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 due to UK Summer Bank holiday, market volume was low. The October WTI futures settled at $105.92/bbl, down -$0.50 and  Brent lost -$0.31 to close at $110.73/bbl. Market saw a minor correction as the US July Durable Goods orders fell -7.3%, more than market expectation of -4.9%. The weaker figure weighted on the market, however Crude prices remain supported by tensions in the Middle East region. Today, we will see the US June Home sales index and the US August Consumer Confidence. The API numbers will be published as well and could show some built for the first time in four weeks after refineries reduced operating rates as the end of the driving season approached. This morning, crude prices is trading slightly  higher (+0,28%).

Fueloil Specifics

The Northwest European bunker fuel oil prices remained relatively unchanged yesterday following general market trend. Suppliers also reported low demand interest. The Singapore fuel oil markets lost more than -$2.5 during the Asian Platts window. The delivered bunker premiums were weak at +$1.5 to $2.0 above cargo prices. Bunker demand was said to be very weak yesterday. This morning both markets are trading slightly lower.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Change Last Dir. Sep Oct Nov Q413 Q114 2014 NYMEX WTI Swap (1st month) (0,50) 105,92 ↑ 105,88 105,09 103,75 103,73 99,97 96,22 ICE Brent Swap (1st month) (0,31) 110,73 ↑ 110,36 109,24 108,36 107,62 106,37 103,97 ICE Gasoil Swap (1st month) (1,50) 940,25 ↓ 940,00 938,83 935,17 935,53 922,00 903,10 3.5% Barges FOB Rtdm (0,50) 593,75 ↓ 591,50 591,25 590,50 591,00 592,25 585,25 3.5% Cargoes FOB Med 2,50 591,00 ↓ 587,50 588,00 586,75 585,75 586,25 580,25 1.0% Cargoes FOB NWE (2,50) 609,00 ↓ 613,00 617,00 618,25 618,25 620,25 612,00 3% no. 6 USGC WB (0,08) 93,07 ↓ 92,60 92,35 91,85 91,85 91,80 90,35 380 CST Cargoes FOB S'pore (3,00) 604,00 ↓ 607,75 609,25 609,25 609,50 610,00 604,50 0.1 % GO Barges FOB Rtdm 4,25 938,00 ↓ 941,25 940,25 936,25 937,25 925,25 904,25 Physical Rotterdam 380 CST (1,00) 596,00 ↓ 596,75 596,50 595,75 595,75 596,50 589,50 Physical Singapore 380 CST (2,50) 605,25 ↓ 613,00 614,50 615,50 615,50 615,25 609,75

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Durable Orders High 26-Aug 8:30 AM Jul -4.5% -3.9% -7.3% Case-Shiller 20-city Index Medium 27-Aug 9:00 AM Jun 12.0% 12.2% - Consumer Confidence High 27-Aug 10:00 AM Aug 77.0 80.3 - MBA Mortgage Index Medium 28-Aug 7:00 AM 28-aug NA -4.6% - Pending Home Sales Medium 28-Aug 10:00 AM Jul -1.0% -0.4% - Initial Claims Medium 29-Aug 8:30 AM 24-aug 335K 336K - GDP- Second Estimate Medium 29-Aug 8:30 AM Q2 2.1% 1.7% - Personal Income Medium 30-Aug 8:30 AM Jul -0.1% 0.3% - PCE Prices- Core Medium 30-Aug 8:30 AM Jul 0.2% 0.2% - Chicago PMI Medium 30-Aug 9:45 AM Aug 53.0 52.3 - Michigan Sentiment- Final Medium 30-Aug 9:55 AM Aug 78.0 80.0 -

Source: OW Risk Management