WORLD FUEL OIL PRICES: IN SEARCH OF STRUCTURE

Axelrod Energy Projects LLC www.axelrodenergyprojects.com


WORLD FUEL OIL PRICES:IN SEARCH OF STRUCTURE

Lawrence AxelrodAxelrod Energy Projects

Jifeng WorkshopOctober 29, 2009

Beijing2


Overview

• United States– New York 1%S– US Gulf 3%S

• Europe– Med 1%S– NWE 3.5%S

• Singapore– LSWR– HSFO 380 cSt

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Crude ($/bbl)

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Ratios (%)

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New York ($/bbl)

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New York ($/bbl)

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New York ($/bbl)

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New York ($/bbl)

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US Gulf ($/bbl)

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US Gulf ($/bbl)

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US Gulf ($/bbl)

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US Gulf ($/bbl)

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Med ($/bbl)

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Med ($/bbl)

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Med ($/bbl)

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NWE ($/bbl)

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NWE ($/bbl)

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NWE ($/bbl)

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NWE ($/bbl)

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Singapore LSWR ($/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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WORLD FUEL OIL PRICES: IN SEARCH OF STRUCTURE

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