Global Vision Market Report

After having traded higher this morning, oil prices have erased their gains around noondropping back to the level at which they were settling yesterday. The euro consolidating above 1.34 dollars and technical buying orders supported the oil complex in the morning. In the course of the session, however, yesterday's bearish DOE data and ECB president Mario Draghi's comments on the economic outlook in the euro zone had a negative impact on the complex. As the supports for G.Oil and Brent proved strong earlier in the day, oil futures received some momentum. Meanwhile they have been breached, however, creating more potential down. Larger selling orders are only to be expected, if these supports are breached for a longer time.

Oil prices consolidated in a narrow range in electronic morning trading, except for the Brent contract that was affected by cautious profit taking. Short before the opening of NYMEX session in the afternoon the oil complex rallied, after the central banks of the leading economies announced a coordinated action to increase dollar liquidity. A move that weighed heavily on the greenback and boosted the euro that breached several resistance lines in the process and shot above 1.35 dollars. Oil prices also rose above resistance lines but the rally was capped around 112.00 dollars (brent) and 102.00 dollars (WTI) by traders waiting for the release of the DOE's inventory data. The rather bearish data dampened oil's flight in late session but futures in Londonand New Yorksettled higher in the end.

OPEC may agree a collective quota close to 30 million barrels a day at its next meeting the 14th of December, but without specifying individual production quotas. Iran, Venezuela and Algeria had recently opposed new quotas.

ICE Gasoil contract for December delivery settled at 965.25 dollars on Wednesday. This was 3.25 dollars above Tuesday's settlement. With some 54,500 contracts the traded volume was on average.

The Stochastic oscillator remains bullish at the ICE and NYMEX charts this morning. By breaching the 30% line the RSI indicator at the gasoil chart gave a buying signal yesterday exposing more upside to prices. ICE futures and the WTI crude are trading short of their yesterday's highs that mark today's first resistance lines. Technical analysts expect these resistance lines to be hit in the course of the day and a strong bullish momentum once those are breached as a string of automatic buying orders would be triggered. The first support for the WTI is at 98.25 dollars today, its first resistance is seen at 100.00 dollars. The Brent's first resistance is seen at 111.00 dollars, its first support is at 110.00 dollars.

U.S.

Nymex acces gaining. Oil futures rise in Asia and on Globex electronic trading platform this morning in a technical reaction to Wednesday's late losses and supported by rising geopolitical tensions. The traded volume is well below average. Market participants will eye the release of US and European indicators for direction today. Today's meeting of the European foreign ministers on Iransanctions will also remain in focus.

API's: Crude oil +3.4; distillates +1.3; gasoline -0.2 million barrels vs previous week. Refinery utilization +0.5%
DOE's; Crude oil +3.9; distillates +5.5; gasoline +0.2 million barrels vs previous week. Refinery utilization -0.9%
Forecasts: Crude oil -0.2; distillates -1.2; gasoline +0.8 million barrels vs previous week

Houston (ex-wharf indications 30-11)

380cst $649
180cst $686
MGO $977

Very tight avails for 180 cst

New Orleans (ex-wharf indications 30-11)

380cst $651
180cst $689
MGO $981

Singapore (correct as of 1430hrs LT - delivered indications)

Crude is bullish still, but slowing slightly with WTI +$1.05. Singapore paper is easing as well, gaining with +$2.75 for 180cst and +$1.95 for 380cst for Dec, and for Jan 180 cst +$0.50 and 380cst +$0.20 with MGO Dec contracts at +$0.05 and for Jan unchanged. The cargo market is mirroring crude and paper with 180cst +$4.90, 380cst +$4.69 and MGO +$1.21.

The Singapore fuel oil markets were up more than $4.50 during the Platts window yesterday. Fundamentally, the incoming of more bunker grade on-specifications product will ease the supply situation. The delivered bunker premiums maintained around $13.75 above the cargo prices as demand continued to be weak on higher outright prices. Bunker fuel oil swaps were up by $2.00-5.00/mt in Rotterdam and $0.50- 3.75/mt in Singapore. Gains in both papers were higher at the back end of the forward curve. This morning both markets are trading slightly higher.

High premiums for prompt deliveries.

380 cst $669
180 cst $672
MGO $935

ARA (Amsterdam - Rotterdam - Antwerp)

Northwest European bunker values edged higher Wednesday, following stronger outright oil prices, while demand across the main hubs was still weak. Brent crude prices surged by more than $2/barrel day-on-day in the afternoon after global central banks launched coordinated action to ease strains on financial markets and boost lending. High sulfur fuel oil in ATA remained tight as one VLCC was heard to be loading in Rotterdam for Singapore December 16 and another one for December 19. Prompt product remains tight this week. Antwerpreported low sulfur fuel oil shortages due to some tightness. Yesterday during the MOC 631-636 was traded on HS and 665-666 on LS.

Rotterdam

Indications for delivered bunkers:

380cst : $ 637
(1.0 %) :$ 671
180cst: $ 655
(1.0 %):$ 684
MGO 0.1%S: $967


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		T-SOL delivers first Japan-built methanol fuel supply system The system, which received ClassNK approval in principle in 2024, will be installed on a Kamsarmax bulk carrier.

		Rotterdam records 0.4% rise in total throughput for H1 2026 LNG throughput up 1.7% to 6.4m tonnes, with exports increase attributed partly to greater use of LNG as a marine fuel.

		Construction begins on LNG bunkering vessel for Shell Ceremony held for first of two 18,900-cbm vessels being built for Purus Marine.

		Monjasa seeks supply trader in Singapore Role focused on developing and maintaining supplier relationships for the firm's back-to-back operations.

		Monjasa hiring trader for Panama physical trading team Bunker firm looking for candidates with at least two years' experience in sales, trading, shipping, logistics, or similar commercial role.

		CIMC SOE and Sinopec Clean Energy sign contract for 12,000-cbm LNG bunkering vessel Vessel is scheduled for delivery in 2028 and will serve China’s coastal LNG bunkering network.

		S-Oil begins supplying B30 VLSFO from Ulsan South Korean refiner S-Oil enters the bio-bunkering market with a vertically integrated Ulsan supply chain.

Global Vision Market Report

Fuels & Propulsion

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