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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

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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