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

Brent rose to almost 108 a barrel after starting the day down led by once again week equities market even as German industrial production surprised on the positive side. China was another positive surprise. July numbers showed a 5.1 percent growth in export, beating the forecast on a 3.1 percent drop. Import numbers also came out on the positive side. Figures for Chinas crude imports in July supported the market, as it went to a record high at 6.15bn bpd up 14 percent from the previous month which is a clear indication that Chinas economy is stabilizing.

Fueloil Specifics

The 3.5% Rottedam barges ended $1 higher and there is still around $13 backwardation in the market between august and September meaning that September can be bought cheaper than spot at present market conditions.   Singapore 380 fell $5 to $594.75 in the window and the curve is trading flat biased toward a small backwardation.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Yesterday's Values Forward Indications               Product Change Last Dir. Aug Sep Oct Q413 Q114 2014 NYMEX WTI Swap (1st month) (1,26) 104,37 ↑ 103,92 103,19 101,95 100,77 97,45 100,77 ICE Brent Swap (1st month) (0,74) 107,44 ↓ 106,28 105,36 104,72 104,17 102,76 100,64 ICE Gasoil Swap (1st month) (3,25) 906,00 ↓ 901,75 903,67 903,08 900,47 891,83 875,85 3.5% Barges FOB Rtdm 0,75 596,00 ↓ 590,25 577,75 574,75 572,50 573,25 567,25 3.5% Cargoes FOB Med (3,00) 589,50 ↓ 585,75 571,75 561,75 568,75 570,00 565,50 1.0% Cargoes FOB NWE (4,75) 599,00 ↓ 601,00 602,00 602,75 602,75 604,25 596,25 3% no. 6 USGC WB (0,49) 90,87 ↓ 90,90 90,30 89,92 89,72 89,57 88,73 380 CST Cargoes FOB S'pore (4,75) 594,25 ↓ 594,30 594,55 595,55 595,30 594,55 590,05 0.1 % GO Barges FOB Rtdm (3,25) 906,50 ↓ 902,25 904,25 903,25 901,25 891,25 875,25 Physical Rotterdam 380 CST (6,00) 598,00 ↓ 602,50 588,00 585,75 584,75 585,50 579,50 Physical Singapore 380 CST (4,50) 601,00 ↓ 609,05 608,30 608,30 608,05 607,30 602,80

Economy fundamentals this week

Fundamental Indicators Fundamental Indicators               Statistic Importance Date Time Period Consensus Last Actual ISM Services High 05-aug 10:00 AM Jul 53.2 52.2 53.1 Trade Balance High 06-aug 8:30 AM Jun -$43.4B -$45.0B -$34.2B MBA Mortgage Index Medium 07-aug 7:00 AM 03-aug N/A -3.7% 0.2% Crude Inventories Medium 07-aug 10:30 AM 03-aug N/A 0.431M -1.320M Consumer Credit Medium 07-aug 3:00 PM June $16.0B $17.5B $13.8B Initial Claims Medium 08-aug 8:30 AM aug-13 340K 326K   Continuing Claims Medium 08-aug 8:30 AM 27-jul 2975K 2951K

Source: OW Risk Management