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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.



Image credit:


Updated on 13 Apr 2018 09:03 GMT

Commentary

Brent crude was down $18 cents, or 0.2 percent, at $71.84, and is up about 7 percent for the week. WTI for May delivery CLc1 was down $16 cents, or 0.2 percent, at $66.91 a barrel at 06:32 GMT. For the week, the contract is set to post a gain of nearly 8 percent, following two weeks of declines. The new proxy wars of the world are taking a new turn and seemingly entering a cooler patch. Trump has cooled off on his plans for a more military intervention in Syria, which has become the battleground for a complicated multi-party war. With parties like Russia, U.S., Iran, Israel all involved, it could expand into a bigger factor that could drive this market up. OPEC's collective output has dropped 201,400, the biggest drop since November. It may be the result of fortunate factors, such as the dramatic drop off in oil production by Venezuela, but it does give the market a strong permission to be up above the $70 level. It's quite a feat they have managed, with many naysayers. Technically, we are bullish; with Syria tensions, Iran sanctions and North Korea talks, it could be a fun year this one - to the moon and back.

Fuel Oil Market (April 12)

The front crack opened at -12.80, strengthening to -12.25, before weakening to -12.35. The Cal 19 was valued at -14.85.

Trade activity in the fuel oil paper markets was muted on Thursday with the front-month fuel oil crack widening its discount to Brent crude as crude oil prices recovered slightly after Asia trading hours. Oil markets edged back from highs last reached in late 2014 as ample supplies weighed, but prices were underpinned by worries over military escalation in Syria and trade tensions between the United States and China.

Singapore weekly onshore fuel oil inventories fell 0.1 percent, or 14,000 barrels (about 2,000 tonnes), to a 13- week low of 19.692 million barrels (about 2.939 million tonnes) in the week ended April 11. This came despite weekly net imports of fuel oil into Singapore surging 73 percent from the week before to a three-week high of 825,000 tonnes, the data showed.

Economic Data and Events

* 3pm: U.S. JOLTS Job Openings, Feb.

* 3pm: University of Michigan Sentiment, April

* 6pm: Baker Hughes rig count

* ~6:30pm: ICE weekly commitments of traders report for Brent, gasoil

* Commodity Futures Trading Commission weekly scheduled report on futures and options positions

Singapore 380 cSt

May18 - 387.25 / 389.25

Jun18 - 386.00 / 388.00

Jul18 - 384.75 / 386.75

Aug18 - 383.00 / 385.00

Sep18 - 381.25 / 383.25

Oct18 - 379.50 / 381.50

Q3-18 - 383.00 / 385.00

Q4-18 - 377.00 / 379.00

Q1-19 - 368.75 / 371.25

Q2-19 - 361.50 / 364.00

CAL19 - 337.00 / 340.00

CAL20 - 279.00 / 284.00

Singapore 180 cSt

May18 - 396.25 / 398.25

Jun18 - 395.50 / 397.50

Jul18 - 395.25 / 397.25

Aug18 - 393.75 / 395.75

Sep18 - 392.00 / 394.00

Oct18 - 390.25 / 392.25

Q3-18 - 393.75 / 395.75

Q4-18 - 387.75 / 389.75

Q1-19 - 379.75 / 382.25

Q2-19 - 373.75 / 376.25

CAL19 - 351.75 / 354.75

CAL20 - 302.75 / 307.75

Rotterdam Barges

May18 375.25 / 377.25

Jun18 374.50 / 376.50

Jul18 373.00 / 375.00

Aug18 370.75 / 372.75

Sep18 368.00 / 370.00

Oct18 - 364.75 / 366.75

Q3-18 370.75 / 372.75

Q4-18 361.00 / 363.00

Q1-19 351.75 / 354.25

Q2-18 342.00 / 344.50

CAL19 319.00 / 322.00

CAL20 258.00 / 263.00



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 call +44 20 7090 1120, or email info@freightinvestor.com.






Related Links:

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

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