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.
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After a long week end in the US, Crude Oil
plunged succumbing to profit taking before the ECB
meeting and US Unemployment on Friday. The October WTI
Oil contract closed at $95.30/bbl and October Brent
settled at $114.18/bbl, down -$1.60. Be ready for some
volatility on the market for a week at least. There is
place to disappointment if the ECB and the Federal
Reserve do not come up to markets hopes. Goldman Sachs
was yesterday mentioning that after a better run of
economic numbers in the US the Federal Reserve could
lower rates without QE3. No much market mover in terms
of data today, the API stocks will be published later
today and weekly DOE stocks are delayed to tomorrow due
to the Monday holiday. This morning, crude is trading
slightly lower.
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The Northwest European fuel oil market saw
limited activity yesterday. Delivered 380cst product in
Rotterdam remained unchanged from previous day while
cargo prices closed the day with app.$3/mt loss. The
Singapore fuel oil markets rose more than $8.0 during
the morning Platts window yesterday tracking crude
movements. Market remains well supported with a healthy
interest on specifications bunker grade cargoes. The
delivered bunker premiums were $8.0-9.5 yesterday.
Bunker fuel oil swaps were down app.$4/mt along the
curve both for Rotterdam and Singapore papers. This
morning both markets are trading down.
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Settlement
& Indications (mid values) |
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| Product |
Yesterday's
Values |
Forward
Indications |
| Product |
Change |
Last |
Dir. |
Oct |
Nov |
Dec |
Q113 |
Q213 |
2013 |
| NYMEX WTI Swap (1st month) |
- |
95.30 |
↓ |
95.34 |
95.73 |
96.16 |
96.87 |
96.81 |
95.74 |
| ICE Brent Swap (1st month) |
(1.60) |
114.18 |
↓ |
113.11 |
112.63 |
112.18 |
111.25 |
109.77 |
112.64 |
| ICE Gasoil Swap (1st month) |
(3.50) |
998.00 |
↓ |
982.58 |
978.00 |
973.42 |
959.12 |
942.50 |
942.13 |
| 3.5% Barges FOB Rtdm |
(3.75) |
654.50 |
↓ |
645.75 |
642.00 |
638.50 |
633.25 |
624.75 |
620.50 |
| 3.5% Cargoes FOB Med |
(5.50) |
644.25 |
↓ |
638.50 |
636.00 |
633.00 |
628.00 |
620.00 |
616.00 |
| 1.0% Cargoes FOB NWE |
(0.50) |
720.00 |
↓ |
697.00 |
688.00 |
681.00 |
671.25 |
661.25 |
656.50 |
| 3% no. 6 USGC WB |
- |
101.40 |
↓ |
101.00 |
100.75 |
100.00 |
97.50 |
96.25 |
97.00 |
| 380 CST Cargoes FOB S'pore |
8.25 |
688.50 |
↓ |
668.25 |
664.75 |
661.75 |
657.00 |
648.50 |
644.00 |
| 0.1 % GO Barges FOB Rtdm |
(4.25) |
993.75 |
↓ |
983.25 |
978.25 |
974.25 |
964.25 |
948.25 |
946.25 |
| Physical Rotterdam 380 CST |
0.00 |
664.00 |
↓ |
656.00 |
652.25 |
648.75 |
643.50 |
635.00 |
630.75 |
| Physical Singapore 380 CST |
10.00 |
697.25 |
↓ |
678.50 |
675.00 |
672.00 |
667.75 |
659.25 |
654.75 |
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Focus of
the day: Singapore |
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Singapore's onshore fuel oil stocks have
climbed this past week. Stocks were up nearly 6.5% to
reach a two-week high of 17.321 million barrels.
Arbitrage cargoes arrived from Colombia, Malaysia,
Indonesia, India and Ukraine, sources said. An increase
in volumes from India was linked to the monsoon season,
which sees a fall in demand for bitumen for road
building projects leaving Indian refiners with more
residual product for export. There have been warnings
that the fire and explosion at Venezuela's Amuay
refinery could delay fuel oil shipments to Singapore in
late September and early October. But bunker prices in
key Asian ports were still climbing on Tuesday in line
with the rise of the crude.
In Singapore, the price
of 380cst grade was up $7.50 to $690.50/mt while marine
gas oil (MGO) gained $5 to $1,004.50/mt. It was the
fourth trading day in a row that the market has been
firm. Demand was below average, according to traders.
September 10 was the earliest date for bunker
deliveries.
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Economy
fundamentals this week |
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| Fundamental
Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| ISM Index |
High |
04-Sep |
10:00 AM |
Aug |
49.0 |
49.8 |
49.6 |
| Construction Spending |
Medium |
04-Sep |
10:00 AM |
Jul |
0.5% |
0.4% |
-0.9% |
| MBA Mortgage Index |
Medium |
05-Sep |
7:00 AM |
01-Sep |
NA |
-4.3% |
- |
| Productivity- Rev. |
Medium |
05-Sep |
8:30 AM |
Q2 |
1.8% |
1.6% |
- |
| Challanger Job Cuts |
Medium |
06-Sep |
7:30 AM |
Aug |
NA |
-44.5% |
- |
| ADP Employment Change |
Medium |
06-Sep |
8:15 AM |
Aug |
150K |
163K |
- |
| Initial Claims |
Medium |
06-Sep |
8:30 AM |
01-Sep |
375K |
374K |
- |
| ISM Services |
Medium |
06-Sep |
10:00 AM |
Aug |
51.0 |
52.6 |
- |
| Nonfarm Payrolls |
High |
07-Sep |
8:30 AM |
Aug |
140K |
163K |
- |
| Unemployment Rate |
High |
07-Sep |
8:30 AM |
Aug |
8.2% |
8.3% |
- |
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Source: OW Risk Management