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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 14 Nov 2018 09:38 GMT

Commentary

Brent crude oil futures were down 36 cents, or 0.6 percent, at $65.11 per barrel at 06:00 GMT and U.S. WTI crude oil futures were at $55.26 per barrel, down 43 cents, or 0.8 percent, from their last settlement. Well, this market looks like it has a bigger discount than a pound shop's closing-down sale. The support seems to have evaporated almost completely - like a rug being pulled from underneath - as it's reported that the funds have shed their already dwindling long positions. We hovered just over $65 late yesterday in a day's trading that was oil's most bearish since December 2015. The drop in oil has been underlined by weaknesses in the global economy. In Japan, data confirmed the world's third-largest economy contracted in the third quarter, adding to growing signs of weakness globally, with China and Europe losing momentum. Germany is expected to report later in the day that its economy also shrank last quarter. Our friends at the API reported last night that crude stocks climbed by 7.8 million barrels in another predicted build in stocks - which I'm sure hasn't helped any pushes for a recovery after prices have taken a pounding. Hello $65, my old friend, looks like you might be around for a little while... until December perhaps.

Fuel Oil Market (Nov 13)

The front crack opened at -5.95, strengthening to -5.75, before weakening to -5.80. The Cal 19 was valued at -12.50.

Oil price reporting agency Argus has launched five new price assessments for low-sulphur marine fuels, ahead of new global rules capping the amount of sulphur in marine fuels.

The front-month 380 cSt fuel oil barge crack to Brent crude slipped on Tuesday despite a drop in crude oil prices, with some trade sources pointing to an expected rise in arbitrage arrivals into Singapore.

The December 380 cSt fuel oil barge crack to Brent crude was at a two-week low of minus $6.26 a barrel on Tuesday, compared with a discount of $6.14 a barrel on Monday.

Economic Events:

* 9am: IEA monthly Oil Market Report

* 12am: MBA Mortgage Applications, Nov. 9

* 1:30pm: U.S. CPI, Oct.

* 1:30pm: U.S. Real Avg Weekly Earnings, Oct.

* 9:30pm: API issues weekly U.S. oil inventory report (day later due to holiday)

* Genscape weekly ARA crude stockpiles report

* Adipec conference, Abu Dhabi, 3rd day of 4

Singapore 380 cSt

Dec18 - 419.75 / 421.75

Jan19 - 409.25 / 411.25

Feb19 - 400.75 / 402.75

Mar19 - 394.75 / 396.75

Apr19 - 389.25 / 391.25

May19 - 383.75 / 385.75

Q1-19 - 401.50 / 403.50

Q2-19 - 384.00 / 386.00

Q3-19 - 364.50 / 367.00

Q4-19 - 332.25 / 334.75

CAL19 - 371.00 / 374.00

CAL20 - 311.50 / 317.50

Singapore 180 cSt

Dec18 - 425.00 / 427.00

Jan19 - 415.00 / 417.00

Feb19 - 407.75 / 409.75

Mar19 - 403.00 / 405.00

Apr19 - 398.25 / 400.25

May19 - 393.50 / 395.50

Q1-19 - 408.50 / 410.50

Q2-19 - 393.25 / 395.25

Q3-19 - 377.00 / 379.50

Q4-19 - 348.75 / 351.25

CAL19 - 382.75 / 385.75

CAL20 - 332.50 / 338.50

Rotterdam 3.5%

Dec18 - 382.00 / 384.00

Jan19 - 375.00 / 377.00

Feb19 - 370.00 / 372.00

Mar19 - 365.25 / 367.25

Apr19 - 361.00 / 363.00

May19 - 356.50 / 358.50

Q1-19 - 370.00 / 372.00

Q2-19 - 356.25 / 358.25

Q3-19 - 337.50 / 340.00

Q4-19 - 303.25 / 305.75

CAL19 - 341.00 / 344.00

CAL20 - 287.25 / 293.25

0.1% Rott barges Gasoil

Dec18 - 607.40 / 609.40

Jan19 - 608.35 / 610.35

Feb19 - 606.83 / 608.83

Mar19 - 605.71 / 607.71

Apr19 - 606.37 / 608.37

May19 - 607.41 / 609.41

Q1-19 - 607.63 / 609.63

Q2-19 - 607.97 / 609.97

Q3-19 - 614.94 / 617.44

Q4-19 - 620.45 / 623.45

CAL19 - 615.44 / 619.44

CAL20 - 630.41 / 636.41

Sing GO 10ppm

Dec18 - 83.02 / 83.22

Jan19 - 82.91 / 83.11

Feb19 - 82.78 / 82.98

Mar19 - 82.72 / 82.92

Apr19 - 82.69 / 82.89

May19 - 82.65 / 82.85

Q1-19 - 82.70 / 83.10

Q2-19 - 82.55 / 82.95

Q3-19 - 83.00 / 83.30

Q4-19 - 83.34 / 83.74

CAL19 - 82.79 / 83.39

CAL20 - 82.93 / 83.93



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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