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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Yesterday Crude oil prices rebounded
sharply after three straight days of decline, reversing
the downward trend. So far this Oil rebound is seen not
more than technical as crude prices have dropped more
than $10 in a couple of days and some damage has been
done to the technical picture. The latest Chinese PMI
data continues to show contraction and Chinese export
figures are also looking weak. US manufacturing was the
weakest quarter for three years and weekly jobless
claims increased to a near two months high reflecting
the slow and challenging global economic conditions
forward. IMF is poised to cut economic growth forecast
for the third time. Equities generally retreated while
USD vs Euro rose as investor fled to safer assets class.
The November WTI futures closed at $92.42/bbl , inched
up +$0.12 while Brent oil rebounded +$1.84 to
$110.03/bbl. No market mover in term of data today. This
morning, crude is trading slightly higher.
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The NWE bunker fuel oil prices rebounded
yesterday afternoon following crude. Cargo prices were
assessed up by app.$7/mt versus previous day close while
delivered 380cst product in Rotterdam remained mainly
unchanged. Loading operations in main ports were running
smoothly while buyers still hold off the market
unconvinced about yesterday’s rebound. The Singapore
Fuel Oil markets crashed more than $26.0 during the
morning Platts window yesterday tracking the previous
massive drop in crude values. The latest Singapore heavy
residual inventory showed a build of +1.04 mbbl to 19.98
mbbl. The delivered bunker premiums were around
$9.0-10.0 above cargo prices yesterday. 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. |
Oct |
Nov |
Dec |
Q113 |
Q213 |
2013 |
| NYMEX WTI Swap (1st month) |
0.12 |
92.42 |
↑ |
93.21 |
93.60 |
93.99 |
94.47 |
94.11 |
93.60 |
| ICE Brent Swap (1st month) |
1.84 |
110.03 |
↑ |
110.04 |
109.34 |
108.72 |
107.60 |
105.94 |
109.37 |
| ICE Gasoil Swap (1st month) |
5.00 |
963.25 |
↑ |
967.67 |
960.92 |
954.67 |
941.64 |
924.25 |
924.12 |
| 3.5% Barges FOB Rtdm |
7.00 |
625.75 |
↑ |
630.00 |
626.25 |
622.75 |
617.25 |
608.00 |
603.00 |
| 3.5% Cargoes FOB Med |
4.75 |
618.75 |
↑ |
622.25 |
619.25 |
616.25 |
612.00 |
603.50 |
598.50 |
| 1.0% Cargoes FOB NWE |
(2.00) |
672.75 |
↑ |
679.25 |
671.75 |
665.50 |
656.50 |
644.50 |
639.50 |
| 3% no. 6 USGC WB |
2.50 |
99.10 |
↑ |
97.85 |
97.12 |
96.22 |
95.77 |
94.42 |
93.83 |
| 380 CST Cargoes FOB S'pore |
(26.50) |
637.75 |
↑ |
654.50 |
650.75 |
647.25 |
641.25 |
631.75 |
626.25 |
| 0.1 % GO Barges FOB Rtdm |
6.00 |
961.25 |
↑ |
968.25 |
961.25 |
955.25 |
943.25 |
925.25 |
925.25 |
| Physical Rotterdam 380 CST |
1.00 |
632.25 |
↑ |
640.25 |
636.50 |
633.00 |
627.50 |
618.25 |
613.25 |
| Physical Singapore 380 CST |
(25.00) |
647.75 |
↑ |
664.75 |
661.00 |
657.50 |
652.00 |
642.50 |
637.00 |
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Focus of
the day: Piraeus |
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Crude market went into a massive drop this
week. CIF MED 3.5% dropped a whole $52.25 since last
Friday, before showing some signs of trading up again
yesterday afternoon. Demand in the area was high as
buyers tried to profit from the sharply decreasing
prices. Supplies were carried out smoothly all through
the week, product availability has been excellent and
the weather conditions smooth.
There has been some
talk of a potential strike by Customs officers on the
26th, but at the moment nothing has been finalized.
Suppliers are well aware of the situation and loadings
will be scheduled around any potential strike, so all
deliveries will be carried out smoothly. A confirmed
strike by Seafarers' Union on the same date is also
expected to leave supplies unaffected as it has been
announced several days ahead of time.
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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 |
-$117.4B |
| NAHB Housing Market
Index |
Medium |
18-Sep |
10:00 AM |
08-Sep |
38 |
37 |
40 |
| MBA Mortgage Index |
Medium |
19-Sep |
7:00 AM |
15-Sep |
NA |
11.1% |
-0.2% |
| Housing Starts |
Medium |
19-Sep |
8:30 AM |
Aug |
775K |
746K |
750K |
| Existing Home Sales |
Medium |
19-Sep |
10:00 AM |
Aug |
4.55M |
4.47M |
4.82K |
| Initial Claims |
Medium |
20-Sep |
8:30 AM |
15-Sep |
375K |
382K |
382K |
| Philadelphia Fed |
Medium |
20-Sep |
10:00 AM |
Sep |
-5.0 |
-7.1 |
-1.9 |
| Leading Indicators |
Medium |
20-Sep |
10:00 AM |
Aug |
0.0% |
0.4% |
-0.1% |
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Source: OW Risk Management