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Fri 15 Jun 2018, 09:17 GMT

Oil and fuel oil hedging market update


By the Oil Desk at Freight Investor Services.

Fuel Oil Market (June 14)

Crack closed pretty much where it opened today at -10.55. Official data showed Fujairah fuel oil stocks climbed to a 2018 high of 9.759 million barrels (about 1.457 million tonnes) in the week to June 11. Also, potentially weaker demand from Pakistan may have weighed on the fuel oil crack amid signs that its state-owned oil company, PSO, might not award a tender to import up to 195,000 tonnes of fuel oil due for delivery in the last decade of June as a result of lower utility demand there, trade sources said. Supplier offers for the PSO tender remain valid to June 15.

Economic data/events (Times are London.)

* 1:30pm: U.S. Empire Manufacturing for June

* 2:15pm: U.S. Industrial Production m/m for May

* 3pm: University of Michigan Consumer Sentiment for June P

* 6pm: Baker Hughes rig count

* ~6:30pm: ICE weekly commitments of traders report for Brent, gasoil

* CFTC weekly commitments of traders report on various U.S. futures and options contracts

* Energy ministers from G-20 nations, including Russia, Mexico, U.S. and Saudi Arabia, hold their annual meeting in Bariloche, Argentina

Singapore 380 cSt

Jul18 - 427.75 / 429.75

Aug18 - 423.75 / 425.75

Sep18 - 419.75 / 421.75

Oct18 - 415.75 / 417.75

Nov18 - 412.25 / 414.25

Dec18 - 409.00 / 411.00

Q3-18 - 423.75 / 425.75

Q4-18 - 412.50 / 414.50

Q1-19 - 402.25 / 404.75

Q2-19 - 392.25 / 394.75

CAL19 - 367.75 / 370.75

CAL20 - 292.75 / 297.75

Singapore 180 cSt

Jul18 - 438.25 / 440.25

Aug18 - 434.75 / 436.75

Sep18 - 430.50 / 432.50

Oct18 - 426.75 / 428.75

Nov18 - 423.50 / 425.50

Dec18 - 420.50 / 422.50

Q3-18 - 434.50 / 436.50

Q4-18 - 423.75 / 425.75

Q1-19 - 414.00 / 416.50

Q2-19 - 404.00 / 406.50

CAL19 - 382.25 / 385.25

CAL20 - 316.25 / 321.25

Rotterdam 3.5%

Jul18 - 411.25 / 413.25

Aug18 - 407.50 / 409.50

Sep18 - 403.25 / 405.25

Oct18 - 399.00 / 401.00

Nov18 - 394.75 / 396.75

Dec18 - 390.75 / 392.75

Q3-18 - 407.50 / 409.50

Q4-18 - 395.25 / 397.25

Q1-19 - 385.00 / 387.50

Q2-19 - 372.50 / 375.00

CAL19 - 346.00 / 349.00

CAL20 - 278.00 / 283.00

Titan Optimus alongside Peony Leader vessel. Titan Clean Fuels completes first FuelEU Maritime pooling exercise with DNV verification  

Pool included several hundred vessels, with LNG and biomethane helping balance compliance deficits.
AiP handover ceremony for ammonia-fuelled Panamax bulk carrier. ClassNK grants world-first approval for ammonia-fuelled bulk carrier with Type B fuel tanks  

Japanese classification society issues AiP for Panamax design with tanks installed on exposed deck.
Philippos Ioulianou, EmissionLink. EmissionLink warns UK ETS preparations at risk amid Strait of Hormuz focus  

Maritime emissions compliance provider says regulatory deadline cannot be delayed despite geopolitical disruptions.
FortisBC Tanker truck. FortisBC completes 10,000th LNG bunkering operation for marine vessels  

Canadian utility reaches refuelling milestone as West Coast LNG marine fuel demand grows.
AiP handover ceremony for two next-generation 80m tanker designs. Bureau Veritas approves dual-fuel tanker designs for Australian coastal operations  

SeaTech Solutions receives approval in principle for 80 m vessels designed to carry methanol and biofuels.
Kawasaki Kisen Kaisha (K Line), Sumitomo Corporation and NYK Line logo. Japanese shipping firms secure government funding for Singapore ammonia bunkering trial  

Sumitomo, K Line and NYK to demonstrate ship-to-ship ammonia fuel supply operations.
Kota Ocean vessel. PIL and PSA launch Singapore’s first joint land-sea green shipping service  

DNV-verified service allows shippers to reduce Scope 3 emissions through lower-carbon fuel allocation.
Mercedes Pinto vessel. Baleària begins sea trials of dual-fuel catamaran Mercedes Pinto in Gijón  

Third LNG-powered fast ferry expected for delivery in May, destined for Canary Islands routes.
Nave Amaryllis vessel. Navios Partners takes delivery of dual-fuel-ready Aframax tanker  

Nave Amaryllis is equipped with LNG and methanol readiness alongside shore power capability.
IBIA logo. IBIA backs IMO as global shipping regulator ahead of MEPC 84  

Marine fuel industry body supports joint shipping statement emphasising multi-stakeholder approach to decarbonisation.




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