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WORLD FUEL OIL PRICES: IN SEARCH OF STRUCTURE

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).

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WORLD FUEL OIL PRICES: IN SEARCH OF STRUCTURE

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  1. WORLD FUEL OIL PRICES:IN SEARCH OF STRUCTURE Lawrence Axelrod Axelrod Energy Projects Jifeng Workshop October 29, 2009 Beijing

  2. 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. Crude ($/bbl)

  4. Ratios (%)

  5. New York ($/bbl)

  6. New York ($/bbl)

  7. New York ($/bbl)

  8. New York ($/bbl)

  9. US Gulf ($/bbl)

  10. US Gulf ($/bbl)

  11. US Gulf ($/bbl)

  12. US Gulf ($/bbl)

  13. Med ($/bbl)

  14. Med ($/bbl)

  15. Med ($/bbl)

  16. NWE ($/bbl)

  17. NWE ($/bbl)

  18. NWE ($/bbl)

  19. NWE ($/bbl)

  20. Singapore LSWR ($/bbl)

  21. Singapore LSWR ($/bbl)

  22. Singapore LSWR ($/bbl)

  23. Singapore HSFO ($/bbl)

  24. Singapore HSFO ($/bbl)

  25. Singapore HSFO ($/bbl)

  26. Singapore HSFO ($/bbl)

  27. 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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