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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 04 May 2018 08:17 GMT

Commentary

Oil prices held steady this morning - currently trading $73.40, down 0.3% - as market jitters kicked in over the prospect of geopolitical risks from possible new U.S. sanctions against Iran. Technical analysis showed the market may retest a price support level at $72.39 per barrel after peaking around a resistance at $75.45. Friday morning's fluctuations came as investors sifted through the upcoming Iran sanction decision and an increasing U.S. crude inventory build for clues. Iran's foreign minister said on Thursday U.S. demands to change its 2015 nuclear agreement with world powers were unacceptable, as a deadline set by President Donald Trump for Europeans to "fix" the deal loomed. "Current prices reflect a premium for Iran uncertainties. Investors are worried about supplies after Iran took a tough stance in its response to the United States." European powers still want to hand Trump a plan to save the Iran nuclear deal next week, but they have also started work on protecting E.U.-Iranian business ties if the U.S. president makes good on a threat to withdraw, six sources told Reuters. Markets will remain skittish as the May 12 deadline to rectify the deal approaches, ANZ Research said.

Fuel Oil Market (May 3)

The crack was stronger throughout the day closing at -12.45. Market clawed back gains but outlook remains supportive - Asia's 380 cSt fuel oil market clawed back gains seen in the previous session after the front-month time spread and crack were sold down. But trade sources said the downside risk to prices could be limited over the near-term due to expectations of narrow arbitrage re-supply from Europe and the Middle East stemming from rising regional demand for the fuel in the summer as well as scheduled refinery maintenance. The 380 cSt May/June time spread was trading at about $2.70 a tonne. This came as official data showed Singapore onshore fuel oil inventories edged higher in the week to May 2, snapping five straight weeks of decline.

Economic Data and Events: (Times are London.)

* Saudi Arabia's Energy Minister Khalid Al-Falih visits Seoul, South Korea

* 6:00pm Baker Hughes U.S. Rig Count, May 4

* ~6:30pm ICE Futures Europe commitments of traders weekly report on Brent crude, coffee, cocoa, sugar positions

* 8:30pm CFTC commitments of traders weekly report on positionsfor various U.S. futures and options

* EARNINGS: Repsol SA

Singapore 380 cSt

Jun18 - 397.75 / 399.75

Jul18 - 395.25 / 397.25

Aug18 - 392.50 / 394.50

Sep18 - 389.75 / 391.75

Oct18 - 387.00 / 389.00

Nov18 - 383.75 / 385.75

Q3-18 - 392.50 / 394.50

Q4-18 - 383.75 / 385.75

Q1-19 - 372.25 / 374.75

Q2-19 - 361.00 / 363.50

CAL19 - 339.25 / 342.25

CAL20 - 274.75 / 279.75

Singapore 180 cSt

Jun18 - 409.25 / 411.25

Jul18 - 406.75 / 408.75

Aug18 - 404.00 / 406.00

Sep18 - 401.25 / 403.25

Oct18 - 398.50 / 400.50

Nov18 - 395.25 / 397.25

Q3-18 - 404.00 / 406.00

Q4-18 - 395.25 / 397.25

Q1-19 - 385.00 / 387.50

Q2-19 - 374.75 / 377.25

CAL19 - 354.75 / 357.75

CAL20 - 298.75 / 303.75

Rotterdam Barges

Jun18 - 384.00 / 386.00

Jul18 - 381.25 / 383.25

Aug18 - 378.25 / 380.25

Sep18 - 374.50 / 376.50

Oct18 - 370.00 / 372.00

Nov18 - 366.00 / 368.00

Q3-18 - 378.00 / 380.00

Q4-18 - 366.00 / 368.00

Q1-19 - 355.50 / 358.00

Q2-19 - 343.25 / 345.75

CAL19 - 318.75 / 321.75

CAL20 - 249.75 / 254.75



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.






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Oil and fuel oil hedging market update
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