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

Crude prices closed mixed with the US WTI losing more than -$1.0 and settling at $100.03/bbl, while Brent closed in a positive territory at $108.55/bbl, up +$0.47. US crude prices came under pressure due to a larger than expected build on crude inventory as reported by API. Brent on the other hand remains supported by Libyan supply challenges. So far there is no hope for diplomatic opening with Russia as they are proceeding with the referendum planned for the week end. The Ukrainian parliament is urging them to use all “diplomatic, political and military” means to counter Russian military intervention in Crimea. China worries are increasing with the first corporate bond default, weak industrial activity and currency. The more widely watched US Energy department report will be released later today and expectations are as follow: Crude +2.15 mbbl, Gasoline -2.03 mbbl, Distillates -0.87 mbbl. This morning, crude is trading lower with Brent -0.5% and WTI -1.4%.

Fueloil Specifics

High sulphur bunker fuel oil prices in the main Northwest European ports remained largely unchanged yesterday. LSFO prices on the other hand remained on the higher side supported by tight avails. Several suppliers reported limited avails until the weekend. The Singapore fuel oil prices dipped marginally, between -$1.0 to -$0.25, during the Asian Platts window yesterday tracking weaker crude price. The Asian fuel oil cracks strengthened as fuel oil values held on falling crude prices. The delivered bunker premiums were seen app. $4.5 above cargo prices. This morning both markets are trading slightly lower.

Settlement & Indications (mid values)

Product Yesterday's Values   Forward Indications Product Change Last Dir. Apr May Jun Q314 Q414 Q115 NYMEX WTI Swap (1st month) (1,09) 100,03 ↓ 97,89 97,15 96,45 97,16 95,12 93,08 ICE Brent Swap (1st month) 0,47 108,55 ↓ 107,04 106,65 106,65 106,20 105,25 103,16 ICE Gasoil Swap (1st month) 0,50 908,75 ↓ 898,67 897,25 896,25 892,42 886,67 - 3.5% Barges FOB Rtdm 1,75 573,75 ↓ 574,00 573,75 573,50 572,50 568,25 566,75 3.5% Cargoes FOB Med 4,75 570,50 ↓ 572,00 571,75 571,50 570,50 566,00 565,00 1.0% Cargoes FOB NWE 7,75 636,75 ↓ 610,25 605,75 604,25 601,75 593,25 584,00 3% no. 6 USGC WB 0,34 89,49 ↓ 89,15 89,07 89,24 88,81 88,16 87,86 380 CST Cargoes FOB S'pore (0,25) 596,25 ↑ 595,25 595,50 595,50 595,25 593,00 591,50 0.1 % GO Barges FOB Rtdm 0,25 907,25 ↓ 900,25 898,25 897,25 895,25 891,25 - Physical Rotterdam 380 CST 0,00 574,00 ↑ 579,25 579,00 578,75 577,75 573,50 572,00 Physical Singapore 380 CST 1,00 602,50 ↓ 600,50 600,75 600,75 600,50 598,25 596,75

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Wholesale Inventories Medium 11-Mar 10:00 AM Jan 0.3% 0.3% 0.6% Treasury Budget Medium 12-Mar 2:00 PM Feb NA -$203.5B - Initial Claims Medium 13-Mar 8:30 AM 08-mar 335K 323K - Retail Sales High 13-Mar 8:30 AM Feb 0.2% -0.4% - Business Inventories Medium 13-Mar 10:00 AM Jan 0.3% 0.5% - Core PPI Medium 14-Mar 8:30 AM Feb 0.1% 0.2% - Mich Sentiment High 14-Mar 9:55 AM Mar 81.6 81.6 -

Source: OW Risk Management