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Daily Bunker Fuel and Oil Report

Friday, 16 May 2014 | 09:43
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  
 
After several days of strength Crude prices closed lower yesterday. The June WTI futures lost -$0.87 to settle at $101.50/bbl, and June Brent inched up +$0.25 to expire at $110.44/bbl. The next front-month contract; July futures closed lower by -$0.22 at $109.09/bbl. The US April factory output reported lower figure at 0.6% against the March data at 0.9%. Market remains supported by the uncertainty surrounding Ukraine which may indirectly disrupt some supplies from Russia to Europe. US and EU government officials have threatened to punish Russia should this coming month Ukraine Presidential election be undermined. Yesterday the IEA said it expected Oil price to remain high, and that OPEC should raise production sharply in the second half of the year to keep world oil markets well supplied in the face of what would be record global demand. Today, we will see the US April Housing Starts and also the May Michigan Consumer Sentiment index being released later. This morning, crude prices are trading around flat.

 
 
  Fueloil Specifics  
 
The NWE bunker fuel oil prices remained largely unchanged on Thursday. Suppliers reported relatively quiet day with low to average demand. Prompt product avails remain tight with three to four days delays at loading installations. It kept premiums for weekend deliveries at app.$6/mt higher vs next week’s deliveries. The Singapore fuel oil prices closed generally lower ranging between -$2.0 to flat during the Asian Platts window yesterday. The latest Singapore heavy residual inventory report showed a draw of -0.14 million mt to 19.82 million mt. The delivered bunker premiums were seen around +$3.0 to +$5.5 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. Jun Jul Aug Q414 Q115 Q215
NYMEX WTI Swap (1st month) (0,87) 101,50 100,79 99,97 99,11 96,48 94,33 92,35
ICE Brent Swap (1st month) (0,22) 109,09 108,60 107,87 107,17 105,69 103,24 103,24
ICE Gasoil Swap (1st month) (1,25) 914,00 910,08 907,67 906,33 900,92 - -
3.5% Barges FOB Rtdm (0,75) 574,50 576,50 575,50 573,00 566,50 565,25 561,50
3.5% Cargoes FOB Med 0,00 578,25 573,50 573,00 572,00 563,50 561,50 570,00
1.0% Cargoes FOB NWE 1,00 625,75 623,50 616,50 611,50 596,50 585,25 582,00
3% no. 6 USGC WB 0,09 93,54 90,45 89,80 89,45 88,49 88,14 87,44
380 CST Cargoes FOB S'pore 0,00 591,50 594,50 593,00 592,00 589,25 588,25 585,00
0.1 % GO Barges FOB Rtdm (2,00) 914,50 911,25 908,25 907,25 901,25 - -
Physical Rotterdam 380 CST 0,00 578,00 581,75 580,75 578,25 571,75 570,50 566,75
Physical Singapore 380 CST (1,00) 595,25 599,75 598,25 597,25 594,50 593,50 590,25
 
 
  Focus of the day: Piraeus  
 
Week 20 was rather quiet in Piraeus. Activity came for the most part from cruisers, which are expected to bring more volume to the major MED ports, including Piraeus, during the summer months. Both refineries in Greece are working normally and no supply disruptions are expected. Loadings and supply conditions are smooth and all grades of HSFO and LSFO are available in the Greek ports. Crude was going up throughout the week and CIF MED 3.5% average was $ 4.5 higher compared to last week.

 
 
  Economy fundamentals this week  
 
Fundamental Indicators
Statistic Importance Date Time Period Consensus Last Actual
Treasury Budget Medium 12-May 2:00 PM Apr $114.0B $112.9B $106.9B
Retail Sales Medium 13-May 8:30 AM Apr 0.0% 1.2% 0.1%
Business Inventories Medium 13-May 10:00 AM Mar 0.4% 0.4% 0.4%
Core PPI Medium 14-May 8:30 AM Apr 0.2% 0.6% 0.5%
Initial Claims Medium 15-May 8:30 AM Apr 325K 319K 297K
Core CPI High 15-May 8:30 AM Apr 0.2% 0.2% 0.2%
Empire Manufacturing Medium 15-May 8:30 AM May 5.0 1.3 19.0
Philadelphia Fed Medium 15-May 10:00 AM May 10.0 16.6 15.4
Housing Starts Medium 16-May 8:30 AM Apr 950K 946K -
Building Permits Medium 16-May 8:30 AM Apr 1000K 990K -
Mich Sentiment Medium 16-May 9:55 AM May 83.5 84.1 -
 
 
 


Source:OW Risk Management

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