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Mon 11 Dec 2017 09:12

Oil and fuel oil hedging market update


By the Oil Desk at Freight Investor Services.

Fuel Oil Market (December 8)

The front crack opened at -9.45, weakening to -9.70 across the day. The Cal 18 was valued at -8.50.

The front-month crack and time spreads of Asia's highsulphur fuel oil extended their losses on Friday as rising inventory levels across key storage hubs and sluggish demand further dampened market sentiment.

Discounts of Asia's front-month 180 cSt fuel oil crack to Dubai crude fell to an eight-month low of $4.09 a barrel on Friday, down from minus $2.86 at the start of the week. Fuel oil stocks in the ARA climbed 24%, or 225,000 tonnes, from the previous week to a total of 1.182 million tonnes in the week ended Dec. 7.

Compared with the same time last year, ARA fuel oil inventories are 61 percent higher, and are above the fiveyear average of 896,000 tonnes for this time of the year. ARA fuel oil stocks rose amid limited exports of fuel oil cargoes.

Economic Data/Events: (UK times)

* 7:30am: Bloomberg Dec. Eurozone Economic survey

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

* Bloomberg forecast of U.S. waterborne LPG exports

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

* Preliminary Caspian CPC loading program for January

Singapore 380 cSt

Jan18 - 352.25 / 354.25

Feb18 - 352.50 / 354.50

Mar18 - 353.00 / 355.00

Apr18 - 353.25 / 355.25

May18 - 353.00 / 355.00

Jun18 - 352.50 / 354.50

Q1-18 - 352.50 / 354.50

Q2-18 - 353.00 / 355.00

Q3-18 - 350.75 / 353.25

Q4-18 - 347.50 / 350.00

CAL18 - 350.25 / 353.25

CAL19 - 319.25 / 324.25

Singapore 180 cSt

Jan18 - 356.75 / 358.75

Feb18 - 357.25 / 359.25

Mar18 - 358.00 / 360.00

Apr18 - 358.75 / 360.75

May18 - 358.75 / 360.75

Jun18 - 358.25 / 360.25

Q1-18 - 357.25 / 359.25

Q2-18 - 358.75 / 360.75

Q3-18 - 357.00 / 359.50

Q4-18 - 354.00 / 356.50

CAL18 - 356.00 / 359.00

CAL19 - 328.00 / 333.00

Rotterdam 380 cSt

Jan18 337.25 / 339.25

Feb18 339.00 / 341.00

Mar18 340.25 / 342.25

Apr18 340.75 / 342.75

May18 340.50 / 342.50

Jun18 340.00 / 342.00

Q1-18 338.75 / 340.75

Q2-18 340.00 / 342.00

Q3-18 336.75 / 339.25

Q4-18 329.50 / 332.00

CAL18 335.25 / 338.25

CAL19 296.25 / 301.25

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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