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Fri 15 Jun 2018 09:17

Oil and fuel oil hedging market update


By the Oil Desk at Freight Investor Services.

Fuel Oil Market (June 14)

Crack closed pretty much where it opened today at -10.55. Official data showed Fujairah fuel oil stocks climbed to a 2018 high of 9.759 million barrels (about 1.457 million tonnes) in the week to June 11. Also, potentially weaker demand from Pakistan may have weighed on the fuel oil crack amid signs that its state-owned oil company, PSO, might not award a tender to import up to 195,000 tonnes of fuel oil due for delivery in the last decade of June as a result of lower utility demand there, trade sources said. Supplier offers for the PSO tender remain valid to June 15.

Economic data/events (Times are London.)

* 1:30pm: U.S. Empire Manufacturing for June

* 2:15pm: U.S. Industrial Production m/m for May

* 3pm: University of Michigan Consumer Sentiment for June P

* 6pm: Baker Hughes rig count

* ~6:30pm: ICE weekly commitments of traders report for Brent, gasoil

* CFTC weekly commitments of traders report on various U.S. futures and options contracts

* Energy ministers from G-20 nations, including Russia, Mexico, U.S. and Saudi Arabia, hold their annual meeting in Bariloche, Argentina

Singapore 380 cSt

Jul18 - 427.75 / 429.75

Aug18 - 423.75 / 425.75

Sep18 - 419.75 / 421.75

Oct18 - 415.75 / 417.75

Nov18 - 412.25 / 414.25

Dec18 - 409.00 / 411.00

Q3-18 - 423.75 / 425.75

Q4-18 - 412.50 / 414.50

Q1-19 - 402.25 / 404.75

Q2-19 - 392.25 / 394.75

CAL19 - 367.75 / 370.75

CAL20 - 292.75 / 297.75

Singapore 180 cSt

Jul18 - 438.25 / 440.25

Aug18 - 434.75 / 436.75

Sep18 - 430.50 / 432.50

Oct18 - 426.75 / 428.75

Nov18 - 423.50 / 425.50

Dec18 - 420.50 / 422.50

Q3-18 - 434.50 / 436.50

Q4-18 - 423.75 / 425.75

Q1-19 - 414.00 / 416.50

Q2-19 - 404.00 / 406.50

CAL19 - 382.25 / 385.25

CAL20 - 316.25 / 321.25

Rotterdam 3.5%

Jul18 - 411.25 / 413.25

Aug18 - 407.50 / 409.50

Sep18 - 403.25 / 405.25

Oct18 - 399.00 / 401.00

Nov18 - 394.75 / 396.75

Dec18 - 390.75 / 392.75

Q3-18 - 407.50 / 409.50

Q4-18 - 395.25 / 397.25

Q1-19 - 385.00 / 387.50

Q2-19 - 372.50 / 375.00

CAL19 - 346.00 / 349.00

CAL20 - 278.00 / 283.00

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Investment highlights growing industry interest in fuel-neutral wind propulsion technologies.




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