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

In a quiet start on Monday, Crude prices closed lower after last week strength. The market was generally soft as the latest Chinese trade exports figures released over the weekend fell. The weaker exports and crude imports do point to a lower demand outlook for energy, weighting on the market. The July WTI futures closed at $95.77/bbl, easing down by -$0.26 and  Brent lost $0.61to settle at $103.95/bbl. The US Department of Energy estimated “technically recoverable” shale oil resources of 345bn barrels in 42 countries and said that it should roughly cover 10 years of Oil consumption. The market will closely watch the Monthly US Energy Report and demand forecast which could overshadow the usual weekly US inventory. This morning, crude prices are down by around -0,45%.

Fueloil Specifics

Northwest European fuel oil prices weakened yesterday following the trend in the market as outright crude oil levels slipped. Delivered 380cst product lost app.$1/mt in Rotterdam and a dollar more in Antwerp. Suppliers reported limited demand and continuously tight product avails. The Singapore fuel oil markets rose between flat to +$1.0 during the Asian Platts window yesterday. Market demand was said to be quiet. The delivered bunker premiums inched up slightly to around +$6.50 above cargoes prices. This morning both markets are trading slightly down.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Change Last Dir. Jul Aug Sep Q313 Q413 2014 NYMEX WTI Swap (1st month) (0,26) 95,77 ↓ 95,77 95,81 95,51 95,69 94,48 91,47 ICE Brent Swap (1st month) (0,61) 103,95 ↓ 103,33 103,01 102,67 103,00 101,98 99,54 ICE Gasoil Swap (1st month) (6,00) 869,25 ↓ 866,92 869,50 871,67 870,36 874,94 864,99 3.5% Barges FOB Rtdm 0,00 581,25 ↓ 577,75 575,75 574,00 576,25 571,75 564,50 3.5% Cargoes FOB Med (0,50) 583,25 ↓ 575,00 572,25 570,00 572,75 565,50 561,75 1.0% Cargoes FOB NWE 0,50 610,00 ↓ 610,25 608,50 607,00 608,50 603,25 594,25 3% no. 6 USGC WB (0,38) 90,48 ↓ 90,75 90,50 90,50 90,50 90,10 88,95 380 CST Cargoes FOB S'pore 0,25 600,25 ↓ 599,75 598,75 597,25 599,00 595,50 589,75 0.1 % GO Barges FOB Rtdm (5,25) 870,00 ↓ 867,25 870,25 872,25 870,25 874,25 865,25 Physical Rotterdam 380 CST (1,00) 586,75 ↓ 583,00 581,50 579,25 581,00 576,00 569,25 Physical Singapore 380 CST 1,00 607,50 ↓ 605,50 605,25 604,00 605,75 602,00 596,00

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Wholesale Inventories Medium 11-Jun 10:00 AM Apr 0.2% 0.4% - Treasury Budget Medium 12-Jun 2:00 PM May -$139.0B -$124.6B - Initial Claims Medium 13-Jun 8:30 AM 8-June 350K 346K - Continuing Claims Medium 13-Jun 8:30 AM 1-June 2975K 2952K - Retail Sales High 13-Jun 8:30 AM May 0.1% 0.1% - Business Inventories Medium 13-Jun 10:00 AM Apr 0.2% 0.0% - Core PPI Medium 14-Jun 8:30 AM May 0.2% 0.1% - Industrial Production Medium 14-Jun 9:15 AM May 0.1% -0.5% - Capacity Utilization Medium 14-Jun 9:15 AM May 77.9% 77.8% - Mich Sentiment High 14-Jun 9:55 AM Jun 81.5 84.5 -

Source: OW Risk Management