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

There was no US crude settlement yesterday due to the national holiday in the US celebrating Memorial Day which marks the start of the US driving season. The UK markets were closed as well for public holiday. Trading volume was light and prices closed quasi unchanged despite some volatility with July Brent at $110.32/bbl, down -$0.22. Today, the markets reopen after a long weekend and in terms of data we will see the April Durable goods orders and May Consumer confidence. This morning, crude prices are trading flat.

Fueloil Specifics

The Northwest European bunker fuel oil market reported a relatively quiet start of the week. Suppliers reported largely unchanged prices for both hsfo and lsfo products both in Antwerp and Rotterdam. There was no official Platts settlement due to Spring Bank holidays in UK. The Singapore fuel oil prices fell between -$1.5 to flat during the Asian Platts window yesterday tracking crude movements. Market was generally quieter as major US and UK markets were off on public holiday. The delivered bunker premiums were seen around +$3.5 to +$5.5 above cargo prices. This morning both markets are trading slightly higher.

Settlement & Indications (mid values)

Product Yesterday's Values   Forward Indications Product Change Last Dir. Jun Jul Aug Q414 Q115 Q215 NYMEX WTI Swap (1st month) - 104,35 ↑ 103,96 102,99 100,85 98,75 96,02 93,84 ICE Brent Swap (1st month) (0,22) 110,32 ↑ 109,96 109,21 107,93 106,92 105,61 104,37 ICE Gasoil Swap (1st month) - 909,25 ↑ 913,17 912,50 911,92 908,31 - - 3.5% Barges FOB Rtdm (2,50) 580,75 ↑ 583,00 582,00 579,25 572,75 571,25 567,25 3.5% Cargoes FOB Med (2,50) 582,00 ↑ 579,75 579,00 578,00 570,00 567,75 576,25 1.0% Cargoes FOB NWE (1,75) 643,50 ↑ 639,25 629,75 623,75 604,75 593,25 589,50 3% no. 6 USGC WB 0,00 92,00 ↓ 91,40 90,90 90,55 89,64 89,21 88,51 380 CST Cargoes FOB S'pore (0,25) 603,75 ↑ 602,25 599,75 597,25 594,25 592,75 589,25 0.1 % GO Barges FOB Rtdm (0,75) 910,75 ↑ 914,25 913,25 912,25 908,25 - - Physical Rotterdam 380 CST (2,00) 582,00 ↑ 588,25 587,25 584,50 578,00 576,50 572,50 Physical Singapore 380 CST 0,00 607,25 ↑ 607,50 605,00 602,50 599,50 598,00 594,50

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Durable Orders Medium 27-May 8:30 AM Apr -2.0% 2.9% - Case-Shiller 20-city Index Medium 27-May 9:00 AM Mar 12.0% 12.9% - Consumer Confidence Medium 27-May 10:00 AM May 81.5 82.3 - Initial Claims Medium 29-May 8:30 AM 25-May 325K 326K - GDP- Second Estimate High 29-May 8:30 AM Q1 1.3% 1.3% - Pending Home Sales Medium 29-May 10:00 AM Apr 1.0% 3.4% - PCE Prices- Core Medium 30-May 8:30 AM Apr 0.2% 0.2% - Chicago PMI Medium 30-May 9:45 AM May 60.0 63.0 - Michigan Sentiment Medium 30-May 9:55 AM May 81.0 81.8 -

Source: OW Risk Management