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Mon 30 Oct 2017, 08:59 GMT

Oil and fuel oil hedging market update


By the Oil Desk at Freight Investor Services.

Fuel Oil Market (October 27)

Cracks extend losses, as ARA inventories build. Asia's fuel oil crack fell for a third consecutive session on Friday amid rising fuel oil inventories across key storage hubs over the past week as well as strength in crude oil prices, trade sources said.

Fuel oil stocks in the Amsterdam-Rotterdam-Antwerp (ARA) oil hub rose 6 percent, or 77,000 tonnes, to 1.334 million tonnes in the week to Oct. 26, PJK data showed. ARA Compared to last year, ARA fuel oil inventories are up 122 percent and are well above the five-year average of 793,000 tonnes for this time of year. Few fuel oil exports contributed to the build in inventories, industry sources said.

One outgoing fuel oil cargo was reported over the past week from the ARA hub to Senegal, PJK data showed. This week, official data showed Singapore fuel oil inventories rose 3 percent to a total of 3.75 million tonnes in the week to Oct. 25. Inventories in (FOIZ) were 6 percent higher in the week to Oct. 23 to a total of 1.38 million

Economic Data/Events: (UK times)

* 9:30am: U.K. mortgage approvals for Sept., est. 66k (prior 66.6k)

* 10am: Eurozone consumer confidence for Oct., final, est. -1% (prior -1%)

* 12:30pm: U.S. personal income for Sept., est. 0.4% (prior 0.2%)

** Personal spending for Sept., est. 0.9% (prior 0.1%)

* 1pm: Germany CPI m/m for Oct., prelim., 0.1% (prior 0.1%)

** CPI y/y for Oct., prelim., est. 1.7% (prior 1.8%)

* Today:

** Basra Oil, Gas & Infrastructure conference in Beirut; 1st day of 2

** North Sea Forties, Ekofisk loading programs for December

** Bloomberg forecast of U.S. waterborne LPG exports

** Boomberg proprietary forecast of Cushing crude inventory change plus weekly analyst survey of crude, gasoline, distillates inventories

* Earnings:

** Sinopec, PetroChina, Galp

Singapore 380 cSt

Nov17 - 348.00 / 350.00

Dec17 - 346.50 / 348.50

Jan18 - 344.50 / 346.50

Feb18 - 343.00 / 345.00

Mar18 - 341.75 / 343.75

Apr18 - 340.50 / 342.50

Q1-18 - 343.00 / 345.00

Q2-18 - 339.25 / 341.25

Q3-18 - 334.75 / 337.25

Q4-18 - 330.50 / 333.00

CAL18 - 337.75 / 340.75

CAL19 - 306.75 / 311.75

CAL20 - 276.75 / 283.75

Singapore 180 cSt

Nov17 - 352.75 / 354.75

Dec17 - 351.50 / 353.50

Jan18 - 350.00 / 352.00

Feb18 - 349.25 / 351.25

Mar18 - 348.25 / 350.25

Apr18 - 347.25 / 349.25

Q1-18 - 349.00 / 351.00

Q2-18 - 345.75 / 347.75

Q3-18 - 341.25 / 343.75

Q4-18 - 338.00 / 340.50

CAL18 - 344.50 / 347.50

CAL19 - 315.50 / 320.50

CAL20 - 286.50 / 293.50

Rotterdam 380 cSt

Nov17 329.25 / 331.25

Dec17 325.50 / 327.50

Jan18 325.00 / 327.00

Feb18 324.75 / 326.75

Mar18 324.50 / 326.50

Apr18 324.00 / 326.00

Q1-18 324.75 / 326.75

Q2-18 323.25 / 325.25

Q3-18 318.75 / 321.25

Q4-18 311.50 / 314.00

CAL18 319.75 / 322.75

CAL19 284.25 / 289.25

CAL20 253.50 / 260.50

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PIL and Huanghai Shipbuilding contract signing. PIL orders seven methanol-ready feeder vessels from Huanghai Shipbuilding  

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MPA and Qingdao Port work plan signing ceremony. Singapore and Qingdao sign work plan to advance green and digital shipping corridors  

MPA and Shandong Port Group’s Qingdao Port have agreed to pursue methanol bunkering pilots and data-sharing initiatives between the two ports.
Delfin Midstream FLNG unit render. Wärtsilä to supply dual-fuel engines and thrusters for Delfin Midstream's FLNG vessel  

Finnish technology group lands propulsion order for first floating LNG vessel built for US Gulf export project.
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Nasdaq-listed firm recruiting for its trading team as it aims to drive growth.
Mineral Europa vessel. Green ammonia bunkered to ammonia-powered bulk carrier in Australian first  

Pilbara Ports, Fortescue and CMB.Tech complete a ship-to-ship ammonia transfer at Port Hedland, supporting plans for a clean fuel bunkering hub in the region.
Sea Change II vessel render. US Coast Guard agrees design framework for hydrogen-fuelled New York ferry  

Switch Maritime and Incat Crowther reach regulatory agreement for a 150-passenger hydrogen fuel cell-electric fast ferry intended for New York's waterways.
Auto Advance vessel. UECC fits WE Tech hybrid power systems on newbuild ro-ro vessels  

Norwegian short-sea operator says battery and shaft generator technology from WE Tech Solutions has cut fuel use and auxiliary engine reliance on three newbuilds.
Terra Clove vessel. Envision's green ammonia used to bunker world's first VLAC  

Chinese energy group supplies vessel owned by Eastern Pacific Shipping as it links production and marine fuel supply chains.




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