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Axelrod Energy Projects LLC www.axelrodenergyprojects.com.

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Presentation on theme: "Axelrod Energy Projects LLC www.axelrodenergyprojects.com."— Presentation transcript:

1 Axelrod Energy Projects LLC www.axelrodenergyprojects.com

2 WORLD FUEL OIL PRICES: IN SEARCH OF STRUCTURE Lawrence Axelrod Axelrod Energy Projects Jifeng Workshop October 29, 2009 Beijing 2

3 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

4 Axelrod Energy Projects LLC www.axelrodenergyprojects.com Crude ($/bbl) 4

5 Axelrod Energy Projects LLC www.axelrodenergyprojects.com Ratios (%) 5

6 Axelrod Energy Projects LLC www.axelrodenergyprojects.com New York ($/bbl) 6

7 Axelrod Energy Projects LLC www.axelrodenergyprojects.com New York ($/bbl) 7

8 Axelrod Energy Projects LLC www.axelrodenergyprojects.com New York ($/bbl) 8

9 Axelrod Energy Projects LLC www.axelrodenergyprojects.com New York ($/bbl) 9

10 Axelrod Energy Projects LLC www.axelrodenergyprojects.com US Gulf ($/bbl) 10

11 Axelrod Energy Projects LLC www.axelrodenergyprojects.com US Gulf ($/bbl) 11

12 Axelrod Energy Projects LLC www.axelrodenergyprojects.com US Gulf ($/bbl) 12

13 Axelrod Energy Projects LLC www.axelrodenergyprojects.com US Gulf ($/bbl) 13

14 Axelrod Energy Projects LLC www.axelrodenergyprojects.com Med ($/bbl) 14

15 Axelrod Energy Projects LLC www.axelrodenergyprojects.com Med ($/bbl) 15

16 Axelrod Energy Projects LLC www.axelrodenergyprojects.com Med ($/bbl) 16

17 Axelrod Energy Projects LLC www.axelrodenergyprojects.com NWE ($/bbl) 17

18 Axelrod Energy Projects LLC www.axelrodenergyprojects.com NWE ($/bbl) 18

19 Axelrod Energy Projects LLC www.axelrodenergyprojects.com NWE ($/bbl) 19

20 Axelrod Energy Projects LLC www.axelrodenergyprojects.com NWE ($/bbl) 20

21 Axelrod Energy Projects LLC www.axelrodenergyprojects.com Singapore LSWR ($/bbl) 21

22 Axelrod Energy Projects LLC www.axelrodenergyprojects.com Singapore LSWR ($/bbl) 22

23 Axelrod Energy Projects LLC www.axelrodenergyprojects.com Singapore LSWR ($/bbl) 23

24 Axelrod Energy Projects LLC www.axelrodenergyprojects.com Singapore HSFO ($/bbl) 24

25 Axelrod Energy Projects LLC www.axelrodenergyprojects.com Singapore HSFO ($/bbl) 25

26 Axelrod Energy Projects LLC www.axelrodenergyprojects.com Singapore HSFO ($/bbl) 26

27 Axelrod Energy Projects LLC www.axelrodenergyprojects.com Singapore HSFO ($/bbl) 27

28 Axelrod Energy Projects LLC www.axelrodenergyprojects.com 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

29 Axelrod Energy Projects LLC www.axelrodenergyprojects.com

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