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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

12 Sep 2017 08:23 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

Early this morning Brent was down $5 cents, or 0.1 percent, at $53.79 per barrel by 0247 GMT from the previous close and U.S. WTI crude was down $4 cents, or 0.1 percent, at $48.03 a barrel. As Hurricane Irma continues inland, refineries in the Gulf are slowly starting to come back online - including the largest U.S. refinery, Motiva Enterprises. With the storms having moved off, we can now start to see more clearly the effects that it has had on refining and U.S. production and stock levels. Early indicators report that we are going to see a 2.3 million barrel rise in crude stocks to be reported on Wednesday by the EIA. Not really a surprising outcome of all the disruption that has been caused; in some ways we're surprised it's not higher, but let's see what 'finger-in-the-air' value the API reports in its stats tonight. It would probably be more accurate asking your nan what level she thinks they will be.

North Korea has managed to avoid a complete ban on its oil industry, which currently imports 2.2 million barrels, but this has been limited to 2 million barrels, and there has been a ban on importing gas liquids and condensates. Much of these imports are coming from China, so it's no surprise that the U.S. was pushing for their total ban. Saudi Arabia has reduced its targets for the National Transformation Program, which aims to diversify the country's investments. So guess that means the Saudis are going to be extra keen to keep prices as supported as possible until they are able to deliver their 'Vision 2030' program. Coincidence about the announcement on extending the cut agreement yesterday.

Economic Data/Events: (UK times)

* 9:30am: U.K. August inflation data

* 11am-12pm: OPEC monthly market report, including secondary- source estimates for crude production in August

* 1pm: India July industrial production

* No exact timing

** France oil-industry strike called by CGT-union

** Bloomberg-compiled weekly snapshot of key U.S. refinery outages with offline capacity projections for CDU, FCC units

Singapore 380 cSt

Oct17 - 315.00 / 317.00

Nov17 - 313.50 / 315.50

Dec17 - 312.00 / 314.00

Jan18 - 310.50 / 312.50

Feb18 - 309.00 / 311.00

Mar18 - 308.25 / 310.25

Q4-17 - 313.50 / 315.50

Q1-18 - 308.75 / 310.75

Q2-18 - 307.50 / 310.00

Q3-18 - 305.50 / 308.00

CAL18 - 307.25 / 310.75

CAL19 - 300.50 / 305.50

CAL20 - 282.50 / 289.50

Singapore 180 cSt

Oct17 - 319.50 / 321.50

Nov17 - 319.00 / 321.00

Dec17 - 317.75 / 319.75

Jan18 - 316.50 / 318.50

Feb18 - 315.50 / 317.50

Mar18 - 315.00 / 317.00

Q4-17 - 318.75 / 320.75

Q1-18 - 315.25 / 317.25

Q2-18 - 314.00 / 316.50

Q3-18 - 312.75 / 315.25

CAL18 - 314.50 / 318.00

CAL19 - 309.25 / 314.25

CAL20 - 291.50 / 298.50

Rotterdam 380 cSt

Oct17 299.25 / 301.25

Nov17 295.50 / 297.50

Dec17 292.50 / 294.50

Jan18 292.75 / 294.75

Feb18 292.75 / 294.75

Mar18 292.50 / 294.50

Q4-17 295.75 / 297.75

Q1-18 293.00 / 295.00

Q2-18 292.50 / 295.00

Q3-18 291.50 / 294.00

CAL18 291.50 / 295.00

CAL19 281.00 / 286.00

CAL20 264.50 / 271.50



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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