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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

By the Oil Desk at Freight Investor Services.



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


Updated on 23 Jan 2018 09:40 GMT

Commentary

Brent crude futures were at $69.38 a barrel at 0756 GMT, up $35 cents, or 0.5 percent, from their last close, not far off the three-year high of $70.37 reached on Jan. 15. U.S. WTI crude futures were at $63.93 a barrel, up $36 cents, or 0.6 percent, from their last settlement. Everything is looking rosey this morning, IMF forecasts for the world economy are up, everyone has suddenly remembered that it is winter in the northern hemisphere and said to themselves "oh yeah, probably higher oil consumption, that's great". Meanwhile, the U.S. dollar has lost a lot of ground to sterling of late, and with a weaker dollar comes higher oil. There's going to be a delay in some of the effects of changing market conditions. Look, for example, at the crack and the effect of the increasing share of U.S. lighter crude. The crack has come off as brent has rocketed, but it's strength could easily hold up fuel prices if the trend continues. What about the diminishing profits of refiners with higher crude? Will this diminish demand for crude in large refining areas like China? With these diminishing returns, will refineries be so keen to change to new products for the 2020 fuel change? Less so, I would say. There's always two sides of the same coin, and this coin has been landing on one side for a while now; it could be time for a change.

Fuel Oil Market (January 22)

Economic Data and Events

* 3pm: Richmond Fed Manufacturing Index, Jan., est. 19, prior 20

* 9:30pm: API issues weekly U.S. oil inventory report

* World Economic Forum in Davos starts, 1st day of 4

Singapore 380 cSt

Feb18 - 377.00 / 379.00

Mar18 - 376.75 / 378.75

Apr18 - 376.75 / 378.75

May18 - 376.25 / 378.25

Jun18 - 375.75 / 377.75

Jul18 - 374.75 / 376.75

Q2-18 - 376.25 / 378.25

Q3-18 - 373.00 / 375.00

Q4-18 - 367.25 / 369.75

Q1-19 - 359.75 / 362.25

CAL19 - 328.50 / 331.50

CAL20 - 272.25 / 277.25

Singapore 180 cSt

Feb18 - 382.50 / 384.50

Mar18 - 382.50 / 384.50

Apr18 - 382.25 / 384.25

May18 - 381.75 / 383.75

Jun18 - 381.25 / 383.25

Jul18 - 380.25 / 382.25

Q2-18 - 381.75 / 383.75

Q3-18 - 378.50 / 380.50

Q4-18 - 373.00 / 375.50

Q1-19 - 366.25 / 368.75

CAL19 - 336.50 / 339.50

CAL20 - 281.50 / 286.50

Rotterdam Barges

Feb18 364.50 / 366.50

Mar18 365.00 / 367.00

Apr18 364.75 / 366.75

May18 364.00 / 366.00

Jun18 363.00 / 365.00

Jul18 361.50 / 363.50

Q2-18 364.00 / 366.00

Q3-18 359.50 / 361.50

Q4-18 349.75 / 352.25

Q1-19 341.75 / 344.25

CAL19 308.00 / 311.00

CAL20 251.50 / 256.50



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.






Related Links:

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

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