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

Yesterday crude was trading sideways and ended the session marginally higher. The August WTI futures settled at $95.50/bbl, up +$0.18 and  Brent closed at $101.66/bbl, +$0.40. Market was supported by a firmer equity market while a stronger US dollar capped further gains. The US weekly inventory report was leaning on the bearish side with a small  crude build instead of a draw and  products  building above the expected figures. The US first quarter GDP was revised lower than expected at +1.8% from +2.4%. This piece of news at first glance looks negative but market perceives it counter- intuitively as it may delay the US Federal Reserve from reducing their Bond buying program. Today, we will see a series of US economic data with the weekly jobless claims, the May consumer spending and pending homes sales. This morning, crude is trading +0,33% up.

Fueloil Specifics

Prices of delivered 380cst fuel in Rotterdam fell app.$5/mt and a dollar more in Antwerp. Demand was relatively slow in both ports. Antwerp port reported good avails for prompt product while there was 1 day delay for lsfo and up to 3 days delays for hsfo deliveries in Rotterdam. The Singapore fuel oil markets fell between -$10.0 to -$5.0 during the Asian Platts window yesterday. There seems to be some slowing buying momentum on the 180cst cargoes. The delivered bunker premiums were around $7.5 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. Jul Aug Sep Q413 Q114 2014 NYMEX WTI Swap (1st month) 0,18 95,50 ↑ 95,71 95,46 94,82 93,42 91,57 89,57 ICE Brent Swap (1st month) 0,40 101,66 ↑ 101,92 101,55 101,17 100,48 99,56 98,04 ICE Gasoil Swap (1st month) (7,75) 863,75 ↑ 871,00 868,17 867,00 867,19 864,53 855,78 3.5% Barges FOB Rtdm (5,50) 565,00 ↑ 567,50 564,25 562,00 558,50 556,75 551,25 3.5% Cargoes FOB Med (5,25) 564,25 ↑ 563,50 560,50 558,25 552,75 550,75 548,00 1.0% Cargoes FOB NWE (11,25) 586,00 ↑ 589,00 588,75 588,75 586,25 585,50 578,25 3% no. 6 USGC WB 0,18 88,98 ↑ 89,50 89,50 89,00 88,50 88,25 87,50 380 CST Cargoes FOB S'pore (5,00) 584,25 ↑ 585,50 585,75 585,00 583,00 580,00 576,75 0.1 % GO Barges FOB Rtdm (7,25) 866,00 ↑ 871,25 868,25 867,25 866,25 863,25 855,25 Physical Rotterdam 380 CST (5,00) 570,75 ↑ 572,75 569,50 567,25 563,75 562,00 556,50 Physical Singapore 380 CST (6,00) 591,50 ↑ 592,75 593,00 592,25 590,25 587,25 584,00

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Durable Orders High 25-Jun 8:30 AM May 4.5% 3.5% 3.6% Case-Shiller 20-city Index Medium 25-Jun 9:00 AM Apr 105% 10.9% 12.1% Consumer Confidence High 25-Jun 10:00 AM Jun 72.0 76.2 81.4 New Home Sales Medium 25-Jun 10:00 AM May 470K 454K 476K GDP- Third Estimate Medium 26-Jun 8:30 AM Q1 2.4% 2.4% 1.8% Initial Claims Medium 27-Jun 8:30 AM 22-jun 345K 354K - Personal Income Medium 27-Jun 8:30 AM May 0.1% 0.0% - PCE Prices Medium 27-Jun 8:30 AM May 0.2% 0.0% - Pending Home Sales Medium 27-Jun 10:00 AM May 1.5% 0.3% - Chicago PMI Medium 28-Jun 9:45 AM Jun 52.0 58.7 - Michigan Sentiment Medium 28-Jun 9:55 AM Jun 81.0 82.7 -

Source: OW Risk Management