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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

20 Sep 2017 08:11 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

Brent closed down $0.34 last night to $55.14 and WTI closed at $49.48 down $0.43. So it looks like Brent is struggling to break through $56 still. It will be interesting to see where refinery runs come in later from EIA data; apparently there is a build on crude and draws on products, which should be expected if refinery runs are still down. However, I think we may be coming to the end of the refinery effects of Hurricane Harvey and I imagine we will see EIA data start to stabilise next week, only then we will be able to opine on US energy demand into Q4 seeing as driving season is over. In theory, if the refineries are back then ships that have been waiting to discharge will be allowed to and the refineries will be back and demand should increase. That's the theory. I read this morning that Goldman Sachs have revised their demand forecast marginally up for 2017 and 2018. However if you read this story they also say "Data suggests some relative shifts, with hurricanes set to weaken U.S. demand in September, India demand coming in lower than expected and uncertainty rising on the Chinese growth outlook". So basically the world's first, second and third biggest crude importers are going to struggle but you have revised your forecast UP? Makes sense. That's like me saying I'm going to go on the cabbage soup diet from October onwards, but in preparation for my new loss-making diet, today, for lunch, I will be having two large Big Mac meals, extra chips, a KFC bargain bucket, an Everything Pizza, three curries and all washed down with a big Oreo milkshake. Sensible. All eyes on EIA data later.

Economic Data/Events: (UK times)

* 12pm: U.S. MBA mortgage applications for week ended Sept. 15

* 2pm: Russia CPI w/w for week ended Sept. 18

* 3pm: U.S. existing home sales for Aug.

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

* 7pm: U.S. Federal Reserve interest rate decision for Sept. 20

* No exact timing

** OPEC/Non-OPEC Joint Technical Committee meets in Vienna

** Genscape weekly ARA crude stockpiles report

** WTI October crude oil futures expire

Singapore 380 cSt

Oct17 - 327.00 / 329.00

Nov17 - 324.50 / 326.50

Dec17 - 322.00 / 324.00

Jan18 - 320.00 / 322.00

Feb18 - 318.25 / 320.25

Mar18 - 317.50 / 319.50

Q4-17 - 324.50 / 326.50

Q1-18 - 319.25 / 321.25

Q2-18 - 316.50 / 319.00

Q3-18 - 314.25 / 316.75

CAL18 - 314.25 / 317.25

CAL19 - 304.00 / 309.00

CAL20 - 292.00 / 299.00

Singapore 180 cSt

Oct17 - 332.50 / 334.50

Nov17 - 330.25 / 332.25

Dec17 - 328.00 / 330.00

Jan18 - 326.00 / 328.00

Feb18 - 324.75 / 326.75

Mar18 - 324.25 / 326.25

Q4-17 - 330.25 / 332.25

Q1-18 - 325.75 / 327.75

Q2-18 - 323.50 / 326.00

Q3-18 - 321.50 / 324.00

CAL18 - 321.50 / 324.50

CAL19 - 312.75 / 317.75

CAL20 - 301.00 / 308.00

Rotterdam 380 cSt

Oct17 310.50 / 312.50

Nov17 306.00 / 308.00

Dec17 302.25 / 304.25

Jan18 302.00 / 304.00

Feb18 301.75 / 303.75

Mar18 301.50 / 303.50

Q4-17 306.25 / 308.25

Q1-18 302.25 / 304.25

Q2-18 301.00 / 303.50

Q3-18 299.50 / 302.00

CAL18 298.50 / 301.50

CAL19 286.25 / 291.25

CAL20 272.25 / 279.25



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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