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Daily Bunker Fuel and Oil Report

Tuesday, 25 June 2013 | 09:40
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- after a weak start - rebounded towards the US closing yesterday. The US WTI Oil contract surged more than $1.0 on news of a supply disruption from an Oil sand pipeline linking Canada to the US but a segment has already been restarted this morning. The August WTI futures closed at $95.18/bbl, up +$1.49 and Brent inched up +$0.25, to settle at $101.16/bbl. The spread between Brent and WTI narrowed sharply below $6/bbl where some believe it is a bottom short term. Market remains under the US Federal Reserve timing of reducing their bond buying program, but Dallas Fed President reassured that they will monitor closely the numbers before acting. Fears of China credit tightening and at the same time a weaker Chinese economy weighted on the market. Today, we will have numerous US economic data; The May durable goods order, the June consumer confidence index and May new housing sales figures. This morning, crude is trading firmly up (+0,80%).

 
 
  Fueloil Specifics  
 
The NWE bunker fuel oil markets started the week with very slow demand in the morning hours and picked up in the afternoon. Delivered 380cst product in Rotterdam and Antwerp were assessed app.$3-4/mt down versus previous close. Premiums for prompt deliveries were seen app.$8/mt over 3.5% Rtdam FOB barges. Antwerp reported a relatively quiet day and improved avails for spot deliveries. The Singapore fuel oil markets had a sharp correction between -$14.5 to -$11.5 during the Asian Platts window yesterday tracking the weaker crude values. The delivered bunker premiums were lifted higher, app. +$7.5 above cargoes prices as bunker demand firmed. This morning both markets are trading higher.

 
 
  Settlement & Indications (mid values)  
 
Product Yesterday's Values Forward Indications
Product Change Last Dir. Jul Aug Sep Q413 Q114 2014
NYMEX WTI Swap (1st month) 1,49 95,18 95,85 95,57 94,96 93,50 91,27 89,14
ICE Brent Swap (1st month) 0,25 101,16 101,74 101,35 101,00 100,30 99,20 97,86
ICE Gasoil Swap (1st month) (1,75) 856,75 870,42 867,83 866,75 867,61 865,03 854,63
3.5% Barges FOB Rtdm (1,25) 562,75 573,50 570,00 567,50 564,00 562,00 556,25
3.5% Cargoes FOB Med (4,50) 561,50 570,50 566,25 563,25 558,50 556,50 553,00
1.0% Cargoes FOB NWE (1,75) 592,00 602,00 600,25 598,25 595,00 593,25 585,00
3% no. 6 USGC WB (0,02) 88,63 89,75 89,50 89,25 88,75 88,50 88,00
380 CST Cargoes FOB S'pore (11,75) 583,75 592,25 592,25 590,00 588,00 585,50 581,00
0.1 % GO Barges FOB Rtdm (1,25) 859,00 871,25 868,25 867,25 866,25 860,25 853,25
Physical Rotterdam 380 CST (3,00) 568,00 578,75 575,25 572,75 569,25 567,25 561,50
Physical Singapore 380 CST (11,00) 590,50 598,00 599,50 597,25 595,25 592,75 588,25
 
 
  Economy fundamentals this week  
 
Fundamental Indicators
Statistic Importance Date Time Period Consensus Last Actual
Durable Orders High 25-Jun 8:30 AM May 4.5% 3.5% -
Case-Shiller 20-city Index Medium 25-Jun 9:00 AM Apr 105% 10.9% -
Consumer Confidence High 25-Jun 10:00 AM Jun 72.0 76.2 -
New Home Sales Medium 25-Jun 10:00 AM May 470K 454K -
GDP- Third Estimate Medium 26-Jun 8:30 AM Q1 2.4% 2.4% -
Initial Claims Medium 27-Jun 8:30 AM 22-jun 345K 354K -
Personal Income Medium 27-Jun 8:30 AM May 0.1% 0.0% -
PCE Prices Medium 27-Jun 8:30 AM May 0.2% 0.0% -
Pending Home Sales Medium 27-Jun 10:00 AM May 1.5% 0.3% -
Chicago PMI Medium 28-Jun 9:45 AM Jun 52.0 58.7 -
Michigan Sentiment Medium 28-Jun 9:55 AM Jun 81.0 82.7 -

Source: OW Risk Management

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