, est. 97.5 (prior 97.6); U.S. construction spending m/m for July, est. 0.5% (prior -1.3%)

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

* 8:30pm: CFTC weekly Commitments of Traders report on U.S. futures and options contracts

* Today:

** North Sea Brent loading program for October

** Bloomberg to publish monthly OPEC production survey for August

Singapore 380 cSt

Oct17 - 309.25 / 311.25

Nov17 - 308.00 / 310.00

Dec17 - 306.00 / 308.00

Jan18 - 304.75 / 306.75

Feb18 - 303.75 / 305.75

Mar18 - 303.00 / 305.00

Q4-17 - 307.75 / 309.75

Q1-18 - 304.25 / 306.25

Q2-18 - 302.50 / 305.00

Q3-18 - 301.50 / 304.00

CAL18 - 302.75 / 306.25

CAL19 - 296.75 / 301.75

CAL20 - 279.00 / 286.00

Singapore 180 cSt

Oct17 - 314.50 / 316.50

Nov17 - 313.25 / 315.25

Dec17 - 312.00 / 314.00

Jan18 - 310.75 / 312.75

Feb18 - 310.25 / 312.25

Mar18 - 309.75 / 311.75

Q4-17 - 313.25 / 315.25

Q1-18 - 311.00 / 313.00

Q2-18 - 309.75 / 312.25

Q3-18 - 309.00 / 311.50

CAL18 - 310.25 / 313.75

CAL19 - 305.75 / 310.75

CAL20 - 288.25 / 295.25

Rotterdam 380 cSt

Oct17 293.25 / 295.25

Nov17 290.25 / 292.25

Dec17 287.75 / 289.75

Jan18 288.50 / 290.50

Feb18 288.50 / 290.50

Mar18 288.50 / 290.50

Q4-17 290.50 / 292.50

Q1-18 288.75 / 290.75

Q2-18 288.50 / 291.00

Q3-18 288.25 / 290.75

CAL18 287.25 / 290.75

CAL19 276.75 / 281.75

CAL20 258.75 / 265.75



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.


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




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