Thu 7 Jun 2018, 08:59 GMT

Oil and fuel oil hedging market update


By the Oil Desk at Freight Investor Services.



Commentary

Brent crude futures were up 33 cents, or 0.4 percent, to $75.69 a barrel at 0101 GMT. WTI crude was up 38 cents, or 0.6 percent, at $65.11 a barrel. It ended the previous session 1.2 percent lower at $64.73 a barrel. The biggest question in the oil market: "Which way is it going to go?". Well, what we can say is that it seems the market has followed our technical predictions that pointed to a technical correction down to around the $74.50 level, before making a move higher again. But there is a silver lining: at least you aren't on one of the tankers sitting off the coast of Venezuela's largest oil port with the potential of a force majeure being declared. 24 million barrels of crude are waiting to be loaded - as much as the state oil company shipped in the whole of April. That's how bad things have gotten with the production fall off. After worse-than-expected EIA data, the news that Venezuelan supply drops are bigger than expected - and more importantly bigger than U.S. increases - is the thing pushing the market up today. Good day.

Economic data/events (Times are London.)

* 9am: Singapore onshore oil-product stockpile data

* 1:30pm: U.S. Initial Jobless Claims for June 2

* 1:30pm: U.S. Continuing Claims for May 26

* Russian President Vladimir Putin holds his annual call-in broadcast show with citizens

* Russian refining maintenance schedule from ministry

Singapore 380 cSt

Jul18 - 430.00 / 432.00

Aug18 - 425.50 / 427.50

Sep18 - 421.25 / 423.25

Oct18 - 417.25 / 419.25

Nov18 - 413.75 / 415.75

Dec18 - 410.25 / 412.25

Q3-18 - 425.50 / 427.50

Q4-18 - 413.50 / 415.50

Q1-19 - 401.75 / 404.25

Q2-19 - 389.25 / 391.75

CAL19 - 371.25 / 374.25

CAL20 - 298.75 / 303.75

Singapore 180 cSt

Jul18 - 440.50 / 442.50

Aug18 - 436.50 / 438.50

Sep18 - 432.50 / 434.50

Oct18 - 428.50 / 430.50

Nov18 - 424.50 / 426.50

Dec18 - 421.25 / 423.25

Q3-18 - 436.50 / 438.50

Q4-18 - 424.25 / 426.25

Q1-19 - 412.75 / 415.25

Q2-19 - 400.75 / 403.25

CAL19 - 385.50 / 388.50

CAL20 - 312.50 / 317.50

Rotterdam 3.5%

Jul18 - 413.50 / 415.50

Aug18 - 409.75 / 411.75

Sep18 - 405.50 / 407.50

Oct18 - 400.75 / 402.75

Nov18 - 396.25 / 398.25

Dec18 - 391.75 / 393.75

Q3-18 - 409.75 / 411.75

Q4-18 - 396.25 / 398.25

Q1-19 - 385.25 / 387.75

Q2-19 - 372.25 / 374.75

CAL19 - 350.00 / 353.00

CAL20 - 283.50 / 288.50


Maran Melina vessel. Angelicoussis Group takes delivery of fifth dual-fuel Suezmax tanker  

Maran Tankers Management adds the 155,500-DWT Maran Melina to its fleet.

CMA CGM Orsay naming ceremony. CMA CGM takes delivery of LNG-powered Orsay for Asia-Europe trade  

24,212-TEU vessel joins 10-ship series, adding capacity to the carrier's FAL3 route.

Titan Unikum vessel. Titan Clean Fuels completes 15-year survey on LNG bunkering vessel Titan Unikum  

Multi-gas carrier has undergone dry-docking work at a Chinese yard, preparing it for future upgrades.

Aesen 116H vessel. Lehmann Marine’s CUBE battery system debuts in China aboard hybrid crew boat  

German battery maker’s first Chinese installation targets fuel savings on a Cheoy Lee-built vessel for a Singapore operator.

Person signing a document. Iino Lines secures transition loan from Mizuho Bank for LPG dual-fuel VLGC  

Japanese shipowner finances the acquisition of Lumi Aurora through a green transition finance framework aligned with ICMA guidelines.

ABS, HD KSOE and Siemens MoU signing. ABS, HD KSOE and Siemens partner on digital twin technology for ammonia-fuelled ship safety  

Three firms will combine CFD analysis and digital twin technology to assess ammonia leak scenarios in vessel design.

American Bureau of Shipping (ABS) logo. Nuclear-powered LNG carriers cost more upfront but cut lifetime fuel bills, ABS-backed study finds  

Joint study with Blossom Energy examines the economics of a 174,000-cbm LNG carrier powered by a small reactor.

Christos Doulaveris, Flex Commodities. Flex Commodities appoints Christos Doulaveris as general manager for Greece  

Bunker trader strengthens its Greek operations with a new leadership appointment.

Chang Ping Yuan vessel. China delivers first domestically built VLGC under Chinese flag  

Cosco Shipping’s new 88,000-cbm gas carrier features an LPG dual-fuel main engine.

IMO, GreenVoyage2050 and Republic of Türkiye MoTI logos. Electric and hybrid ferries could cut Sea of Marmara emissions by 63%, IMO study finds  

A GreenVoyage2050 study finds that electrification could slash emissions, avoid €492 million in damage costs and support jobs.