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 prices closed lower after 4 days of gains. The June WTI contract expired at $96.16/bbl, down -$0.55 while the next active July WTI contract closed at $96.18/bbl, down -$0.75. The July Brent futures closed at $103.91/bbl, similarly losing -$0.89. The crude market continues to be disconnected to the equities market which saw a firm steady increase. The US inventory compiled by API showed a surprising build in crude stockpile and +3.0 mbbl in gasoline. Japanese trade data disappointed in April rising only 3,8% vs 5,9% expected. The market is likely to focus on the US Federal Reserve minutes later today as the market  is looking  for signs from the US Monetary policy forward. The US Energy department will release its inventory report later today and the expectations are as follows: Crude -0.78 mbbl, Distillates +0.89 mbbl, Gasoline +0.02 mbbl. This morning, crude is trading 0,50% down.       Fueloil Specifics     The NWE bunker fuel oil prices weakened yesterday. Delivered 380cst product in Rotterdam was assessed down by app.$7/mt and some $5/mt down in Antwerp. Rotterdam port reported strong demand and prices ranging depending on avails and barge schedules. The Singapore fuel oil markets were mostly flat; ranging flat to +$1.0 during the Asian Platts window yesterday. The Singapore market is impacted by strong incoming cargoes while demand lags. Market demand continues to be soft and slow. The delivered bunker premiums inched to around $5.25 above cargo prices yesterday. This morning both markets are trading down.        Settlement & Indications (mid values)     Product Yesterday's Values Forward Indications Product Change Last Dir. Jun Jul Aug Q313 Q413 2014 NYMEX WTI Swap (1st month) (0,75) 96,18 ↓ 95,81 95,86 95,71 95,64 94,29 91,55 ICE Brent Swap (1st month) (0,89) 103,91 ↓ 103,19 103,03 102,76 102,76 101,87 99,30 ICE Gasoil Swap (1st month) (4,75) 875,75 ↓ 868,42 870,33 873,00 872,92 873,58 862,87 3.5% Barges FOB Rtdm (6,25) 581,25 ↓ 578,75 576,25 574,50 574,50 569,50 563,50 3.5% Cargoes FOB Med (4,50) 571,00 ↓ 572,00 570,75 569,25 568,25 562,50 559,75 1.0% Cargoes FOB NWE (6,75) 602,00 ↓ 603,50 605,50 604,75 605,00 600,00 590,75 3% no. 6 USGC WB (0,29) 90,98 ↓ 90,50 90,25 90,00 90,25 89,50 88,75 380 CST Cargoes FOB S'pore 0,00 602,25 ↓ 599,25 599,25 598,25 596,75 593,50 588,25 0.1 % GO Barges FOB Rtdm (8,00) 875,75 ↓ 869,25 871,25 873,25 873,25 877,25 866,25 Physical Rotterdam 380 CST (7,00) 587,00 ↓ 584,00 582,00 580,25 580,75 575,75 570,25 Physical Singapore 380 CST 1,00 608,25 ↓ 606,50 606,00 605,00 604,00 600,75 597,00       Focus of the day: Singapore     The premium traders in Asia are paying for the earliest deliveries of fuel oil is poised to slide from an eight-month high as Europe floods the region with excess supplies and Chinese refinery demand wanes. Deliveries to Singapore in June will cost an average $1.25/mt more than July contracts in the second half of this month, according to the median estimate of five traders surveyed by Bloomberg this week. The difference was $4.50 on May 1, the most since September 2012, and averaged $2.36 in the first half of the month. Avails of cargo are still quite healthy and barge avails looking earliest starting from 24th May 2013.       Economy fundamentals this week     Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual MBA Mortgage Index Medium 22-May 7:00 AM 18-May NA -7.3% - Existing Home Sales Medium 22-May 10:00 AM Apr 5.05M 4.92M - FOMC Minutes Medium 22-May 2:00 PM 1-May - - - Initial Claims Medium 23-May 8:30 AM 18-May 350K 360K - Continuing Claims Medium 23-May 8:30 AM 11-May 3015K 3009K - New Home Sales Medium 23-May 10:00 AM Apr 425K 417K - Durable Orders Medium 24-May 8:30 AM Apr -1.5% -6.9% -

Source: OW Risk Management