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Thu 21 Dec 2017 09:05

Oil and fuel oil hedging market update


By the Oil Desk at Freight Investor Services.

Fuel Oil Market (December 20)

The front crack opened at -8.60, weakening to -8.75, before strengthening to -8.50. The Cal 18 was valued at -8.00.

Cracks and time spreads of Asia's high-sulphur fuel oil slipped on Wednesday as expectations of ample nearterm supplies weighed on sentiment. The January 180 cSt fuel oil crack to Brent crude widened its discount to minus $5.68 a barrel on Wednesday, down from minus $5.37 a barrel in the previous session; its narrowest discount in two-weeks.

Total fuel oil flows into East Asia for December are expected to close at a 10-month high of about 7 million tonnes, above November's 6.2-6.3 million tonnes. This follows the delay of November Western arrivals into December, boosting Western inflows to above 4 million tonnes for the month and the second-highest volume of Middle East arrivals at just over 2 million tonnes.

Economic Data/Events: (UK times)

* 1:30pm: Philadelphia Dec. Fed business outlook, est. 21 (prior 22.7)

* 1:30pm: U.S. 3Q GDP annualized, est. 3.3% (prior 3.3%)

* 1:30pm: U.S. initial jobless claims for Dec. 16, est. 233k (prior 225k)

* 1:30pm: U.S. continuing claims for Dec. 9, est. 1898k (prior 1886k)

* 1:30pm: Chicago Nov. Fed Nat activity index, est. 0.50 (prior 0.65)

* 2:45pm: U.S. Bloomberg weekly consumer comfort index for Dec. 17, prior 51.3

* 2:45pm: U.S. Dec. Bloomberg national economy expectations diffusion index, prior 53

* 8pm: API monthly report

Singapore 380 cSt

Jan18 - 366.75 / 368.75

Feb18 - 366.25 / 368.25

Mar18 - 366.00 / 368.00

Apr18 - 365.50 / 367.50

May18 - 365.00 / 367.00

Jun18 - 364.00 / 366.00

Q1-18 - 366.50 / 368.50

Q2-18 - 364.75 / 366.75

Q3-18 - 360.75 / 363.25

Q4-18 - 356.25 / 358.75

CAL18 - 361.25 / 364.25

CAL19 - 328.00 / 333.00

Singapore 180 cSt

Jan18 - 370.75 / 372.75

Feb18 - 371.00 / 373.00

Mar18 - 371.00 / 373.00

Apr18 - 370.75 / 372.75

May18 - 370.25 / 372.25

Jun18 - 369.50 / 371.50

Q1-18 - 371.00 / 373.00

Q2-18 - 370.00 / 372.00

Q3-18 - 366.75 / 369.25

Q4-18 - 362.50 / 365.00

CAL18 - 366.75 / 369.75

CAL19 - 336.75 / 341.75

Rotterdam 380 cSt

Jan18 352.25 / 354.25

Feb18 352.00 / 354.00

Mar18 352.00 / 354.00

Apr18 351.50 / 353.50

May18 350.75 / 352.75

Jun18 349.75 / 351.75

Q1-18 352.25 / 354.25

Q2-18 350.75 / 352.75

Q3-18 345.50 / 348.00

Q4-18 336.50 / 339.00

CAL18 345.25 / 348.25

CAL19 304.25 / 309.25

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.
Carsten Ladekjær, CEO of Glander International Bunkering. Glander International Bunkering reports stable performance amid regulatory changes  

Bunker trader achieves $3bn turnover and $22m pre-tax earnings for fiscal 2024-25.
Map of the Mediterranean Sea ULSFO demand surges in Med as ECA compliance drives fuel shift  

KPI OceanConnect reports accelerating ULSFO uptake across the region.
The Zale performing a bunker delivery. Monjasa reports Singapore as top bunker supply port with over 1 MMT delivered  

Supplier says world's largest bunkering hub became its biggest supply location in 2024.
Steel cutting ceremony for the 7,999 DWT chemical bunker tanker Lucia Cosulich at Taizhou Maple Leaf Shipbuilding Co., Ltd. in China. Fratelli Cosulich begins construction of second methanol-ready bunker tanker  

Italian firm starts steel cutting for 7,999 DWT chemical bunker vessel.
Petrobras logo. Petrobras introduces volume-based price discounts at Santos  

Brazilian oil company offers progressive discounts for bunker deliveries exceeding 1,500 tonnes.

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