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Oil and fuel oil hedging market update

By the Oil Desk at Freight Investor Services.



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


Updated on 22 Dec 2017 09:31 GMT

Commentary

So we are just below two-and-a-half-year highs. Brent crude futures, were at $64.81 a barrel, down $19 cents, or 0.1 percent. U.S. WTI crude futures were at $58.16 a barrel at 07:55 GMT, down $20 cents, or 0.3 percent, from their last settlement. The market does a have a buoyant spring in its step. Yes, there is the ever present danger of oil production for OPEC, but for now I think they will be pretty happy at year end.

Fuel Oil Market (December 21)

The front crack opened at -8.50, weakening to -8.70 across the day. The Cal 18 was valued at -8.10.

The front-month time spread of Asia's 180 cSt high sulphur fuel oil flipped into contango on Thursday amid limited demand for the lower viscosity fuel oil.

Singapore weekly onshore fuel oil inventories fell 2.5 percent, or 583,000 barrels (about 87,000 tonnes), to an 11-week low of 22.631 million barrels (3.38 million tonnes) in the week ended Dec. 20.

This came despite a 9 percent increase in net fuel oil imports into Singapore in the previous week to a two week high of 912,000 tonnes, Reuters calculations showed.

Economic Data/Events: (UK times)

* 1:30pm: U.S. Nov. personal spending m/m, est. 0.5% (prior 0.3%)

* 1:30pm: U.S. Nov. personal income, est. 0.4% (prior 0.4%)

* 1:30pm: U.S. durable goods orders m/m for Nov. P, est. 2% (prior -0.8%)

* 3pm: U.S. Nov. new home sales, est. 655k (prior 685k)

* 3pm: University of Michigan sentiment, Dec. final, est 97.2 (prior 96.8)

* 6pm: Baker Hughes rig count

* 6pm: ICE weekly commitments of traders report for Brent, gasoil

* 8:30pm: CFTC weekly scheduled report on futures and options positions

Singapore 380 cSt

Jan18 - 366.00 / 368.00

Feb18 - 365.75 / 367.75

Mar18 - 365.50 / 367.50

Apr18 - 365.25 / 367.25

May18 - 364.75 / 366.75

Jun18 - 363.75 / 365.75

Q1-18 - 365.75 / 367.75

Q2-18 - 364.00 / 366.00

Q3-18 - 360.00 / 362.50

Q4-18 - 355.50 / 358.00

CAL18 - 361.00 / 364.00

CAL19 - 327.75 / 332.75

Singapore 180 cSt

Jan18 - 370.00 / 372.00

Feb18 - 370.50 / 372.50

Mar18 - 370.50 / 372.50

Apr18 - 370.50 / 372.50

May18 - 370.00 / 372.00

Jun18 - 369.25 / 371.25

Q1-18 - 370.25 / 372.25

Q2-18 - 369.25 / 371.25

Q3-18 - 366.75 / 369.25

Q4-18 - 361.75 / 364.25

CAL18 - 366.50 / 369.50

CAL19 - 336.50 / 341.50

Rotterdam 380 cSt

Jan18 352.25 / 354.25

Feb18 351.75 / 353.75

Mar18 351.50 / 353.50

Apr18 351.00 / 353.00

May18 350.00 / 352.00

Jun18 349.00 / 351.00

Q1-18 351.75 / 353.75

Q2-18 350.25 / 352.25

Q3-18 345.00 / 347.50

Q4-18 336.00 / 338.50

CAL18 345.00 / 348.00

CAL19 304.00 / 309.00



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.






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Oil and fuel oil hedging market update
Freight Investor Services Ltd.

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