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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: Freight Investor Services (FIS)


Updated on 21 Aug 2018 10:12 GMT

Commentary

Brent crude futures rose $38 cents to settle at $72.21 a barrel, a 0.5 percent gain, and U.S. WTI crude rose $52 cents, or 0.8 percent, to end at $66.43 a barrel. Tentative bullish steps are being taken with the prospect of a meeting this week between U.S. and Chinese officials that may start to resolve a trade fight that sparked fears of weaker global economic growth and less demand for oil. I like to think about these international political spats like family feuds: the U.S. as the younger sibling of China, one which is annoyed that China gets more pocket money than them. The grandfatherly UN is telling everyone to get along as he remembers the wars and terrible costs of not collaborating. North Korea, the crazy estranged aunt, keeps saying really non-PC things and encouraging clearly unhelpful solutions. The U.K., the U.S.'s cousin, is saying how little they get, but they aren't moaning about it and just getting on with life poorer and more irrelevant. Russia, the drunk uncle, is swaying at the back of the room smiling and laughing - who needs such things as pocket money? Bullish bets on oil have taken a tumble as of late, and there's definitely a reduction in sentiment of "it's going to $100", but we seem to have found good support just above the $70 level. All eyes on the API later tonight and any news from the prospective China-U.S. meeting. Good day.

Fuel Oil Market (Aug 20)

The front crack opened at -9.10, strengthening to -9.00, before weakening to -9.15, closing -9.00. The Cal 19 was valued at -14.50.

Cash premiums of Asia's mainstay 380 cSt high sulphur fuel oil slipped to a five-week low on Monday, dented by weaker deal values in the Singapore trading window albeit limited activity.

The 380 cSt cash premiums were at $5.42 a tonne to Singapore quotes on Monday, down from $5.86 a tonne on Friday and $5.92 a tonne in the week before.

An improved supply outlook has helped dampen bullish sentiment over the past weeks, but concerns of contaminated bunker fuels in Singapore and a lack of finished grade fuel oil may still lend support in the near term, trade sources said

Economic data/events (Times are London.)

* Bloomberg-compiled refinery snapshot for U.S. and Canada, providing offline capacity projections for crude units and FCCs

Singapore 380 cSt

Sep18 - 423.25 / 425.25

Oct18 - 417.75 / 419.75

Nov18 - 414.25 / 416.25

Dec18 - 411.25 / 413.25

Jan19 - 408.25 / 410.25

Feb19 - 405.00 / 407.00

Q4-18 - 414.50 / 416.50

Q1-19 - 405.25 / 407.25

Q2-19 - 396.00 / 398.50

Q3-19 - 381.00 / 383.50

CAL19 - 382.50 / 385.50

CAL20 - 317.25 / 323.25

Singapore 180 cSt

Sep18 - 431.75 / 433.75

Oct18 - 427.00 / 429.00

Nov18 - 424.50 / 426.50

Dec18 - 421.75 / 423.75

Jan19 - 418.50 / 420.50

Feb19 - 415.50 / 417.50

Q4-18 - 424.50 / 426.50

Q1-19 - 416.00 / 418.00

Q2-19 - 408.50 / 411.00

Q3-19 - 396.00 / 398.50

CAL19 - 397.25 / 400.25

CAL20 - 340.25 / 346.25

Rotterdam 3.5%

Sep18 - 402.00 / 404.00

Oct18 - 396.75 / 398.75

Nov18 - 392.75 / 394.75

Dec18 - 389.50 / 391.50

Jan19 - 387.25 / 389.25

Feb19 - 384.75 / 386.75

Q4-18 - 393.00 / 395.00

Q1-19 - 385.00 / 387.00

Q2-19 - 376.25 / 378.75

Q3-19 - 357.25 / 359.75

CAL19 - 359.50 / 362.50

CAL20 - 300.50 / 306.50



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.






Related Links:

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

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