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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 Nov 2017 09:25 GMT

By the Oil Desk at Freight Investor Services.



Commentary

Brent crude futures, the international benchmark for oil prices, were at $62.47 per barrel at 0752 GMT, down $25 cents, or 0.4 percent, from their last close. U.S. WTI crude futures were at $56.57 a barrel, up just $2 cents from their last settlement. Like over-milky tea, it seems that this week is off to a disappointing start. But like that milky tea, we are going to drink up the news stories about the extension cut agreement anyway. The pre-negotiations for the cut agreement will be beginning, and it seems that it's going to be a struggle between the Saudis and non-OPEC countries, especially Russia. There is a bit more wiggle room now that Venezuelan production is slowly falling to the 300,000 bpd mark. But like ordering food abroad on holiday in a language you don't really understand, you are sure that there is going to be food, but no idea what form it will take There will be an agreement, but who, from where, in what form is yet to be seen.

Fuel Oil Market (November 17)

The front crack opened at -7.80, weakening to -7.95, before strengthening to -7.80, ending at -7.90. The Cal 18 was valued at -7.95.

Fuel oil cracks firmed on Friday, extending gains for a third straight session and ending the week slightly higher amid weaker crude oil prices and lower inventories of the industrial fuel across key storage hubs.

Stocks in the ARA snapped three weeks of builds, falling 9%, or 126,000 tonnes, from the previous week to a total of 1.287 million tonnes in the week ended Nov. 16. Current ARA fuel oil inventories are 10% higher compared with a year ago, and are above the five-year average of 1.003 million tonnes for this time of the year.

Vermont UM Bunkering Pte Ltd, two directors and a former bunker manager were charged with 150 counts of conspiracy to charge customers for more marine fuels than actually delivered

Economic Data/Events: (UK times)

* 1:30pm: Bloomberg forecast of U.S. waterborne LPG exports

* Today, no exact timing:

** Bloomberg proprietary forecast of Cushing crude inventory change plus weekly analyst survey of crude, gasoline, distillates inventories before Wednesday EIA report

** JODI issues world oil exports, output data

** Russian Urals 10-day crude loading program (today or Tuesday)

** Dec. WTI futures expire

Singapore 380 cSt

Dec17 - 363.00 / 365.00

Jan18 - 361.25 / 363.25

Feb18 - 359.75 / 361.75

Mar18 - 358.25 / 360.25

Apr18 - 356.50 / 358.50

May18 - 354.75 / 356.75

Q1-18 - 359.75 / 361.75

Q2-18 - 355.00 / 357.00

Q3-18 - 349.75 / 352.25

Q4-18 - 344.75 / 347.25

CAL18 - 352.75 / 355.75

CAL19 - 318.25 / 323.25

Singapore 180 cSt

Dec17 - 367.00 / 369.00

Jan18 - 365.25 / 367.25

Feb18 - 364.50 / 366.50

Mar18 - 363.50 / 365.50

Apr18 - 362.25 / 364.25

May18 - 361.50 / 363.50

Q1-18 - 364.25 / 366.25

Q2-18 - 361.25 / 363.25

Q3-18 - 356.25 / 358.75

Q4-18 - 351.25 / 353.75

CAL18 - 359.00 / 362.00

CAL19 - 327.00 / 332.00

Rotterdam 380 cSt

Dec17 343.75 / 345.75

Jan18 342.75 / 344.75

Feb18 342.00 / 344.00

Mar18 341.25 / 343.25

Apr18 340.25 / 342.25

May18 339.25 / 341.25

Q1-18 342.00 / 344.00

Q2-18 339.50 / 341.50

Q3-18 334.50 / 337.00

Q4-18 326.00 / 328.50

CAL18 335.50 / 338.50

CAL19 297.00 / 302.00



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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