Axelrod Energy Projects LLC
WORLD FUEL OIL PRICES: IN SEARCH OF STRUCTURE Lawrence Axelrod Axelrod Energy Projects Jifeng Workshop October 29, 2009 Beijing 2
Axelrod Energy Projects LLC 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
Axelrod Energy Projects LLC Crude ($/bbl) 4
Axelrod Energy Projects LLC Ratios (%) 5
Axelrod Energy Projects LLC New York ($/bbl) 6
Axelrod Energy Projects LLC New York ($/bbl) 7
Axelrod Energy Projects LLC New York ($/bbl) 8
Axelrod Energy Projects LLC New York ($/bbl) 9
Axelrod Energy Projects LLC US Gulf ($/bbl) 10
Axelrod Energy Projects LLC US Gulf ($/bbl) 11
Axelrod Energy Projects LLC US Gulf ($/bbl) 12
Axelrod Energy Projects LLC US Gulf ($/bbl) 13
Axelrod Energy Projects LLC Med ($/bbl) 14
Axelrod Energy Projects LLC Med ($/bbl) 15
Axelrod Energy Projects LLC Med ($/bbl) 16
Axelrod Energy Projects LLC NWE ($/bbl) 17
Axelrod Energy Projects LLC NWE ($/bbl) 18
Axelrod Energy Projects LLC NWE ($/bbl) 19
Axelrod Energy Projects LLC NWE ($/bbl) 20
Axelrod Energy Projects LLC Singapore LSWR ($/bbl) 21
Axelrod Energy Projects LLC Singapore LSWR ($/bbl) 22
Axelrod Energy Projects LLC Singapore LSWR ($/bbl) 23
Axelrod Energy Projects LLC Singapore HSFO ($/bbl) 24
Axelrod Energy Projects LLC Singapore HSFO ($/bbl) 25
Axelrod Energy Projects LLC Singapore HSFO ($/bbl) 26
Axelrod Energy Projects LLC Singapore HSFO ($/bbl) 27
Axelrod Energy Projects LLC 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 28
Axelrod Energy Projects LLC