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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After a 9usd drop in Brent crude prices during the last three days, the market saw some level of support but still closed lower yesterday. The June WTI contract closed at $97.94/bbl, down -$0.55 and Brent slipped just -$0.02 to $113.16/bbl. Crude prices were pressured by the new distribution of political cards in France and Greece, general recessionary risk upside in the Eurozone and ample Oil Inventory supply. Yesterday much better March Germany Factory Orders did not change the mood. This week has relatively few economic data scheduled; the market focus will turn to the weekly US Inventory Report with the API tonight and the DOE tomorrow. This morning, crude is trading down.
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The Singapore fuel oil markets plunged more than -$17.5 during the Platts window on the start of the week tracking the soft crude movement. The delivered bunker premiums improved to around $9.5 above cargo prices on stronger demand as outright prices softened. Due to public holiday in UK, there were no Platts publications for the NWE market yesterday. This morning both markets are trading slightly 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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Jun
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Jul
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Aug
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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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(0.55)
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97.94
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↓
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97.31
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97.57
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97.84
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97.84
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98.40
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98.40
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ICE Brent Swap (1st month)
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(0.02)
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113.16
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↓
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112.01
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111.57
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111.07
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111.07
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109.68
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109.68
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ICE Gasoil Swap (1st month)
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(5.25)
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951.50
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↑
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947.17
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945.33
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944.67
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944.78
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943.06
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926.01
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3.5% Barges FOB Rtdm
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-
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644.50
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↑
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643.75
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640.75
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637.50
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637.50
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627.25
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605.50
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3.5% Cargoes FOB Med
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-
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629.00
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↑
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636.00
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633.75
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631.25
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631.25
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622.00
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601.25
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1.0% Cargoes FOB NWE
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-
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687.25
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↑
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685.75
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682.75
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679.00
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679.00
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664.75
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642.00
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3% no. 6 USGC WB
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0.43
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101.90
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↓
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101.62
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101.42
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101.02
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98.92
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97.47
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95.40
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380 CST Cargoes FOB S'pore
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(18.00)
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680.00
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↑
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675.25
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671.00
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667.50
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667.50
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656.25
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632.75
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0.1 % GO Barges FOB Rtdm
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-
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957.75
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↑
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947.25
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945.25
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945.25
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945.25
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944.25
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929.25
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Physical Rotterdam 380 CST
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-
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654.25
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↑
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654.00
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651.00
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647.75
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647.75
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637.50
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615.75
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Physical Singapore 380 CST
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(15.50)
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688.75
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↑
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685.50
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681.25
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677.75
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678.25
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667.00
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643.50
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Big headline of course in the last week has been the big drop in the oil prices with a fall of almost 50usd on fuel oil. Demand has therefore been rather determined by prompt enquiries whereas the availability especially for 1% fuel has been tight already. This has caused suppliers being almost sold out on product over last weekend and waiting for soonest reloading opportunities. By nature after such a big drop (and also due to Mondays bank holiday with less trading and no Platts closing) the price levels for delivered product have to settle the coming days and once they are back in balance we can expect the usual premiums in the ARA market again.
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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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Customer Credit
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Medium
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07-May
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3:00 PM
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Mar
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$11.0B
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$8.7B
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$21.4B
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MBA Mortgage Index
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Medium
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09-May
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7:00 AM
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05-May
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NA
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0.9%
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-
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Wholesale Inventories
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Medium
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09-May
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10:00 AM
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Mar
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0.6%
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0.9%
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-
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Initial Claims
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Medium
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10-May
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8:30 AM
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05-May
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365K
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365K
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-
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Trade Balance
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Medium
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10-May
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8:30 AM
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Mar
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-$499B
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-$46.0B
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-
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Treasury Budget
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Medium
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10-May
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2:00 PM
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Apr
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NA
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-$40.4B
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-
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PPI
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Medium
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11-May
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8:30 AM
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Apr
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0.2%
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0.3%
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-
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Mich Sentiment
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High
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11-May
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9:55 AM
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May
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76.2
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76.4
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-
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Daily Charts
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Resistance
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Brent
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WTI
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GO
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Source: OW Risk Management