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 Oil was trading sideways for the
most of the day and closed higher. The September WTI
contract settled at $88.97/bbl, up $0.47 and Brent at
$104.38/bbl, up +$0.96.
Despite the green figures
yesterday, market was still holding well. The US
inventory report released by the Energy Department was
bearish, with more than expected build in both crude and
product stockpile. A strong stock build of 2 Mios bbl in
gasoline was very much opposed to the expected draw.
Without any significant news, markets were generally
directionless. Equities were pretty flat on mixed US
corporations earning releases. The US new home sales
figures fell again after a strong run pointing probably
to further momentary easing policies from the US Federal
Reserve. Today, we will see the US jobless claims data
released to provide further guidance. This morning,
crude is trading 0,50 cents down.
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Delivered 380cst product prices in
Rotterdam remained unchanged while cargo prices slipped
app.$1/mt. ARA hub continued to report tight LSFO and
HSFO product avails, though loading operations were
improving slightly yesterday. The Singapore fuel oil
market prices weakened slightly more than -$0.25 during
the morning Platts window yesterday. The market remained
firm and cargo premium were seen at more than $3.0. The
delivered bunker premiums were app. $7.4 above cargo
prices yesterday. This morning both markets are trading
higher.
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Settlement
& Indications (mid values) |
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| Product |
Yesterday's
Values |
Forward
Indications |
| Product |
Change |
Last |
Dir. |
Aug |
Sep |
Oct |
Q412 |
Q113 |
2013 |
| NYMEX WTI Swap (1st month) |
0.47 |
88.97 |
↓ |
88.41 |
88.78 |
89.19 |
89.56 |
90.48 |
89.56 |
| ICE Brent Swap (1st month) |
0.96 |
104.38 |
↓ |
103.28 |
102.58 |
102.18 |
101.87 |
101.00 |
101.87 |
| ICE Gasoil Swap (1st month) |
(1.50) |
886.75 |
↑ |
893.42 |
891.92 |
889.08 |
886.19 |
879.36 |
874.91 |
| 3.5% Barges FOB Rtdm |
(1.00) |
587.50 |
↑ |
594.00 |
591.00 |
588.75 |
586.50 |
582.00 |
574.75 |
| 3.5% Cargoes FOB Med |
(1.25) |
577.25 |
↑ |
588.25 |
585.75 |
583.75 |
581.75 |
577.50 |
570.75 |
| 1.0% Cargoes FOB NWE |
(1.75) |
626.25 |
↑ |
631.25 |
626.75 |
623.25 |
619.75 |
612.25 |
605.25 |
| 3% no. 6 USGC WB |
1.60 |
93.70 |
↓ |
92.11 |
91.61 |
91.36 |
89.86 |
89.36 |
89.61 |
| 380 CST Cargoes FOB S'pore |
(0.50) |
615.00 |
↑ |
617.50 |
614.50 |
612.25 |
610.25 |
605.50 |
598.25 |
| 0.1 % GO Barges FOB Rtdm |
(2.00) |
884.00 |
↑ |
893.25 |
892.25 |
890.25 |
887.25 |
881.25 |
876.25 |
| Physical Rotterdam 380 CST |
0.00 |
598.00 |
↑ |
604.25 |
601.25 |
599.00 |
596.75 |
592.25 |
585.00 |
| Physical Singapore 380 CST |
0.00 |
623.25 |
↑ |
627.75 |
624.75 |
622.50 |
621.00 |
616.25 |
609.00 |
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Focus of
the day: Houston |
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US Gulf Coast
The US Gulf Coast
physical 3% residual fuel market tracked the strength in
the crude complex market. The demand picked up
yesterday, especially after the rebound in the market.
In the resupply market, front-month ICE Brent crude Oil
futures gained 91 cents/bbl to $104.45/bbl while
front-month WTI NYMEX contract gained 58 cents/bbl to
$88.95/bbl. The USGC 3%S fuel oil crack spread against
ICE August Brent came up by 85 cents to minus $9.60/bbl.
The result of all this was that after seeing lower
numbers during the trading hours the MOC was quite high.
The overnight prices are today around $602/mt for the
RMG380 for Houston and Nola.
The premium between
LSFO and HSFO is still moving on the high range, around
$90-110/mt. Physical suppliers in Houston market are
looking at the NYH1% to build their prices for the LSFO,
taking into account the current tight avails is
understandable seeing Chemoil, NuStar and Stone Oil
optimizing their margins.
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Economy
fundamentals this week |
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| Fundamental
Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| FHFA Housing Price Index |
Medium |
24-Jul |
10:00 AM |
May |
NA |
0.8% |
0.8% |
| MBA Mortgage Index |
Medium |
25-Jul |
7:00 AM |
21-Jul |
NA |
NA |
0.9% |
| New Home Sales |
Medium |
25-Jul |
10:00 AM |
June |
375K |
369K |
350K |
| Initial Claims |
Medium |
26-Jul |
8:30 AM |
21-Jul |
365K |
386K |
- |
| Durable Orders |
High |
26-Jul |
8:30 AM |
June |
1.0% |
1.3% |
- |
| Pending Home Sales |
Medium |
26-Jul |
10:00 AM |
June |
1.0% |
5.9% |
- |
| GDP- Adv. |
High |
27-Jul |
8:30 AM |
Q2 |
NA |
1.9% |
- |
| Michigan Sentiment-
Final |
Medium |
27-Jul |
9:55 AM |
July |
71.5 |
72.0 |
- |
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Source: OW Risk Management