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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

22 Sep 2017 08:13 GMT

By the Oil Desk at Freight Investor Services.



By the Oil Desk at Freight Investor Services Ltd.

Brent closed up $0.14 last night to $56.43 and WTI closed down $0.14 to $50.55. Well, we're up 1.7% on Brent. Since Sep 1st, Brent is up 11%. Impressive. Let me tell you this: EIA has been very confusing recently for the market to opine on. The hurricanes have left an effect that lets on that demand is rising but the long-term EIA data does not lie - the average inventory level over the last 35 years has been 375m bbls. Today it is 473m bbls. Now I don't care how optimistic you are about the market, that is a lot more oil than has been needed for the last 35 years, so why is everyone happy that stocks are being drawn? I don't know. However all this negativity I am portraying I feel is actually unfair. I have to take my hat off to OPEC. I think they have done a rather good job. Prices are up close to 20% since last year and have been fairly stable all year. Mission accomplished. Unfortunately, I have to put a caveat in here. How long can the market constantly rely on the cartel to do its job for them? Granted, the cartel produce 45% of the world's oil but they take 100% of the responsibility for the price of it. How long can this be sustained?

Economic Data/Events: (UK times)

* 2:45pm: U.S. Markit manufacturing PMI

* 8:30pm: Commodity Futures Trading Commission weekly scheduled report on futures and options positions

* Today:

** Theresa May gives Brexit Speech in Florence

** OPEC Joint Ministerial Monitoring Committee, which oversees implementation of production cuts, meets in Vienna

** S&P Global Platts European Refining Summit, Brussels, final day

* No exact timing

** S&P Global Platts European Refining Summit, Brussels, with executives from BofA Merrill Lynch, Maersk Oil Trading, among others, 1st day of 2

Singapore 380 cSt

Oct17 - 329.00 / 331.00

Nov17 - 326.25 / 328.25

Dec17 - 323.75 / 325.75

Jan18 - 321.50 / 323.50

Feb18 - 319.50 / 321.50

Mar18 - 318.50 / 320.50

Q4-17 - 326.25 / 328.25

Q1-18 - 319.75 / 321.75

Q2-18 - 316.50 / 319.00

Q3-18 - 314.00 / 316.50

CAL18 - 316.75 / 319.75

CAL19 - 306.25 / 311.25

CAL20 - 294.25 / 301.25

Singapore 180 cSt

Oct17 - 334.00 / 336.00

Nov17 - 332.00 / 334.00

Dec17 - 329.75 / 331.75

Jan18 - 327.50 / 329.50

Feb18 - 326.00 / 328.00

Mar18 - 325.25 / 327.25

Q4-17 - 331.75 / 333.75

Q1-18 - 326.25 / 328.25

Q2-18 - 322.50 / 325.00

Q3-18 - 320.50 / 323.00

CAL18 - 323.75 / 326.75

CAL19 - 315.00 / 320.00

CAL20 - 303.25 / 310.25

Rotterdam 380 cSt

Oct17 312.00 / 314.00

Nov17 307.75 / 309.75

Dec17 304.00 / 306.00

Jan18 303.75 / 305.75

Feb18 303.50 / 305.50

Mar18 303.00 / 305.00

Q4-17 307.75 / 309.75

Q1-18 303.25 / 305.25

Q2-18 301.50 / 304.00

Q3-18 299.25 / 301.75

CAL18 300.75 / 303.75

CAL19 288.50 / 293.50

CAL20 269.50 / 276.50



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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