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

Yesterday Crude Oil succumbed to profit taking after nearly two weeks of rebound. June Brent closed at $102,37 usd/bbl down -1,44 usd and WTI at 93,46, -1,04 usd. The accelerator was a worse than expected Chicago Purchasing Manager Index showing contraction at 49,2. The API Weekly Stocks showed also a built of more than 5Mios and draws in Distillates and Gasoline. This morning the China Manufacturing came out at 50,6 vs 50,9 exp. showing the slowdown is persisting. To add more pressure, we learnt that OPEC April Crude output climbed to a five months high. Busy end of the week with today the US Weekly Oil DOE statistics the US ISM Manufacturing and the FOMC Rate decision, tomorrow the ECB rate decision and Friday the US Unemployment data. This morning Crude Oil is trading around -0,40% down.

Fueloil Specifics

The NWE bunker fuel oil markets reported slow day yesterday on the back of national holiday in the main ports as well as International Labor Day in most European ports today. Delivered 380cst product in Rotterdam was assessed app.$3/mt down following weaker crude levels. The same product in Antwerp was a dollar weaker. Singapore markets gained a few dollars during the morning Platts window yesterday as 180cst product rose app.$3/mt while 380cst was assessed app. $2/mt up. Today, the Singapore market is closed for International Labor Day and will reopen tomorrow. This morning both markets are trading slightly down.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Change Last Dir. May Jun Jul Q313 Q413 2014 NYMEX WTI Swap (1st month) (1,04) 93,46 ↓ 93,01 93,18 93,14 92,77 91,53 89,44 ICE Brent Swap (1st month) (1,44) 102,37 ↓ 101,72 101,37 101,01 100,68 99,78 97,53 ICE Gasoil Swap (1st month) (11,75) 845,75 ↑ 847,92 851,92 855,42 858,72 865,08 856,35 3.5% Barges FOB Rtdm (3,50) 581,75 ↓ 579,00 576,75 574,50 573,00 567,50 559,50 3.5% Cargoes FOB Med (4,25) 574,50 ↓ 572,50 571,75 570,25 569,50 562,00 556,25 1.0% Cargoes FOB NWE (3,75) 586,25 ↓ 589,50 594,50 598,00 597,75 594,00 585,50 3% no. 6 USGC WB (0,92) 90,33 ↓ 90,60 90,35 89,85 89,85 88,85 87,85 380 CST Cargoes FOB S'pore 2,00 611,50 ↓ 603,75 600,25 597,75 596,75 592,00 585,00 0.1 % GO Barges FOB Rtdm (11,25) 845,00 ↑ 849,25 853,25 856,25 859,25 864,25 857,25 Physical Rotterdam 380 CST (3,00) 584,75 ↓ 586,25 584,00 581,75 580,25 574,75 566,75 Physical Singapore 380 CST 1,00 618,75 ↓ 611,00 607,00 604,50 603,00 598,25 592,25

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Personal Income Medium 29-apr 8:30 AM Mar 0.3% 1.1% 0.2% PCE Prices - Core High 29-apr 8:30 AM Mar 0.1% 0.1% 0.0% Chicago PMI Medium 30-apr 9:45 AM Apr 52.0 52.4 49.0 Consumer Confidence Medium 30-apr 10:00 AM Apr 61.0 59.7 98.1 ADP Employment Change Medium 01-maj 8:15 AM Apr 150K 158K - ISM Index Medium 01-maj 10:00 AM Apr 49.5 51.3 - FOMC Rate Decision Medium 01-maj 2:15 PM May 0.25% 0.25% - Initial Claims Medium 02-maj 8:30 AM 27-apr 346K 339K - Trade Balance High 02-maj 8:30 AM Mar -$43.5B -$43.0B - Nonfarm Payrolls High 03-maj 8:30 AM Apr 150K 88K - Unemployment Rate High 03-maj 8:30 AM Apr 7.6% 7.6% - Factory Orders Medium 03-maj 10:00 AM Mar -2.5% 3.0% - ISM Services High 03-maj 10:00 AM Apr 54.0 54.4 -

Source: OW Risk Management