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Fri 24 Nov 2017 08:43

Oil and fuel oil hedging market update


By the Oil Desk at Freight Investor Services.

Fuel Oil Market (November 23)

The front crack opened at -8.55, remaining around that level much of the day. The Cal 18 was valued at -7.95.

A lack of buying interest despite lower supplier offers relative to the previous session for physical cargoes of 380 in the Singapore trading window weighed on cash premiums of the mainstay fuel. By contrast, relatively stronger bids for 180 cSt fuel oil cargoes pushed cash differentials of the fuel higher on Thursday but failed to result in any deals.

Higher deal values pushed 380 cSt fuel oil cash premiums to a two-week high while aggressive supplier offers for 180 cSt cargoes dragged cash differentials of the 180 cSt fuel to a near two-week low. Singapore weekly onshore fuel oil inventories slipped 0.5%, or 18,000 tonnes, to 3.51 million tonnes in the week to Nov. 22, official data shows. This came despite a 93% rise in net imports into Singapore to 830,000 tonnes; a 3-week high.

Economic Data/Events: (UK times)

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

* 8:30pm: Commodity Futures Trading Commission weekly scheduled report on futures and options positions

* Today, no exact timing:

** Pemex monthly production and export data for Oct. Mexico energy ministry Oct. data on imports of products and refinery crude processing to follow

** OPEC's Economic Commission Board meets in Vienna to discuss the oil market before the group's ministerial meeting, final day

Singapore 380 cSt

Dec17 - 364.25 / 366.25

Jan18 - 363.00 / 365.00

Feb18 - 361.75 / 363.75

Mar18 - 360.50 / 362.50

Apr18 - 359.25 / 361.25

May18 - 358.00 / 360.00

Q1-18 - 361.75 / 363.75

Q2-18 - 358.00 / 360.00

Q3-18 - 352.75 / 355.25

Q4-18 - 347.50 / 350.00

CAL18 - 356.75 / 359.75

CAL19 - 322.25 / 327.25

Singapore 180 cSt

Dec17 - 368.25 / 370.25

Jan18 - 367.25 / 369.25

Feb18 - 366.50 / 368.50

Mar18 - 365.75 / 367.75

Apr18 - 365.00 / 367.00

May18 - 364.75 / 366.75

Q1-18 - 366.50 / 368.50

Q2-18 - 364.25 / 366.25

Q3-18 - 359.25 / 361.75

Q4-18 -354.00 / 356.50

CAL18 - 363.00 / 366.00

CAL19 - 331.00 / 336.00

Rotterdam 380 cSt

Dec17 345.75 / 347.75

Jan18 345.50 / 347.50

Feb18 345.25 / 347.25

Mar18 345.00 / 347.00

Apr18 344.25 / 346.25

May18 343.25 / 345.25

Q1-18 345.25 / 347.25

Q2-18 343.00 / 345.00

Q3-18 338.00 / 340.50

Q4-18 329.00 / 331.50

CAL18 339.75 / 342.75

CAL19 301.25 / 306.25

Marius Kairys, CEO of Elenger Sp. z o.o. Elenger enters Polish LNG bunkering market with ferry refuelling operation  

Baltic energy firm completes maiden truck-to-ship LNG delivery in Gdansk.
Samsung Heavy Industries (SHI) virtual reality (VR) training program developed in collaboration with Evergreen. SHI develops VR training solutions for Evergreen's methanol-fuelled ships  

Shipbuilder creates virtual reality program for 16,500 TEU boxship operations.
Illustratic image of Itochu's newbuild ammonia bunkering vessel, scheduled for delivery in September 2027. Itochu orders 5,000 cbm ammonia bunker vessel  

Japanese firm targets Singapore demonstration after October 2027, with Zeta Bunkering lined up to perform deliveries.
Bunkering of the Glovis Selene car carrier. Shell completes first LNG bunkering operation with Hyundai Glovis in Singapore  

Energy major supplies fuel to South Korean logistics firm's dual-fuel vessel.
Orient Overseas Container Line (OOCL) vessel. CPN delivers first B30 marine gasoil to OOCL in Hong Kong  

Chimbusco Pan Nation claims to be first in region to supply all grades of ISCC-EU certified marine biofuel.
The Buffalo 404 barge, owned by Buffalo Marine Service Inc., performing a bunker delivery. TFG Marine installs first ISO-certified mass flow meter on US Gulf bunker barge  

Installation marks expansion of company's digitalisation programme across global fleet.
Sogestran's fuel supply vessel, the Anatife, at the port of Belle-Île-en-Mer. Sogestran's HVO-powered tanker achieves 78% CO2 reduction on French island fuel runs  

Small tanker Anatife saves fuel while supplying Belle-Île and Île d'Yeu.
Crowley 1,400 TEU LNG-powered containership, Tiscapa. Crowley deploys LNG-powered boxship Tiscapa for Caribbean and Central American routes  

Vessel is the third in company's Avance Class fleet to enter service.
The inland LNG bunker vessel LNG London. LNG London completes 1,000 bunkering operations in Rotterdam and Antwerp  

Delivery vessel reaches milestone after five years of operations across ARA hub.
The M.V. COSCO Shipping Yangpu, China's first methanol dual-fuel containership. COSCO vessel completes maiden green methanol bunkering at Yangpu  

China's first methanol dual-fuel containership refuels with green methanol derived from urban waste.

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