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 price closed the week settling higher. The July WTI contracts closed at $83.91/bbl, up +$0.12 while the August Brent futures closed at $97.61/bbl, up +$0.44. Market was waiting the outcome of the Greek election over the weekend and sentiment was lifted as central banks pledge to support the market regardless of the outcome of the Greek election. The Euro was lifted. Market has been trading sideways in a wait and see mode. This week, the market is speculating on some ecomomic stimulus support from t the US Federal Open Market Committee (FOMC) meeting on Wednesday which could lift the current sluggish crude prices. However, the market is fundamentally pretty well supplied as Saudi Arabia; OPEC largest producers continued to supply above its target volume. The Greeks have voted for a pro-bailout party which temporarily ease fears of an imminent exit from the Eurozone. Nonetheless the 10Year Spanish Bond yield is trading close to 7% this morning. Crude Oil is trading flat.
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The Northwest European fuel oil market closed the week with lower cargo prices that posted nearly $6/mt loss. Delivered 380cst product in Rotterdam remained unchanged from Thursday’s closing supported by tight product avails in all ARA ports. Some suppliers said to be fully booked until mid this week. The Singapore fuel oil markets rose more than $10.0 during the morning Platts window last Friday tracking the crude movements. The Singapore heavy residual inventory saw a slight draw of -0.1 mbbl to 19.6 mbbl. The delivered bunker premiums remained around $6.5 above cargo prices. This morning both markets are trading down.
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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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Jul
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Aug
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Sep
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Q312
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Q412
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2013
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NYMEX WTI Swap (1st month)
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0.12
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84.03
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↓
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84.22
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84.53
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84.84
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84.53
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85.57
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85.57
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ICE Brent Swap (1st month)
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0.58
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97.61
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↓
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97.56
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97.45
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97.34
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97.45
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97.28
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97.28
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ICE Gasoil Swap (1st month)
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6.75
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851.50
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↑
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848.75
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845.58
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844.25
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846.19
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843.83
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840.23
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3.5% Barges FOB Rtdm
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(0.50)
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579.00
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↓
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570.75
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564.75
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560.00
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565.25
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553.25
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541.75
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3.5% Cargoes FOB Med
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(5.75)
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577.25
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↓
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568.25
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561.50
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556.25
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562.00
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549.75
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537.75
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1.0% Cargoes FOB NWE
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6.00
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657.50
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↓
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594.25
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590.75
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587.00
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590.75
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581.00
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572.50
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3% no. 6 USGC WB
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0.25
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89.15
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↓
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89.13
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88.48
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87.93
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87.03
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86.13
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85.17
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380 CST Cargoes FOB S'pore
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10.00
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609.00
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↓
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599.50
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592.50
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586.75
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593.25
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580.00
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566.75
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0.1 % GO Barges FOB Rtdm
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4.50
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853.50
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↑
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849.25
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846.25
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844.25
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847.25
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843.25
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840.25
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Physical Rotterdam 380 CST
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0.00
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588.00
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↓
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581.00
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575.00
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570.25
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575.50
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563.50
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552.00
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Physical Singapore 380 CST
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11.00
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616.50
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↓
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609.75
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602.75
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597.00
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604.00
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590.75
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577.50
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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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NAHB Housing Market Index
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Medium
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18-Jun
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10:00 AM
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Jun
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28
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29
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-
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Housing Starts
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Medium
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19-Jun
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8:30 AM
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May
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710K
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717K
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-
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Building Permits
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Medium
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19-Jun
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8:30 AM
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May
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720K
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715K
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-
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MBA Mortgage Index
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Medium
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20-Jun
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7:00 AM
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16-Jun
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NA
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18.0%
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-
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FOMC Rate Decision
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Medium
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20-Jun
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12:30 PM
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Jun
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0.25%
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0.25%
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-
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Initial Claims
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Medium
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21-Jun
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8:30 AM
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16-Jun
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380K
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386K
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-
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Existing Home Sales
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Medium
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21-Jun
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10:00 AM
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May
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4.50M
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4.62M
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-
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Philadelphia Fed
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Medium
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21-Jun
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10:00 AM
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Jun
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-3.5
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-5.8
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-
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Leading Indicators
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Medium
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21-Jun
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10:00 AM
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May
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0.0%
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-0.1%
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-
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Source: OW Risk Management