06-12-2017

Open interest for ICE front-month Singapore high sulfur fuel oil contracts up 15% in Nov

Open interest for front-month high sulfur fuel oil contracts traded on the Intercontinental Exchange was up 14.65% at 14.067 million mt as of November 30 from 12.27 million mt October 30, ICE data showed Tuesday.

Open interest for the Singapore 180 CST HSFO outright swap was up 52.37% at 1.67 million mt for the December settlement contact as of November 30 from 1.096 million mt for the November settlement contract October 30, the data showed.

Open interest for the December Singapore 380 CST HSFO outright swap inched down 0.44% month on month to 6.74 million mt as of November 30 from 6.77 million mt for November settlement contracts October 30, the data showed.

Open interest for the viscosity spread contract was up 17.6% at 1.597 million mt as of November 30 from 1.358 million mt October 30.

Open interest for the spread between Singapore 380 CST and 3.5% FOB Rotterdam barge swaps was up 38.55% at 3.774 million mt as of November 30 from 2.724 million mt October 30.

Open interest for the December Singapore 180 CST HSFO East/West swap was down 11.18% at 286,000 mt as of November 30 from 322,000 mt for November settlement contracts October 30.

On the physical front, fuel oil cargoes traded in November on the Platts Market on Close assessment process totaled 1.32 million mt, comprising 980,000 mt of 380 CST and 340,000 mt of 180 CST, S&P Global Platts data showed.

Activity was tepid in the month, with fundamentals mostly holding steady, trade sources said.

Around 4.4 million mt of HSFO was expected to arrive in the East from the West for December, market sources said.

For January, the estimate to date is around 3 million mt, with the arbitrage economics largely closed for further fixtures due to the narrowing of the East-West spread, which was currently hovering around $16/mt, trade sources said.

Source: Platts

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