world fuel oil prices: in search of structure
DESCRIPTION
WORLD FUEL OIL PRICES: IN SEARCH OF STRUCTURE. Lawrence Axelrod Axelrod Energy Projects Jifeng Workshop October 29, 2009 Beijing. Overview. United States New York 1%S US Gulf 3%S Europe Med 1%S NWE 3.5%S Singapore LSWR HSFO 380 cSt. Crude ($/bbl). Ratios (%). New York ($/bbl). - PowerPoint PPT PresentationTRANSCRIPT
Axelrod Energy Projects LLC www.axelrodenergyprojects.com
Axelrod Energy Projects LLC www.axelrodenergyprojects.com
WORLD FUEL OIL PRICES:IN SEARCH OF STRUCTURE
Lawrence AxelrodAxelrod Energy Projects
Jifeng WorkshopOctober 29, 2009
Beijing2
Axelrod Energy Projects LLC www.axelrodenergyprojects.com
Overview
• United States– New York 1%S– US Gulf 3%S
• Europe– Med 1%S– NWE 3.5%S
• Singapore– LSWR– HSFO 380 cSt
3
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Crude ($/bbl)
4
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Ratios (%)
5
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New York ($/bbl)
6
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New York ($/bbl)
7
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New York ($/bbl)
8
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New York ($/bbl)
9
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US Gulf ($/bbl)
10
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US Gulf ($/bbl)
11
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US Gulf ($/bbl)
12
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US Gulf ($/bbl)
13
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Med ($/bbl)
14
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Med ($/bbl)
15
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Med ($/bbl)
16
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NWE ($/bbl)
17
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NWE ($/bbl)
18
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NWE ($/bbl)
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NWE ($/bbl)
20
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Singapore LSWR ($/bbl)
21
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Singapore LSWR ($/bbl)
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Singapore LSWR ($/bbl)
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Singapore HSFO ($/bbl)
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Singapore HSFO ($/bbl)
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Singapore HSFO ($/bbl)
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Singapore HSFO ($/bbl)
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Conclusion
• Strong HSFO -- narrow Hi-Lo’s• Narrowing spreads -- .3LP/.3HP & Sing 180/380• Steady HSFO arb to East• Reversal of inter-regional LSFO spreads• Bunker margins under pressure
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