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

Once again Crude prices rebounded initially but it turned out to be a dead- cat- bounce as Oil made new low for the year. Libya resumed Oil exports to 460 k/d, surprising the market on the upside, and added some pressure. Goldman Sachs puts Libya Oil export to 650k b/d average for 2014. The US December ISM Non Manufacturing came out lower than expected at 53% vs 54,7% and November Factory Order at +1,8% vs -1,7% exp. US Equities fell for the third day in a row while the US dollar strengthened pressuring US dollar-denominated crude futures. The February WTI futures came off by -$0.53 to $93.43/bbl and  Brent slipped -$0.16 to settle at $106.73/bbl. This morning, crude prices are trading around 0,40% higher.

Fueloil Specifics

The NWE bunker fuel oil markets started the week with stable avails and deliveries. Delivered 380cst product prices in Rotterdam remained unchanged from previous close while they lost app. $2/mt in Antwerp. Most suppliers in the area were able to offer product for prompt deliveries. The Singapore fuel oil markets came off by $5.0 during the Asian Platts window yesterday tracking the lower crude values. The delivered bunker premiums were seen at $7.5-6.0 as the lower outright prices also lured in some buying interests. This morning both markets are trading higher.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Change Last Dir. Feb Mar Apr Q214 Q314 Q414 NYMEX WTI Swap (1st month) (0,53) 93,43 ↑ 93,89 93,78 93,51 92,93 90,87 89,31 ICE Brent Swap (1st month) (0,16) 106,73 ↑ 106,67 106,38 106,38 105,78 104,60 106,38 ICE Gasoil Swap (1st month) 0,00 910,25 ↑ 908,00 905,42 902,17 900,42 896,33 891,03 3.5% Barges FOB Rtdm (3,50) 562,00 ↑ 569,75 569,75 569,50 569,00 567,25 564,00 3.5% Cargoes FOB Med (2,25) 567,00 ↑ 567,75 567,75 567,25 566,50 566,00 564,50 1.0% Cargoes FOB NWE (0,25) 581,00 ↑ 587,00 589,00 590,00 590,25 590,00 583,50 3% no. 6 USGC WB 0,19 87,79 ↑ 89,50 89,50 89,75 89,50 89,50 89,25 380 CST Cargoes FOB S'pore (5,00) 598,75 ↑ 595,00 592,00 590,00 590,00 588,00 586,50 0.1 % GO Barges FOB Rtdm 0,25 909,25 ↑ 909,25 906,25 903,25 901,25 898,25 892,25 Physical Rotterdam 380 CST 0,00 575,25 ↑ 575,00 575,00 574,75 574,25 572,50 569,25 Physical Singapore 380 CST (5,00) 605,25 ↑ 600,25 597,25 595,25 595,25 593,25 591,75

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Factory Orders Medium 6-Jan 10:00 AM Nov 2.0% -0.9% 1.8% ISM Services High 6-Jan 10:00 AM Dec 53.0 53.9 53.0 Trade Balance Medium 7-Jan 8:30 AM Nov -$41.5B -$40.6B - ADP Employment Change Medium 8-Jan 8:15 AM Dec 185K 215K - FOMC Minutes High 8-Jan 2:00 PM 18-dec - - - Consumer Credit Medium 8-Jan 3:00 PM Nov $15.0B $18.2B - Nonfarm Payrolls High 10-Jan 8:30 AM Dec 185K 203K - Unemployment Rate High 10-Jan 8:30 AM Dec 7.1% 7.0% - Wholesale Inventories Medium 10-Jan 10:00 AM Nov -0.2% 1.4% -

Source: OW Risk Management