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.
|
|
|
|
Crude futures weakened and closed lower yesterday. The June WTI contract closed at $105.22/bbl, down -$0.94 and Brent fell by -$1.46, to $118.20/bbl. The US inventory reported by the US Energy Department showed a build in the crude stockpile, the highest level since September 1990. Crude inventory has been increasing for the past 6 weeks. Market was also pressured by a disappointing April Purchase Managers Index (PMI) figures out of the Eurozone- the weakest since June 2009- which contrasted with yesterday positive US Manufacturing Index. The renewed concerns over the Eurozone debts crisis were heightened by signs of weakness in the German labor market; the strongest economy in the Eurozone. The Euro was pressured lower against the US dollar which also weakened the crude futures. The US ADP employment report saw smaller gains than expected (+119 000) which is not a good sign for tomorrow’s US Non-Farm Payroll. Today in the US weekly jobless claims will be released. This morning, crude is trading flat.
EDITOR'S NOTE: Dear reader, please note that due the public holiday in Denmark, DMU will not be published tomorrow.
|
|
|
|
|
|
|
The Northwest European bunker fuel oil prices fell sharply yesterday following dropping crude values. Delivered 380cst product in Rotterdam was assessed down by app. $6/mt from previous day closing while cargo prices lost nearly $12/mt. Low prices kept buyers off the market which eased barge congestions in Rotterdam. Both HSFO and LSFO product avails remain tight for prompt deliveries. The Singapore fuel oil markets rose more than $4/mt during the morning Platts window yesterday. Market remains supported by buying interest in the paper swaps market. The delivered bunker premiums remained around $6.75 above cargo prices. This morning both markets are trading higher.
|
|
|
|
|
Settlement & Indications (mid values)
|
|
|
|
|
|
Product
|
Yesterday's Values
|
Forward Indications
|
|
Product
|
Change
|
Last
|
Dir.
|
Jun
|
Jul
|
Aug
|
Q312
|
Q412
|
2013
|
|
NYMEX WTI Swap (1st month)
|
(0.94)
|
105.22
|
↓
|
105.17
|
105.41
|
105.66
|
105.66
|
105.80
|
105.80
|
|
ICE Brent Swap (1st month)
|
(1.46)
|
118.20
|
↓
|
117.14
|
116.72
|
116.25
|
116.25
|
114.89
|
114.89
|
|
ICE Gasoil Swap (1st month)
|
(14.00)
|
999.50
|
↓
|
991.17
|
989.92
|
990.08
|
989.00
|
986.25
|
962.31
|
|
3.5% Barges FOB Rtdm
|
(11.75)
|
683.50
|
↓
|
673.75
|
669.50
|
665.25
|
665.25
|
653.50
|
627.50
|
|
3.5% Cargoes FOB Med
|
(4.50)
|
677.50
|
↓
|
665.50
|
662.25
|
658.75
|
658.75
|
648.50
|
623.00
|
|
1.0% Cargoes FOB NWE
|
(6.00)
|
728.50
|
↓
|
716.50
|
712.75
|
708.50
|
708.50
|
693.00
|
665.75
|
|
3% no. 6 USGC WB
|
(1.90)
|
106.70
|
↓
|
106.25
|
106.15
|
105.70
|
103.35
|
101.70
|
99.31
|
|
380 CST Cargoes FOB S'pore
|
-
|
721.75
|
↓
|
703.25
|
709.75
|
694.50
|
694.50
|
681.25
|
653.50
|
|
0.1 % GO Barges FOB Rtdm
|
(12.00)
|
1000.50
|
↓
|
991.25
|
989.25
|
990.25
|
991.25
|
990.25
|
965.25
|
|
Physical Rotterdam 380 CST
|
(6.00)
|
695.00
|
↓
|
684.00
|
679.75
|
675.50
|
675.50
|
663.75
|
637.75
|
|
Physical Singapore 380 CST
|
-
|
729.50
|
↓
|
713.50
|
720.00
|
704.75
|
705.25
|
692.00
|
664.25
|
|
|
|
|
|
Economy fundamentals this week
|
|
|
|
|
|
Fundamental Indicators
|
|
Statistic
|
Importance
|
Date
|
Time
|
Period
|
Consensus
|
Last
|
Actual
|
|
Personal Income
|
Medium
|
30-Apr
|
8:30 AM
|
Mar
|
0.2%
|
0.2%
|
0.4%
|
|
Personal Spending
|
Medium
|
30-Apr
|
8:30 AM
|
Mar
|
0.5%
|
0.8%
|
0.3%
|
|
PCE Prices
|
High
|
30-Apr
|
8:30 AM
|
Apr
|
0.2%
|
0.1%
|
0.2%
|
|
Chicago PMI
|
Medium
|
30-Apr
|
9:45 AM
|
Apr
|
60.0
|
62.2
|
56.2
|
|
ISM Index
|
High
|
01-May
|
10:00 AM
|
Apr
|
53.0
|
53.4
|
54.8
|
|
Construction Spending
|
Medium
|
01-May
|
10:00 AM
|
Mar
|
0.5%
|
-1.1%
|
0.1%
|
|
ADP Employment Change
|
Medium
|
02-May
|
8:15 AM
|
Apr
|
170K
|
209K
|
119K
|
|
Factory Orders
|
Medium
|
02-May
|
10:00 AM
|
Mar
|
-1.8%
|
1.3%
|
-1.5%
|
|
Initial Claims
|
Medium
|
03-May
|
8:30 AM
|
28-Apr
|
375K
|
388K
|
-
|
|
Productivity- Prel
|
Medium
|
03-May
|
8:30 AM
|
Q1
|
-0.6%
|
0.9%
|
-
|
|
ISM Services
|
Medium
|
03-May
|
10:00 AM
|
Apr
|
|
|
Source: OW Risk Management