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 pretty volatile on Friday
after the US Jobs figures but managed to close higher.
The October WTI contract settled at $96.42/bb, up +$0.89
and Brent up +$0.76 at $114.25/bbl. The US Non-Farm
Payroll was weak with only +96k news jobs created
against +130k expected. Despite a $2 drop on the numbers
Crude Oil jumped again on speculation that the Federal
Reserve will have to use the full range of his weapons
to power the US economy. The Euro jumped against USD.
Equities were also on the positive side. This week, all
focus will be on the outcome of the US FOMC on Thursday.
This morning, crude is trading up.
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The Northwest European fuel oil markets
closed lower last week. Cargo prices posted more that
$6/mt losses while delivered 380cst product in Rotterdam
was assessed down by app.$7/mt compared to previous day
close. Suppliers in ARA hub reported busy Friday with
buyers keen to fix before the weekend. The Singapore
fuel oil market dipped app. $1.0 during the morning
Platts window last Friday. The latest heavy residual
inventory reported a build of +1.13 mbbl to 18.45 mbbl.
The delivered bunker premiums were $8.5 above the cargo
prices last Friday. Bunker fuel oil swaps posted
app.$6.0/mt losses at the front of the forward curve
both for Rotterdam and Singapore papers. Backend of the
curve was app. $1/mt stronger. 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. |
Oct |
Nov |
Dec |
Q113 |
Q213 |
2013 |
| NYMEX WTI Swap (1st month) |
0.89 |
96.42 |
↑ |
96.85 |
97.24 |
97.65 |
98.08 |
98.32 |
97.25 |
| ICE Brent Swap (1st month) |
0.76 |
114.25 |
↑ |
114.04 |
113.69 |
113.36 |
112.37 |
110.85 |
113.69 |
| ICE Gasoil Swap (1st month) |
(5.25) |
985.50 |
↑ |
989.58 |
985.75 |
982.25 |
972.28 |
956.89 |
955.92 |
| 3.5% Barges FOB Rtdm |
(6.25) |
646.50 |
↑ |
653.75 |
650.00 |
646.75 |
641.75 |
632.50 |
628.25 |
| 3.5% Cargoes FOB Med |
(6.00) |
641.50 |
↑ |
647.25 |
643.75 |
642.00 |
636.75 |
628.00 |
623.75 |
| 1.0% Cargoes FOB NWE |
(4.50) |
714.00 |
↑ |
704.75 |
695.50 |
688.25 |
678.75 |
667.75 |
663.50 |
| 3% no. 6 USGC WB |
1.35 |
102.20 |
↑ |
101.85 |
101.30 |
100.75 |
98.17 |
96.87 |
97.53 |
| 380 CST Cargoes FOB S'pore |
(1.00) |
676.25 |
↑ |
676.25 |
673.00 |
670.50 |
665.50 |
656.50 |
651.75 |
| 0.1 % GO Barges FOB Rtdm |
(6.00) |
982.75 |
↑ |
990.25 |
986.25 |
983.25 |
973.25 |
958.25 |
957.25 |
| Physical Rotterdam 380 CST |
(7.00) |
654.00 |
↑ |
664.00 |
660.25 |
657.00 |
652.00 |
642.75 |
638.50 |
| Physical Singapore 380 CST |
(1.00) |
686.00 |
↑ |
686.50 |
683.25 |
680.75 |
676.25 |
667.25 |
662.50 |
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Focus of
the day: Gibraltar |
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New cargo arrivals during the weekend as
well as good weather conditions ensure a good start of
the week in the Gibraltar Strait which is seeing quite
good demand this morning, especially for LSFO. The port
of Gibraltar is slightly congested this morning, with
some 6 vessels queuing to enter and expected to be
called in shortly. Supplies in Algeciras, at the other
side of the bay are running smoothly, and so is the port
of Ceuta.
Once again the HILO spread is seen at
similar levels as last week, around $62/mt while the
spread between CIF Med 3.5% and FOB Rotterdam Barges is
currently around $5/mt. The Med market is trading up
this morning and bunker premiums in Gibraltar are
slightly lower than last week.
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Economy
fundamentals this week |
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| Fundamental
Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| Consumer Credit |
Medium |
10-Sep |
3:00 PM |
Jul |
$8.0B |
$6.5B |
- |
| Trade Balance |
Medium |
11-Sep |
8:30 AM |
Jul |
-$46.0B |
-$42.9B |
- |
| MBA Mortgage Index |
Medium |
12-Sep |
7:00 AM |
08-Sep |
NA |
-2.5% |
- |
| Wholes Inventories |
Medium |
12-Sep |
10:00 AM |
Jul |
0.0% |
-0.2% |
- |
| Initial Claims |
High |
13-Sep |
8:30 AM |
08-Sep |
370K |
365K |
- |
| Core PPI |
High |
13-Sep |
8:30 AM |
Aug |
0.1% |
0.4% |
- |
| FOMC Rate Decision |
High |
13-Sep |
12:30 PM |
Sep |
0.25% |
0.25% |
- |
| Retail Sales |
High |
14-Sep |
8:30 AM |
Aug |
1.0% |
0.8% |
- |
| Core CPI |
High |
14-Sep |
8:30 AM |
Aug |
0.1% |
0.1% |
- |
| Industrial Production |
Medium |
14-Sep |
9:15 AM |
Aug |
-0.3% |
0.6% |
- |
| Mich Sentiment |
High |
14-Sep |
9:55 AM |
Sep |
73.0 |
74.3 |
- |
| Business Inventories |
Medium |
14-Sep |
10:00 AM |
Jul |
0.2% |
0.1% |
- |
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Source: OW Risk Management