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Thu 7 Jun 2018 08:59

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

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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