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Tue 5 Jun 2018, 08:27 GMT

Oil and fuel oil hedging market update


By the Oil Desk at Freight Investor Services.

Commentary

Brent crude was up 14 cents, or 0.19 percent, to $75.43 a barrel at 03:01 GMT, after settling down 2 percent at $75.29 on Monday. WTI crude was up 32 cents, or 0.49 percent, at $65.07 a barrel. It finished the previous session 1.6 percent lower at $64.75. The decision soon by OPEC on whether to hold the cuts is not one that can be taken likely, but one which has a logical conclusion. Rosneft said yesterday that it can produce more oil easily, upping production to 2016 levels. The decision to increase flow form OPEC will surely come when prices have peaked to their target levels, or they view U.S. production as a threat. I'd more readily take a bet against anyone's predictions due to the unpredictability we have seen this year. Oh well, at least things aren't in as bad a situation as Venezuela's oil industry. Good day.

Economic data/events (Times are London.)

* Platts Global Crude Oil Summit, London, with speakers including Jeff Currie, head of Global Commodity Research at Goldman Sachs, and Trafigura Chief Economist Saad Rahim, 1st day of 2

* Bloomberg-compiled Refinery Snapshot for U.S. and Canada; gives offline capacity projections for crude units and FCCs

* API issues weekly U.S. oil inventory report

Singapore 380 cSt

Jul18 - 432.75 / 434.75

Aug18 - 428.25 / 430.25

Sep18 - 424.00 / 426.00

Oct18 - 420.25 / 422.25

Nov18 - 416.50 / 418.50

Dec18 - 413.00 / 415.00

Q3-18 - 428.25 / 430.25

Q4-18 - 417.00 / 419.00

Q2-19 - 392.75 / 395.25

CAL19 - 370.50 / 373.50

CAL20 - 298.00 / 303.00

Singapore 180 cSt

Jul18 - 444.25 / 446.25

Aug18 - 439.50 / 441.50

Sep18 - 435.50 / 437.50

Oct18 - 431.75 / 433.75

Nov18 - 427.50 / 429.50

Dec18 - 424.25 / 426.25

Q3-18 - 439.75 / 441.75

Q4-18 - 428.00 / 430.00

Q1-19 - 416.50 / 419.00

Q2-19 - 404.50 / 407.00

CAL19 - 385.00 / 388.00

CAL20 - 312.00 / 317.00

Rotterdam 3.5%

Jul18 - 415.50 / 417.50

Aug18 - 412.00 / 414.00

Sep18 - 408.00 / 410.00

Oct18 - 403.50 / 405.50

Nov18 - 399.00 / 401.00

Dec18 - 394.50 / 396.50

Q3-18 - 412.00 / 414.00

Q4-18 - 399.25 / 401.25

Q1-19 - 387.50 / 390.00

Q2-19 - 373.50 / 376.00

CAL19 - 349.50 / 352.50

CAL20 - 284.50 / 289.50

Seto Azure ship-to-ship (STS) LNG bunkering operation. Osaka Gas launches ship-to-ship LNG bunkering in Japan  

Japanese energy company now offers all three primary LNG fuel supply methods for vessels.
Gasum logo. Gasum converts to a public limited company to diversify financing options  

Finnish energy company changes legal structure from private to public limited liability company.
Legend of the Seas vessel. Meyer Turku secures Icon 6 and 7 cruise ship orders from Royal Caribbean  

Finnish shipyard to deliver two additional Icon Class vessels under framework agreement extending to 2036.
Ferry Propulsion Summit 2026. BC Ferries orders Everllence engines for four newbuild ferries  

Canadian operator selects 32/44CR engines for vessels designed to support future electric operations.
Steve Bee speaking at Marine Insurance Greece 2026 graphic. VPS executive to join panel on bunker fuel testing adequacy at Athens marine insurance event  

Steve Bee will discuss bunker testing standards with insurance and surveying experts in May.
Everllence 18V51/60 engine. Everllence completes first factory test of 18V51/60 engine running on B100 biofuel  

French facility tests 18,900 kW engine converted to run entirely on biofuel in Corsica.
Maritime industry representatives joining the MARINER project. Genevos secures €2.2m EU funding for 1 MW maritime hydrogen fuel cell development  

French company joins €7m MARINER project to develop and validate modular fuel cell systems.
Container ship at harbour. Skuld warns of unusual chemical compounds in Southeast Asian marine fuels  

Marine insurer reports fuels meeting ISO 8217 standards but containing high levels of hydrocarbon compounds.
Arsenio Dominguez, IMO. IMO chief urges progress on net-zero framework amid Hormuz crisis  

Arsenio Dominguez calls for constructive dialogue as MEPC 84 tackles greenhouse gas measures and ballast water regulations.
Monjasa Shaker vessel. Monjasa reflags UAE-based tankers to Emirates registry  

Marine fuels supplier transitions first of three vessels from Liberian to UAE flag.




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