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 managed a rebound disconnecting itself from the weaker equities market. Crude prices were lifted by strength in gasoline prices as evidenced by the recent massive draw in the US gasoline stockpile. However, the draws were more attributed to a once off restocking and stronger exports. The market is also renewing some level of geopolitical concerns over the recent Russia retaliation against Western sanctions and also US decision to be involved in Iraqi fighting. The US President has authorized air strikes in Iraq against militants although there are no plans for sending in ground troops. The announcement has send equities lower while lifting crude prices. The WTI for September contract erased yesterday loss, up by +$0.42 to settle $97.34/bbl while the September Brent futures rose by +$0.85 to $105.44/bbl yesterday. The Brent over the WTI premiums widened to $8.1/bbl. This morning, crude prices are trading higher. DMU will not be published from the 11th -15th of August due to holidays Kind regards The OW Risk Management Team

Fueloil Specifics

The Singapore fuel oil prices slipped around -$0.25 during the Platts window yesterday. The latest Singapore heavy residual inventory saw another slight build of +0.45 mbbl to +19.27 mbbl. The delivered bunker premiums were around +$9.0 to +$11.0 above cargo prices yesterday. Barges were up $0.5 in the window and delivered prices were about $2-$3 higher.

Settlement & Indications (mid values)

Product Yesterday's Values   Forward Indications Product Change Last Dir. Aug Sep Oct Q414 Q115 Q215 NYMEX WTI Swap (1st month) 0,98 97,34 ↑ 97,90 97,33 96,61 96,59 95,14 94,20 ICE Brent Swap (1st month) 0,85 105,44 ↑ 106,72 107,19 107,53 107,32 106,73 106,48 ICE Gasoil Swap (1st month) 0,75 879,50 ↑ 893,33 896,83 899,67 901,61 - - 3.5% Barges FOB Rtdm 0,50 565,00 ↑ 573,25 569,25 568,00 567,50 570,50 569,50 3.5% Cargoes FOB Med 0,75 567,75 ↑ 573,00 567,75 566,25 565,25 567,50 566,50 1.0% Cargoes FOB NWE 1,25 567,50 ↑ 577,50 582,00 583,00 582,75 585,00 585,00 3% no. 6 USGC WB 0,70 88,23 ↑ 88,50 88,30 88,05 88,19 88,28 88,08 380 CST Cargoes FOB S'pore (0,25) 589,25 ↑ 599,00 593,25 593,00 592,50 592,25 592,25 0.1 % GO Barges FOB Rtdm 1,25 877,25 ↑ 892,25 896,25 899,25 901,25 - - Physical Rotterdam 380 CST 1,00 566,00 ↑ 577,00 574,50 573,25 572,75 575,75 574,75 Physical Singapore 380 CST (2,00) 598,75 ↑ 602,00 598,50 598,25 597,75 598,50 597,50

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Nonfarm Payrolls High 1-Aug 8:30 AM Jul 250K 288K 209K Unemployment Rate High 1-Aug 8:30 AM Jul 6.1% 6.1% 6.2% PCE Prices- Core High 1-Aug 8:30 AM Jun 0.2% 0.2% 0.1% ISM Index Medium 1-Aug 10:00 AM Jul 56.0 55.3 57.1 Factory Orders Mediuim 5-Aug 10:00 AM Jun 0.4% -0.5% 1.1% ISM Services Medium 5-Aug 10:00 AM Jul 56.5 56.0 58.7 Trade Balance Medium 6-Aug 8:30 AM Jun -$45.1B $44.4B -$41.5B Crude Inventories High 6-Aug 10.30 AM 02-aug -3.697M -1.756M   Intial Claims High 7-Aug 8:30 AM 02-aug 310K 302K 289K Continuing Claims High 7-Aug 8:30 AM 26-jul 2525K 2539K 2518K Consumer Credit High 7-Aug 3:00 PM Jun $15.0B $19.6B $17.3B Wholesale -Inventories Medium 8-Aug 10:00 AM Jun 0.3% 0.5% -

Source: OW Risk Management