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

Despite small gains Brent managed to close higher for the 9th day in a row. The March WTI contract settled at $96.44/bbl, up +$0.56 and Brent inched up +$0.20 to $113.48/bbl. In terms of economic data, the US December Durable Goods rose 4.6% more than expected at 2.3% but the US December Pending Home sales figures reported a decline of -4.3% vs last month  +1.6% gains. The US January Consumer Confidence index will be published today while the market will probably already focus on the Wednesday FOMC meeting and Friday’s Unemployment numbers. This morning, crude is trading marginally mixed with Brent app. 0,1% down.

Fueloil Specifics

The NWE bunker fuel oil prices started the week with no major changes in the prices. Delivered 380cst product in Rotterdam was assessed app. $1/mt up. Main ports in the area saw healthy demand while Rotterdam port continuously reported loading delays at major terminals. Some suppliers said that lsfo avails are very tight for prompt deliveries. The Singapore fuel oil market dipped app. $2.0 during the morning Platts window yesterday. Market demand was said to be soft despite the lower outright prices. The delivered bunker premiums stayed around $4.5 above cargo prices. This morning both markets are trading slightly higher.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Change Last Dir. Feb Mar Apr Q213 Q313 Q413 NYMEX WTI Swap (1st month) 0,27 96,44 ↑ 96,75 97,17 97,53 97,78 97,32 96,34 ICE Brent Swap (1st month) (0,13) 113,48 ↓ 112,78 111,81 111,00 110,29 108,24 108,24 ICE Gasoil Swap (1st month) 3,00 970,75 ↑ 967,42 959,17 951,00 945,03 934,53 925,17 3.5% Barges FOB Rtdm (0,50) 614,00 ↑ 614,25 612,75 611,50 610,00 605,25 600,00 3.5% Cargoes FOB Med 3,00 608,25 ↑ 607,75 607,25 606,25 605,50 600,75 595,50 1.0% Cargoes FOB NWE (1,75) 645,25 ↑ 648,25 647,75 647,00 646,00 640,50 631,75 3% no. 6 USGC WB (0,01) 97,55 ↓ 96,85 96,35 96,10 95,85 95,10 94,10 380 CST Cargoes FOB S'pore (4,00) 631,25 ↑ 635,00 635,50 635,00 633,00 628,75 624,50 0.1 % GO Barges FOB Rtdm 1,50 970,75 ↑ 967,25 960,25 951,25 946,25 934,25 925,25 Physical Rotterdam 380 CST 1,00 621,00 ↑ 621,50 620,00 618,75 617,25 612,50 607,25 Physical Singapore 380 CST (3,50) 635,25 ↑ 642,25 642,75 642,25 640,25 636,00 631,75

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Durable Orders High 28-jan 8:30 AM Dec 2.5% 0.8% 4.6% Pending Home Sales Medium 28-jan 8:30 AM Dec 0.0% 1.7% -4.3% Case-Shiller 20-city Index Medium 29-jan 9:00 AM Nov 5.0% 4.3% - Consumer Confidence High 29-jan 10:00 AM Jan 61.0 65.1 - ADP Employment Change Medium 30-jan 8:15 AM Jan 175K 215K - GDP- Adv. High 30-jan 8:30 AM Q4 0.2% 3.1% - FOMC Rate Decision High 30-jan 2:15 PM Jan 0.25% 0.25% - Initial Claims Medium 31-jan 8:30 AM 26-jan 365K 330K - PCE Prices- Core Medium 31-jan 8:30 AM Dec 0.1% 0.0% - Chicago PMI Medium 31-jan 9:45 AM Jan 50.0 48.9 - Nonfarm Payrolls High 01-feb 8:30 AM Jan 195K 155K - Unemployment Rate High 01-feb 8:30 AM Jan 7.7% 7.8% - Michigan Sentiment- Final Medium 01-feb 9:55 AM Jan 70.5 71.3 - ISM Index High 01-feb 10:00 AM Jan 49.5 50.7 -

Source: OW Risk Management