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 corrected slightly yesterday after one of the biggest one-day-surge on Friday. Market remains supported, with expectations that the ECB will cut rate by 0,25 on Wednesday and more stimulus from China to come. However, a weak US manufacturing data, below the 50 growth level dampened further gains. The August WTI contract fell -$1.21 yesterday to $83.75/bbl and Brent closed at $97.34/bbl, down -$0.46. Also keeping Oil bid, Oil workers in Norway are still on strike and Iran have drafted a bill to block the strait of Hormuz, a crucial sailing path for crude tankers where 1/5 th of the world Oil transits. This morning, crude is trading higher.
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Bunker fuel oil prices in the Northwest Europe were largely unchanged yesterday. Bunker premiums remained firm in ARA hub due to tight product avails and especially for prompt deliveries. Some suppliers reported to be fully booked until July 6. The Singapore fuel oil market prices rose more than +$13.5 during the morning Platts window yesterday tracking crude movements. The bunker premiums slipped to around $7.25 above cargo prices as weaker crude and strong outright prices dampened demand. This morning both markets are trading higher.
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Settlement & Indications (mid values)
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Product
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Yesterday's Values
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Forward Indications
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Product
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Change
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Last
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Dir.
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Aug
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Sep
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Oct
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Q412
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Q113
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2013
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NYMEX WTI Swap (1st month)
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(1.21)
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83.75
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↑
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85.37
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85.81
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86.26
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86.61
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87.09
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86.61
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ICE Brent Swap (1st month)
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(0.46)
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97.34
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↑
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98.41
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98.12
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97.92
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97.74
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97.21
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97.74
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ICE Gasoil Swap (1st month)
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0.50
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849.00
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↑
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858.83
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857.58
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856.33
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854.25
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853.17
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851.62
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3.5% Barges FOB Rtdm
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1.00
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555.50
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↑
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562.75
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559.50
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556.75
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554.75
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551.25
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547.50
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3.5% Cargoes FOB Med
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0.00
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554.75
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↑
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559.75
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556.00
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553.00
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551.00
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547.25
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543.25
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1.0% Cargoes FOB NWE
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4.75
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598.75
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↑
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602.25
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597.75
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593.75
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590.75
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586.25
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583.00
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3% no. 6 USGC WB
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(0.85)
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87.25
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↑
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86.55
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86.25
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86.00
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85.40
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85.05
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84.91
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380 CST Cargoes FOB S'pore
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14.00
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585.50
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↑
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588.50
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584.75
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581.50
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579.50
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575.25
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570.75
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0.1 % GO Barges FOB Rtdm
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0.25
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845.75
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↑
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859.25
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858.25
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856.25
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856.25
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850.25
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848.25
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Physical Rotterdam 380 CST
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0.00
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567.25
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↑
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573.00
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569.75
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567.00
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565.00
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561.50
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557.75
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Physical Singapore 380 CST
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13.00
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594.00
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↑
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598.75
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595.00
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591.75
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590.25
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586.00
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581.50
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Economy fundamentals this week
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Fundamental Indicators
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Statistic
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Importance
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Date
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Time
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Period
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Consensus
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Last
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Actual
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ISM Index
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Medium
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02-Jul
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10:00 AM
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Jun
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51.5
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53.5
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49.7
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Construction Spending
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Medium
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02-Jul
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10:00 AM
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May
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0.2%
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0.3%
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0.9%
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Factory Orders
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Medium
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03-Jul
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10:00 AM
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May
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0.5%
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-0.6%
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-
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Challanger Job Cuts
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Medium
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05-Jul
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7:00 AM
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Jun
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NA
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66.7%
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-
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ADP Employment Change
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Medium
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05-Jul
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8:15 AM
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Jun
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110K
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133K
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-
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Initial Claims
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Medium
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05-Jul
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8:30 AM
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30-Jun
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385K
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386K
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-
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ISM Services
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Medium
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05-Jul
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10:00 AM
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Jun
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53.0
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53.7
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-
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Nonfarm Payrolls
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Medium
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06-Jul
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8:30 AM
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Jun
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100K
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69K
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-
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Unemployment Rate
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Medium
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06-Jul
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8:30 AM
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Jun
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8.1%
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8.2%
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-
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Source: OW Risk Management