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Tue 10 Apr 2018, 08:48 GMT

Oil and fuel oil hedging market update


By the Oil Desk at Freight Investor Services.

Fuel Oil Market (April 9)

Crack opened at -10.57 but weakened to -11.30 throughout the day as brent rallied.

Over the past few weeks, the market for lower viscosity fuel oil had been boosted by concerns of tight blendstock supplies as well as ample inventories of high-viscosity fuel oil, trade sources said.

By contrast, firm buying interest for 380 cSt lifted cash premiums of the higher viscosity fuel to its highest since March 14. Four cargo trades were reported in the Singapore trading window, totalling 60,000 tonnes of 380-cst fuel oil and 20,000 tonnes of 180 cSt fuel oil.

Economic Data and Events

* 11am: U.S. NFIB Small Business Optimism, March

* 1:30pm: U.S. PPI Final Demand, March

* 3pm: U.S. Wholesale Trade Sales, Feb.

* 9:30pm: API issues weekly U.S. oil inventory report

* Today, no exact timing;

** Bloomberg-compiled Refinery Snapshot for U.S. and Canada; gives offline capacity projections for crude units and FCCs

** Bloomberg New Energy Finance Future of Energy Summit, final day

** EIA releases monthly Short-Term Energy Outlook, or STEO, incl. summer fuels outlook, ~12pm

** The 16th International Energy Forum in New Delhi opens with welcoming reception. Speakers in following 2 days include Saudi Arabia's Energy Minister Khalid Al-Falih, OPEC Secretary-General Mohammad Barkindo, Iran's Oil Minister Bijan Namdar Zanganeh, IEA Executive Director Fatih Birol, among others, 1st day of 3

* See OIL WEEKLY AGENDA for this week's events

Singapore 380 cSt

May18 - 375.50 / 377.50

Jun18 - 375.00 / 377.00

Jul18 - 373.75 / 375.75

Aug18 - 372.00 / 374.00

Sep18 - 370.25 / 372.25

Oct18 - 368.25 / 370.25

Q3-18 - 372.00 / 374.00

Q4-18 - 364.75 / 366.75

Q1-19 - 356.75 / 359.25

Q2-19 - 350.25 / 353.25

CAL19 - 329.25 / 334.25

CAL20 - 270.00 / 278.00

Singapore 180 cSt

May18 - 388.00 / 390.00

Jun18 - 386.25 / 388.25

Jul18 - 385.00 / 387.00

Aug18 - 383.25 / 385.25

Sep18 - 381.50 / 383.50

Oct18 - 379.50 / 381.50

Q3-18 - 383.25 / 385.25

Q4-18 - 376.50 / 378.50

Q1-19 - 368.50 / 371.00

Q2-19 - 362.25 / 365.25

CAL19 - 343.50 / 348.50

CAL20 - 294.00 / 302.00

Rotterdam Barges

May18 363.75 / 365.75

Jun18 362.75 / 364.75

Jul18 361.00 / 363.00

Aug18 358.75 / 360.75

Sep18 356.00 / 358.00

Oct18 - 352.75 / 354.75

Q3-18 358.50 / 360.50

Q4-18 348.75 / 350.75

Q1-19 341.25 / 343.75

Q2-18 332.25 / 335.25

CAL19 310.75 / 315.75

CAL20 261.25 / 269.25

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