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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A big move late yesterday afternoon, with
Brent dropping close to four dollars in three minutes,
recovering some of that loss before settling at $113.79.
Some usual culprits like algorithm trading or fat
fingers or that the US may release some SPR into the
market were discussed but so far all without basis. The
recent 2 months rally was financial and based on stimuli
from Central banks and a long due correction was not a
total surprise. There are still some supportive factors
like uncertainty in the Middle East and also possible
further stimulus measures from China. Today Market will
look at the Oil weekly API later in the day. The October
WTI futures settled at $96.62/bbl, down -$2.38 and
November Brent slid -$2.87 to $113.79/bbl. This morning,
crude is trading slightly down.
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The NWE bunker fuel oil prices slipped
slightly yesterday with delivered 380cst product in
Rotterdam posting app.$2/mt loss versus Friday’s
closing. Cargo prices were even weaker, down by more
than $4/mt. There was not much activity in the area
compared to the last days of previous week. The
Singapore fuel oil markets fell between -$4.5 to -$7.5
during the morning Platts window on the start of the
week. Delivered bunker premiums were around $8.0- 9.5
above cargo prices yesterday. 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) |
(2.38) |
96.62 |
↓ |
96.54 |
96.92 |
97.30 |
97.81 |
97.69 |
96.92 |
| ICE Brent Swap (1st month) |
0.78 |
113.79 |
↓ |
113.09 |
112.55 |
112.15 |
111.14 |
109.42 |
112.59 |
| ICE Gasoil Swap (1st month) |
(3.00) |
1010.50 |
↓ |
987.83 |
982.50 |
978.00 |
967.86 |
947.25 |
946.13 |
| 3.5% Barges FOB Rtdm |
(4.50) |
660.00 |
↓ |
644.75 |
641.50 |
638.25 |
634.25 |
625.50 |
620.75 |
| 3.5% Cargoes FOB Med |
(5.50) |
661.25 |
↓ |
22.50 |
22.00 |
632.75 |
629.50 |
621.50 |
616.75 |
| 1.0% Cargoes FOB NWE |
(8.25) |
723.75 |
↓ |
696.75 |
688.75 |
682.00 |
673.25 |
661.25 |
656.50 |
| 3% no. 6 USGC WB |
(3.00) |
101.20 |
↓ |
101.37 |
100.69 |
99.83 |
99.38 |
97.98 |
97.24 |
| 380 CST Cargoes FOB S'pore |
(4.50) |
687.25 |
↓ |
667.75 |
664.50 |
661.75 |
658.00 |
649.25 |
644.00 |
| 0.1 % GO Barges FOB Rtdm |
(2.75) |
1007.25 |
↓ |
988.25 |
983.25 |
980.25 |
969.25 |
952.25 |
950.25 |
| Physical Rotterdam 380 CST |
(2.00) |
669.00 |
↓ |
655.00 |
651.75 |
648.50 |
644.50 |
635.75 |
631.00 |
| Physical Singapore 380 CST |
(5.00) |
695.50 |
↓ |
678.00 |
674.75 |
672.00 |
668.75 |
660.00 |
654.75 |
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Economy
fundamentals this week |
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| Fundamental
Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| Empire Manufacturing |
Medium |
17-Sep |
8:30 AM |
Sep |
-3.0 |
-5.9 |
-10.4 |
| Current Account Balance |
Medium |
18-Sep |
8:30 AM |
Q2 |
-$125.0B |
-$137.3B |
- |
| NAHB Housing Market
Index |
Medium |
18-Sep |
10:00 AM |
08-Sep |
38 |
37 |
- |
| MBA Mortgage Index |
Medium |
19-Sep |
7:00 AM |
15-Sep |
NA |
11.1% |
- |
| Housing Starts |
Medium |
19-Sep |
8:30 AM |
Aug |
775K |
746K |
- |
| Existing Home Sales |
Medium |
19-Sep |
10:00 AM |
Aug |
4.55M |
4.47M |
- |
| Initial Claims |
Medium |
20-Sep |
8:30 AM |
15-Sep |
375K |
382K |
- |
| Philadelphia Fed |
Medium |
20-Sep |
10:00 AM |
Sep |
-5.0 |
-7.1 |
- |
| Leading Indicators |
Medium |
20-Sep |
10:00 AM |
Aug |
0.0% |
0.4% |
- |
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Source: OW Risk Management