A bunker fuel and oil report, detailing the day per day trading patterns and prices in the market.The report is prepared from OW Risk Management and covers all major bunker fuel oil markets around the world, including all major ports, ranging from Singapore to Rotterdam.

Market in Brief

Oil consolidation continued yesterday.  December Brent closed up $0,80 at $86,22/bbl  while WTI lost -$0,22 and settled at $82,49. Market looked at the positive news despite a sluggish Chinese GDP. Better export numbers from China and Japan as well as strong earnings from US Home Sales data and Apple boosted the mood and sent the S&P to its biggest one-day gain in a year. Nevertheless, oil fundamentals have not changed and the rebound is still fragile. Yesterday’s weekly API oil stocks were pretty neutral with a 1,2mbbl build in Crude and draws in Gasoline and Distillates of respectively -0,5mbbl and -0,8mbbl.  In terms of economic data the market will focus on the US Consumer Price Index and Department of Energy Weekly Oil data where the expectations are as follows: Crude +2,69mbbl, Distillates -1,27mbbl and Gasoline -1,00mbbl. This morning crude is trading around flat.

Fueloil Specifics

Yesterday the NWE bunker fuel oil markets closed the day with slight gains following stronger Brent values. Delivered 380cst product both in Antwerp and Rotterdam was assessed some $3/mt higher vs previous close. Suppliers in the area reported continuous tight product avails, especially for lsfo as there are only two producers left in the market, i.e. BP in Rotterdam and Totsa in Antwerp. The Singapore fuel oil prices fell app. -$3.5/mt during the Asian Platts window. Please note that Singapore markets are closed today and will reopen tomorrow. This morning both markets are trading higher.

Settlement & Indications (mid values)

Product Yesterday's Values   Forward Indications Product Change Last Dir. Nov Dec Jan Q115 Q215 2015 NYMEX WTI Swap (1st month) (0,22) 82,49 ↑ 82,24 81,77 81,01 81,03 80,30 80,16 ICE Brent Swap (1st month) 0,80 86,22 ↑ 86,56 86,95 87,70 88,19 88,60 89,30 ICE Gasoil Swap (1st month) 4,25 735,75 ↑ 742,83 744,75 756,33 - - - LS ICE Gasoil Swap (1st month) - - ↑ - - - 761,72 769,19 772,39 3.5% Barges FOB Rtdm 4,50 449,75 ↑ 451,75 450,50 454,75 458,25 465,25 467,25 3.5% Cargoes FOB Med 1,50 453,50 ↑ 450,75 448,00 452,50 456,00 463,00 465,00 1.0% Cargoes FOB NWE 3,50 460,00 ↑ 461,00 458,75 462,25 466,00 473,75 476,00 3% no. 6 USGC WB 0,15 70,65 ↑ 70,85 71,05 71,33 71,83 72,89 73,77 380 CST Cargoes FOB S'pore (3,25) 473,50 ↑ 476,25 477,25 479,00 481,75 487,25 489,75 0.1 % GO Barges FOB Rtdm 4,50 733,75 ↑ 742,25 744,25 755,25 751,25 757,25 759,25 Physical Rotterdam 380 CST 3,00 453,50 ↑ 462,00 460,75 465,00 466,50 474,50 477,50 Physical Singapore 380 CST (3,50) 480,50 ↑ 486,50 487,50 489,25 490,00 496,50 500,00

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Existing Home Sales Medium 21-Oct 10:00 AM Sep 4.95M 5.05M 5.17M Core CPI Medium 22-Oct 8:30 AM Sep 0.1% 0.0% - Initial Claims Medium 23-Oct 8:30 AM 18-Oct 295K 264K - Continuing Claims Medium 23-Oct 8:30 AM 11-Oct 2400K 2389K - Leading Indicators Medium 23-Oct 10:00 AM Sep 0.6% 0.2% - New Home Sales Medium 24-Oct 10:00 AM Sep 450K 504K -

Source: OW Risk Management