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Daily Bunker Fuel and Oil Report

Tuesday, 16 April 2013 | 09:33
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 a third day of heavy sell-off Crude Oil lost more than 3% yesterday and more than 10% in less than two weeks. Commodities investors have been fleeing after analysts recommendations to sell metals and Goldman Sachs to exit their long Brent position from August at a -15% loss. Yesterday falling US Housing starts a swell as the Boston marathon bombings did not help. The May WTI futures closed below the $90 level at $88.70/bbl, down by  -$2.58 and May Brent expired just above the $100 mark at $100.39/bbl, loosing -$2.72. The next most active June Brent contract closed at $100.63/bbl, down -$2.41. Today, we will see a series of US economic data with among others the March Consumer Price Index, Housing Starts and Industrial Production data. This morning, crude is loosing more than -1%.

 
 
  Fueloil Specifics  
 
The NWE bunker fuel oil markets started the week with significantly lower prices and moderate demand. Delivered 380cst product in Rotterdam lost app.$8/mt and a dollar more in Antwerp. Product avails improved slightly and operations were running smoothly. The Singapore fuel oil markets fell more than $10.0 during the Platts window on the start of the week tracking the weaker crude values. The Asian fuel oil crack continued to narrow as fuel oil values lagged. The delivered bunker premiums were seen $8.5-7.0 above cargo prices. This morning both markets are trading down. 

 
 
  Settlement & Indications (mid values)  
 
Product Yesterday's Values Forward Indications
Product Change Last Dir. May Jun Jul Q313 Q413 2014
NYMEX WTI Swap (1st month) (2,58) 88,71 88,37 88,55 88,39 88,38 87,70 86,98
ICE Brent Swap (1st month) (2,41) 100,63 99,68 99,64 99,50 99,26 98,42 96,48
ICE Gasoil Swap (1st month) (8,75) 847,25 843,67 847,50 850,75 853,22 854,33 848,93
3.5% Barges FOB Rtdm (5,25) 572,25 567,75 566,25 564,75 563,25 558,50 553,00
3.5% Cargoes FOB Med (7,00) 559,75 561,75 561,00 559,50 560,00 554,00 549,25
1.0% Cargoes FOB NWE (5,50) 581,00 584,00 587,75 590,25 589,75 585,75 579,25
3% no. 6 USGC WB (2,26) 88,89 89,25 89,00 88,75 88,00 87,50 87,00
380 CST Cargoes FOB S'pore (11,25) 603,75 592,50 590,25 589,25 588,50 584,75 579,75
0.1 % GO Barges FOB Rtdm (8,50) 845,00 844,25 848,25 852,25 854,25 856,25 850,25
Physical Rotterdam 380 CST (8,00) 577,00 575,00 573,50 572,00 570,50 565,75 560,25
Physical Singapore 380 CST (11,00) 611,75 599,75 597,50 596,50 595,75 592,00 587,00
 
 
  Focus of the day: ARA  
 
Today’s market is mainly plagued by a threatening lack of avails for high sulphur. Whereas earlier one could get an easy discount compared to paper, it now really comes down to the flat price view of the suppliers. No signs of improvement seen here, so it is advised to procure the high sulphur fuel oil well ahead. This is especially the case in Antwerp.
Regarding the low sulphur, the premiums are still below 10 dollars. Avails look slightly better here than the high sulphur fuel oil, but it is advised to pick the fruit while it is still hanging low. Some suppliers show signs of a widening ‘hilo’, hence rising premiums for low sulphur are still in the line of expectations.
The gasoil market remains unchanged. 
Notification periods for the different grades; five days for high sulphur enquiries and four working days for low sulphur enquiries.

 
 
  Economy fundamentals this week  
 
Fundamental Indicators
Statistic Importance Date Time Period Consensus Last Actual
Empire Manufacturing Medium 15-apr 8:30 AM Apr 5.0 9.2 3.1
NAHB Housing Market Index Medium 15-apr 10:00 AM Apr 45 44 42
Core CPI High 16-apr 8:30 AM Mar 0.2% 0.2% -
Housing Starts Medium 16-apr 8:30 AM Mar 935K 917K -
Building Permits Medium 16-apr 8:30 AM Mar 955K 946K -
Industrial Production Medium 16-apr 9:15 AM Mar 0.4% 0.7% -
Initial Claims Medium 18-apr 8:30 AM 13-apr 350K 346K -
Philadelphia Fed Medium 18-apr 10:00 AM Apr 3.0 2.0 -
Leading Indicators Medium 18-apr 10:00 AM Mar 0.0% 0.5% -
 
 


Source: OW Risk Management

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