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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil and fuel oil hedging market update

By the Oil Desk at Freight Investor Services.



Image credit:


Updated on 29 Mar 2018 07:47 GMT

Commentary

Brent closed last night at $69.53, down $0.58, WTI closed at $64.38, down $0.87, and INE closed at 414.10 yuan, or $65.95 per bbl. Early window today owing to the Easter break, so I'll make it short for a change. US oil stocks are growing. US production is increasing at a rate of knots and OPEC continue to open the door for the US to continue producing as much as they like. Flip the coin and we have Iran-North Korea-Venezuela potential for geopolitical uncertainty, the Saudi-Russia pact to agree a long-term production cap agreement, and a market that loves reacting strongly to bullish rumour. Q2 should be interesting.

Fuel Oil Market (March 28)

The front crack opened at -12.75, strengthening to -12.70, before weakening to -12.95. The Cal 19 was valued at -15.20

Asia's front-month high-sulphur fuel oil crack pulled back from a near seven-month low in the previous session amid falling stocks of the fuel across key storage hubs and weaker crude oil prices.

The April 180 cSt fuel oil crack to Brent crude was at about minus $9.27 a barrel on Wednesday, compared with minus $9.62 a barrel on Tuesday, its lowest since Aug. 12.

Singapore weekly onshore fuel oil inventories fell 10 percent, or 2.529 million barrels (377,000 tonnes) to a five-week low of 21.691 million barrels (about 3.24 million tonnes) in the week ended March 27. This came as weekly net imports of fuel oil into Singapore slipped 8 percent from the week before to a two-week low of 803,000 tonnes


Economic Data and Events

* 1:30pm: U.S. Initial Jobless Claims for March 24, est. 230k (prior 229k)

* 1:30pm: U.S. Continuing Claims for March 17, est. 1,870k (prior 1,828k)

* 2:45pm: Chicago Purchasing Manager for March, est. 62 (prior 61.9)

* 2:45pm: Bloomberg Consumer Comfort for March 25 (prior 56.8)

* 3pm: University of Michigan Sentiment for March (final), est. 102 (prior 102)

* 6pm: Baker Hughes U.S. Rig Count for Mar 30 (prior 995)

* 6pm: Philadelphia Fed President Patrick Harker speaks on the economic outlook at a New York Association of Business Economics luncheon

* Russian refining maintenance schedule from ministry

* North Sea Forties, Ekofisk May loading programs

Singapore 380 cSt

Apr18 - 365.25 / 367.25

May18 - 365.25 / 367.25

Jun18 - 365.50 / 367.50

Jul18 - 364.50 / 366.50

Aug18 - 363.00 / 365.00

Sep18 - 361.25 / 363.25

Q2-18 -365.50 / 367.50

Q3-18 -363.25 / 365.25

Q4-18 - 357.25 / 359.75

Q1-19 - 350.00 / 352.50

CAL19 - 324.50 / 328.50

CAL20 - 267.00 / 275.00

Singapore 180 cSt

Apr18 - 375.00 / 377.00

May18 - 374.25 / 376.25

Jun18 - 374.00 / 376.00

Jul18 - 373.00 / 375.00

Aug18 - 371.50 / 373.50

Sep18 - 370.00 / 372.00

Q2-18 - 374.50 / 376.50

Q3-18 - 371.75 / 373.75

Q4-18 - 366.25 / 368.75

Q1-19 - 359.25 / 361.75

CAL19 - 338.00 / 342.00

CAL20 - 291.00 / 299.00

Rotterdam Barges

Apr18 353.00 / 355.00

May18 354.00 / 356.00

Jun18 353.75 / 355.75

Jul18 352.50 / 354.50

Aug18 350.50 / 352.50

Sep18 347.50 / 349.50

Q2-18 353.50 / 355.50

Q3-18 350.00 / 352.00

Q4-18 341.00 / 343.50

Q1-19 333.75 / 336.25

CAL19 305.25 / 309.25

CAL20 246.75 / 254.75



Founded in 2002, Freight Investor Services is a specialist in dry bulk and commodity derivatives, including cargo freight, iron ore, fertilizer and bunker fuel. The company has offices in London, Dubai, Singapore and Shanghai.

For further details about fuel oil swaps or to discuss trading opportunities, please call +44 20 7090 1120, or email info@freightinvestor.com.






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Oil and fuel oil hedging market update
Freight Investor Services Ltd.

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