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 closed lower yesterday as US government leaders failed to reach a final agreement. The talks to extend the government’s borrowing authority to early next year were halted and turned down by conservative members in the Congress yesterday. US equities also saw a lower closing reflecting a clearly frustrated market as the US government partial shutdown drags on. The November WTI futures closed at $101.21/bbl, down by $1.20 while November Brent (expiring later today) lost $1.08 to settle at $109.96/bbl. The API report will be released later today- one day delayed due to public holiday in the US on Monday. It will likely have a larger than normal importance as the US Energy department will not be pubishing their report this week. This morning, crude prices are trading slightly lower.

Fueloil Specifics

The Northwest European bunker fuel oil prices rose slightly yesterday. Delivered 380cst product in Rotterdam gained nearly $2/mt while in Antwerp it remained at the previous days levels. Some suppliers in Rotterdam continuously struggle with prompt avails as refineries are still shut for seasonal maintenance. Antwerp port reported good demand with suppliers fully committed for prompt orders, with avails from next week on. The Singapore market was closed for public holiday yesterday and reopened today. This morning both markets are trading down.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Change Last Dir. Nov Dec Jan Q114 Q214 2014 NYMEX WTI Swap (1st month) (1,20) 101,21 ↑ 101,32 101,12 101,23 100,07 97,84 96,98 ICE Brent Swap (1st month) (1,08) 109,96 ↓ 109,00 108,41 108,41 107,83 107,25 104,90 ICE Gasoil Swap (1st month) 8,75 940,25 ↓ 932,67 927,42 922,92 920,25 909,89 906,71 3.5% Barges FOB Rtdm 1,75 583,75 ↓ 582,00 579,75 582,75 582,25 580,25 578,00 3.5% Cargoes FOB Med 4,75 583,50 ↓ 26,00 24,25 22,25 576,75 575,25 572,75 1.0% Cargoes FOB NWE 1,50 602,25 ↓ 599,25 602,00 605,25 605,75 606,25 602,75 3% no. 6 USGC WB (0,46) 91,98 ↑ 91,90 91,40 91,40 91,15 90,85 90,60 380 CST Cargoes FOB S'pore (1,75) 617,75 ↓ 604,00 598,50 597,50 597,50 597,50 596,75 0.1 % GO Barges FOB Rtdm 8,00 940,50 ↓ 934,25 928,25 924,25 920,25 910,25 907,25 Physical Rotterdam 380 CST 2,00 588,00 ↓ 587,25 585,00 588,00 587,50 585,50 583,25 Physical Singapore 380 CST (3,50) 621,75 ↓ 609,25 603,75 602,75 602,75 602,75 602,00

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Empire Manufacturing Medium 15-Oct 8:30 AM Oct 4.5 6.3 1.5 Core CPI Medium 16-Oct 8:30 AM Sep 0.1% 0.1% - NAHB Housing Market Index Medium 16-Oct 10:00 AM Oct 57 58 - Initial Claims Medium 17-Oct 8:30 AM 12-Oct 320K 374K - Housing Starts Medium 17-Oct 8:30 AM Sep 900K 891K - Industrial Production Medium 17-Oct 9:15 AM Sep 0.3% 0.4% - Philadelphia Fed Medium 17-Oct 10:00 AM Oct 7.0 22.3 - Leading Indicators Medium 18-Oct 10:00 AM Sep NA 0.7% -

Source: OW Risk Management