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Tue 5 Jun 2018 08:27

Oil and fuel oil hedging market update


By the Oil Desk at Freight Investor Services.

Commentary

Brent crude was up 14 cents, or 0.19 percent, to $75.43 a barrel at 03:01 GMT, after settling down 2 percent at $75.29 on Monday. WTI crude was up 32 cents, or 0.49 percent, at $65.07 a barrel. It finished the previous session 1.6 percent lower at $64.75. The decision soon by OPEC on whether to hold the cuts is not one that can be taken likely, but one which has a logical conclusion. Rosneft said yesterday that it can produce more oil easily, upping production to 2016 levels. The decision to increase flow form OPEC will surely come when prices have peaked to their target levels, or they view U.S. production as a threat. I'd more readily take a bet against anyone's predictions due to the unpredictability we have seen this year. Oh well, at least things aren't in as bad a situation as Venezuela's oil industry. Good day.

Economic data/events (Times are London.)

* Platts Global Crude Oil Summit, London, with speakers including Jeff Currie, head of Global Commodity Research at Goldman Sachs, and Trafigura Chief Economist Saad Rahim, 1st day of 2

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

* API issues weekly U.S. oil inventory report

Singapore 380 cSt

Jul18 - 432.75 / 434.75

Aug18 - 428.25 / 430.25

Sep18 - 424.00 / 426.00

Oct18 - 420.25 / 422.25

Nov18 - 416.50 / 418.50

Dec18 - 413.00 / 415.00

Q3-18 - 428.25 / 430.25

Q4-18 - 417.00 / 419.00

Q2-19 - 392.75 / 395.25

CAL19 - 370.50 / 373.50

CAL20 - 298.00 / 303.00

Singapore 180 cSt

Jul18 - 444.25 / 446.25

Aug18 - 439.50 / 441.50

Sep18 - 435.50 / 437.50

Oct18 - 431.75 / 433.75

Nov18 - 427.50 / 429.50

Dec18 - 424.25 / 426.25

Q3-18 - 439.75 / 441.75

Q4-18 - 428.00 / 430.00

Q1-19 - 416.50 / 419.00

Q2-19 - 404.50 / 407.00

CAL19 - 385.00 / 388.00

CAL20 - 312.00 / 317.00

Rotterdam 3.5%

Jul18 - 415.50 / 417.50

Aug18 - 412.00 / 414.00

Sep18 - 408.00 / 410.00

Oct18 - 403.50 / 405.50

Nov18 - 399.00 / 401.00

Dec18 - 394.50 / 396.50

Q3-18 - 412.00 / 414.00

Q4-18 - 399.25 / 401.25

Q1-19 - 387.50 / 390.00

Q2-19 - 373.50 / 376.00

CAL19 - 349.50 / 352.50

CAL20 - 284.50 / 289.50

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Third MoU renewal focuses on zero-emission fuels, smart-ship systems, and talent development initiatives.
AET and Samsung Heavy Industries logo side by side. AET orders two LNG dual-fuel Suezmax tankers from Samsung Heavy Industries  

Singapore-based tanker operator to expand dual-fuel fleet with vessels featuring advanced efficiency and emissions reduction technologies.
Port of Tallinn and Ports of Stockholm sign MoU. Port of Tallinn and Ports of Stockholm launch green collaboration for fossil fuel-free shipping  

Estonian and Swedish ports sign MoU to promote sustainable maritime transport on Baltic Sea routes.
Grupo Ibaizabal vessel render. NextDF engines achieve 0.9% methane slip for Ibaizabal's LNG bunkering vessel  

Factory tests show methane emissions far below FuelEU Maritime threshold on newbuild.
Steve Esau, Sea-LNG. Sea-LNG welcomes EU transport plan's recognition of methane decarbonisation pathway  

Industry coalition says STIP validates investments in LNG, bio-methane, and e-methane for shipping.
Port of Bell Bay and Bell Bay Industrial Precinct. TasPorts and H2U Group sign MoU to explore green ammonia production at Bell Bay  

Feasibility study to assess 500,000 tonne per year green ammonia facility in northern Tasmania.
Ostend Hydrogen Refuelling Station. JERA Nex bp commissions hydrogen refuelling station at Port of Ostend  

Facility will initially serve Windcat's Hydrocat 48 as part of EU-funded demonstration project.
Methanol bunkering training simulator. Anglo-Eastern launches methanol bunkering simulator with Wärtsilä for seafarer training  

Ship manager introduces simulator and courses to train crew in safe handling of methanol fuel.
ATH Catamba vessel. ATH Trading adds bunker tanker to Angola fleet  

Commodity trader deploys M/T ATH Catamba in Luanda for offshore marine fuel supply operations.
European Union member state flags. Danish Shipping calls for EU to invest ETS revenues in green marine fuel production  

Industry body welcomes Commission's sustainable transport plan but urges concrete action on funding.




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