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Wed 31 Jan 2018 09:03

Oil and fuel oil hedging market update


By the Oil Desk at Freight Investor Services.

Fuel Oil Market (January 30)

The front crack opened at -11.30, strengthening to -11.05, before weakening to -11.10. The Cal 19 was valued at -17.00.

Asia's fuel oil markets were relatively muted for a second day this week with buyers remaining on the sidelines as they took stock of near-term supplies and anticipated further weakness in crude oil prices

Some industry sources pointed to steady inflows of prompt arbitrage supplies into Singapore and Asia, keeping supply levels ample.

Oil prices fell on Tuesday for a second day as rising U.S. output and a strengthening dollar sapped demand for crude, pushing Brent below $69 a barrel for the first time in six days.

Economic Data and Events

* 12pm: MBA Mortgage Applications, Jan. 26

* 1:15pm: U.S. ADP Employment Change, Jan.

* 2:45pm: Chicago Purchasing Manager, Jan.

* 3pm: U.S. Pending Home Sales

* 3:30pm: EIA weekly oil inventory report

* 7pm: U.S. Federal Reserve Open Market Committee interest rate decision

* Today, no exact timing:

** Genscape weekly ARA crude stockpiles report

** Petroleum Economist Energy Strategy Forum in Kuwait City, with speakers including Kuwait Oil Minister, among others

** Energy Mexico conference, Mexico City, 2nd day of 3

** Primorsk diesel loading program for February

** EIA releases Petroleum Supply Monthly

*** Monthly Crude Oil and Natural Gas Production report at 12pm

*** All other reports 2pm

Singapore 380 cSt

Feb18 - 377.25 / 379.25

Mar18 - 377.00 / 379.00

Apr18 - 376.75 / 378.75

May18 - 376.25 / 378.25

Jun18 - 375.50 / 377.50

Jul18 - 374.00 / 376.00

Q2-18 - 376.25 / 378.25

Q3-18 - 372.50 / 374.50

Q4-18 - 366.50 / 369.00

Q1-19 - 356.75 / 359.25

CAL19 - 309.00 / 312.00

CAL20 - 240.50 / 245.50

Singapore 180 cSt

Feb18 - 383.25 / 385.25

Mar18 - 382.50 / 384.50

Apr18 - 382.75 / 384.75

May18 - 382.50 / 384.50

Jun18 - 381.75 / 383.75

Jul18 - 380.25 / 382.25

Q2-18 - 382.50 / 384.50

Q3-18 - 378.75 / 380.75

Q4-18 - 373.00 / 375.50

Q1-19 - 363.75 / 366.25

CAL19 - 317.00 / 320.00

CAL20 - 251.00 / 256.00

Rotterdam Barges

Feb18 362.25 / 364.25

Mar18 363.75 / 365.75

Apr18 363.50 / 365.50

May18 362.50 / 364.50

Jun18 361.50 / 363.50

Jul18 359.75 / 361.75

Q2-18 362.50 / 364.50

Q3-18 357.50 / 359.50

Q4-18 347.25 / 349.75

Q1-19 337.00 / 339.50

CAL19 288.00 / 291.00

CAL20 225.00 / 230.00

Lease agreement between Inter Terminals Sweden and the Port of Gothenburg, signed on July 1st. Pictured: Göran Eriksson, CEO of the Port of Gothenburg (left) and Johan Zettergren, Managing Director of Inter Terminals Sweden (right). New Gothenburg lease an opportunity to expand green portfolio: Inter Terminals  

Bunker terminal operator eyes tank conversion and construction projects for renewable products.
Map of US Gulf. Peninsula extends US Gulf operation offshore  

Supplier to focus on Galveston Offshore Lightering Area (GOLA) in strategy to serve growing client base.
The M/T Jutlandia Swan, operated by Uni-Tankers. Uni-Tankers vessel gets wind-assisted propulsion  

Fourth tanker sails with VentoFoil units as manufacturer says suction wing technology is gaining traction.
Port of Gothenburg Energy Port. Swedish biomethane bunkered in Gothenburg  

Test delivery performed by St1 and St1 Biokraft, who aim to become large-scale suppliers.
Image from Cockett Marine Oil presentation. Cockett to be closed down after 45 years  

End of an era as shareholders make decision based on 'non-core nature' of Cockett's business.
Petrobras logo. Petrobras confirms prompt availability of VLS B24 at Rio Grande  

Lead time for barge deliveries currently five days.
Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.
Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.
Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.
Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.

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