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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Crude prices had a volatile trading day weakening during the European session but gaining back losses into the US close. The June WTI contracts closed at $97.01/bbl, down -$0.93 and Brent fell -$0.43 to $112.73/bbl. Market came off aggressively on the new political deadlock in Greece pushing the country maybe towards new elections in June. Citybank is giving a 50-70% probability for Greece to leave the Euro. Equities and the Euro fell sharply. Yesterday API Report showed a Crude build close to 8 Mios bbl but draws in Distillate and Gasoline respectively -2,8 Mios bbl and -4,9 Mios bbl. The US Energy department will release the Inventory Report later today and the expectations are as follows: Crude +2.0 mbbl, Distillates +0.1 mbbl, Gasoline -0.05 mbbl. This morning, crude is trading down.
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The Northwest European market yesterday saw another day without any real demand as prices weakened further. However, some Rotterdam suppliers reported to be fully booked until the end of the week. Delivered 380cst product in Rotterdam and cargo prices lost more than $5/mt. The Singapore fuel oil markets managed to stay in the green, inching only around +$0.25 during the morning Platts yesterday following a soft crude movement. Demand was said to be robust on lower prices but sellers were reluctant to sell accordingly. The delivered bunker premiums were kept supported around $9.0 above cargo prices. Bunker fuel oil swaps lost up to -$8.5/mt at the front and a few dollars less at the backend of the forward curve both for Rotterdam and Singapore papers. This morning both markets are trading higher.
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Settlement & Indications (mid values)
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Product
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Yesterday's Values
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Forward Indications
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Product
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Change
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Last
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Dir.
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Jun
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Jul
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Aug
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Q312
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Q412
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2013
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NYMEX WTI Swap (1st month)
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(0.93)
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97.01
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↓
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96.77
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97.05
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97.31
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97.33
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98.05
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98.05
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ICE Brent Swap (1st month)
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(0.43)
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112.73
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↓
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111.42
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110.99
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110.52
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110.53
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109.36
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109.36
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ICE Gasoil Swap (1st month)
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(6.25)
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945.25
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↑
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947.48
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945.67
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945.00
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945.25
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943.33
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925.01
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3.5% Barges FOB Rtdm
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-
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638.50
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↑
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641.25
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638.50
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635.25
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635.25
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625.50
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604.00
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3.5% Cargoes FOB Med
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-
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635.50
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↑
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634.50
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632.25
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629.75
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629.50
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620.50
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599.75
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1.0% Cargoes FOB NWE
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-
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676.75
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↑
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678.75
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677.00
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673.75
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673.75
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661.50
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639.75
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3% no. 6 USGC WB
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(0.60)
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101.30
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↓
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101.09
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100.79
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100.37
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98.42
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97.02
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95.03
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380 CST Cargoes FOB S'pore
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0.25
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680.00
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↑
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672.00
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668.00
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664.50
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664.75
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654.25
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630.50
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0.1 % GO Barges FOB Rtdm
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-
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946.50
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↑
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944.25
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942.25
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942.25
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942.25
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943.25
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928.25
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Physical Rotterdam 380 CST
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-
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649.75
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↑
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651.50
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648.75
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645.50
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645.50
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635.75
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614.25
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Physical Singapore 380 CST
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(0.50)
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688.75
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↑
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682.25
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678.25
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674.75
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675.50
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665.00
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641.25
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Economy fundamentals this week
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Fundamental Indicators
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Statistic
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Importance
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Date
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Time
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Period
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Consensus
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Last
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Actual
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Customer Credit
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Medium
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07-May
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3:00 PM
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Mar
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$11.0B
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$8.7B
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$21.4B
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MBA Mortgage Index
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Medium
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09-May
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7:00 AM
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05-May
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NA
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0.9%
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-
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Wholesale Inventories
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Medium
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09-May
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10:00 AM
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Mar
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0.6%
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0.9%
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-
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Initial Claims
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Medium
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10-May
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8:30 AM
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05-May
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365K
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365K
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-
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Trade Balance
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Medium
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10-May
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8:30 AM
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Mar
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-$499B
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-$46.0B
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-
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Treasury Budget
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Medium
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10-May
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2:00 PM
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Apr
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NA
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-$40.4B
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-
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PPI
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Medium
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11-May
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8:30 AM
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Apr
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0.2%
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0.3%
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-
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Mich Sentiment
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High
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11-May
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9:55 AM
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May
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76.2
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76.4
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-
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Daily Charts
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Resistance
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Brent
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WTI
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GO
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Near
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113.45
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98.50
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959.50
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Next
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113.60
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100.20
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977.20
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Source: OW Risk Management