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 traded slightly lower
yesterday as Hurricane Isaac weakened and the DOE Weekly
Inventory Report showed some builds on Crude Oil and
distillates stockpiles of respectively at +3.8 mbbl and
+0.9 mbbl versus expected draws of -1.5 mbbl and -0.1
mbbl . The gasoline inventory was within expectations.
The October WTI contract closed at $95.49/bbl, down
-$0.84 and Brent slipped just -$0.04 to settle at
$112.54/bbl. Market is cautious ahead US Fed Chairman
speech in Jackson hole and looking for any hints of
stimulus measures. Any disappointments would likely
trigger long liquidation in the market. Today, the US
weekly jobless claims and the US July spending data will
be released. This morning, Brent is trading up, while
WTI is down.
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The NWE fuel oil prices fell slightly
yesterday again. Delivered 380cst product in Rotterdam
was assessed app.$4.5/mt down versus previous day close
while cargo prices were stronger, down only by $0.5/mt.
The Singapore fuel oil markets were down another
-$4.5-6.5 during the Platts window yesterday.
Fundamentally, the Singapore market were firmer due to
the news of the Venezuelan refinery fire which could
tighten incoming supply however, the real impact remains
debatable. The delivered bunker premiums were seen
around $7.0- 8.5 above the cargo prices. Bunker fuel oil
swaps posted gains of app.$1.5/mt in the front and up to
$2.5/mt 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 |
Yesterday's
Values |
Forward
Indications |
| Product |
Change |
Last |
Dir. |
Sep |
Oct |
Nov |
Q113 |
Q213 |
2013 |
| NYMEX WTI Swap (1st month) |
(0.84) |
95.49 |
↓ |
95.42 |
95.78 |
96.13 |
96.95 |
96.69 |
96.14 |
| ICE Brent Swap (1st month) |
(0.04) |
112.54 |
↑ |
112.81 |
112.34 |
111.93 |
110.65 |
109.38 |
111.93 |
| ICE Gasoil Swap (1st month) |
(0.50) |
978.50 |
↑ |
984.67 |
981.17 |
975.67 |
962.89 |
948.22 |
947.88 |
| 3.5% Barges FOB Rtdm |
(0.75) |
641.25 |
↑ |
646.00 |
642.75 |
639.25 |
631.50 |
623.50 |
619.00 |
| 3.5% Cargoes FOB Med |
0.50 |
637.50 |
↑ |
640.50 |
637.50 |
634.25 |
626.75 |
619.00 |
614.75 |
| 1.0% Cargoes FOB NWE |
9.25 |
705.50 |
↑ |
701.00 |
692.25 |
684.00 |
668.75 |
659.75 |
654.75 |
| 3% no. 6 USGC WB |
(0.03) |
100.25 |
↓ |
100.00 |
99.50 |
99.00 |
97.00 |
95.75 |
96.50 |
| 380 CST Cargoes FOB S'pore |
(6.50) |
667.25 |
↑ |
670.75 |
666.00 |
662.50 |
655.50 |
647.50 |
642.75 |
| 0.1 % GO Barges FOB Rtdm |
2.75 |
978.00 |
↑ |
985.25 |
981.25 |
976.25 |
960.25 |
945.25 |
947.25 |
| Physical Rotterdam 380 CST |
(4.00) |
647.25 |
↑ |
656.25 |
653.00 |
649.50 |
641.75 |
633.75 |
629.25 |
| Physical Singapore 380 CST |
(6.00) |
675.75 |
↑ |
681.00 |
676.25 |
672.75 |
666.25 |
658.25 |
653.50 |
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Focus of
the day: Gibraltar |
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The Strait started the week with good
avails and fine weather conditions which are expected to
continue for the next days. Only a couple of suppliers
are facing some delays this morning in Gibraltar, with
the rest, as well as Algeciras and Ceuta, running
smoothly. Prompt requirements are difficult to
accommodate due to last days high level of demand,
especially for LSFO.
The HILO spread is back on the
high 50ish and CIF Med 3.5% is currently trading some 8
usd above FOB Barges Rotterdam. The Med market is
trading up this morning.
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Economy
fundamentals this week |
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| Fundamental
Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| Case-Shiller 20-city
Index |
High |
28-Aug |
9:00 AM |
Jun |
-0.3% |
-0.7% |
0.5% |
| Consumer Confidence |
Medium |
28-Aug |
10:00 AM |
Aug |
66.5 |
65.9 |
60.6 |
| GDP- Second Extimate |
Medium |
29-Aug |
8:30 AM |
Q2 |
1.6% |
1.6% |
1.6% |
| Fed's Beige Book |
Medium |
29-Aug |
2:00 PM |
Aug |
- |
- |
- |
| Initial Claims |
Medium |
30-Aug |
8:30 AM |
25-Aug |
370K |
372K |
- |
| Personal Income |
High |
30-Aug |
8:30 AM |
Jul |
0.2% |
0.5% |
- |
| Personal Spending |
Medium |
30-Aug |
8:30 AM |
Jul |
0.5% |
0.0% |
- |
| PCE Prices |
Medium |
30-Aug |
8:30 AM |
Jul |
0.1% |
0.2% |
- |
| Chicago PMI |
Medium |
31-Aug |
9:45 AM |
Aug |
53.0 |
53.7 |
- |
| Michigan Sentiment |
Medium |
31-Aug |
9:55 AM |
Aug |
74.0 |
73.6 |
- |
| Factory Orders |
Medium |
31-Aug |
10:00 AM |
Jul |
2.1% |
-0.5% |
- |
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Source: OW Risk Management