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

Crude Oil showed some strength yesterday and rallied strongly towards the US close. Dollar weakness supported the bullish move. The May Brent contract rose +$1.85 to settle at $107.67/bbl and  WTI  up +$2.12 to $102.56/bbl. Crude prices kept their gains despite a 7.08 mbbl massive build in crude stockpile somehow compensated by a 3.65mbbl draw in Gasoline as reported by the Weekly API. The US Energy Department will be releasing their weekly inventory figures later today and their expectations are as follows: Crude +1.3 mbbl , Distillates -0.1 mbbl, Gasoline -0.73 mbbl. US traders will be looking for another draw in Cushing inventory easing the supply bottleneck.  Today the market will also focus on the FOMC minutes release and keep an eye on the last geopolitical developments with the Iranian nuclear meeting and the Russia-Ukraine crisis. This morning, crude prices are trading around -0,35% down.

Fueloil Specifics

The Northwest European bunker fuel oil markets reported mixed price levels and relatively low demand. Delivered 380cst product was assessed app.$2/mt higher in Rotterdam and largely unchanged in Antwerp. Hsfo prompt avails in ARA remain tight though suppliers expect the situation to improve at the end of the week. The Singapore fuel oil prices rebounded on the back of stronger crude prices rising app. $2.25 during the Asian Platts window yesterday. Bunker demand was said to be slow on higher outright prices. The delivered bunker premiums were seen between $3.5 and $5.5 above cargo prices. This morning both markets are trading higher.

Settlement & Indications (mid values)

Product Yesterday's Values   Forward Indications PProduct Change Last Dir. May Jun Jul Q314 Q414 Q115 NYMEX WTI Swap (1st month) 2,12 102,56 ↓ 101,10 100,26 99,36 101,08 98,42 95,73 ICE Brent Swap (1st month) 1,85 107,67 ↓ 107,19 106,91 106,91 106,42 104,46 102,95 ICE Gasoil Swap (1st month) 5,25 890,75 ↑ 899,25 898,92 899,33 899,14 896,25 - 3.5% Barges FOB Rtdm 4,75 571,75 ↑ 574,00 573,75 573,50 573,00 569,75 568,50 3.5% Cargoes FOB Med 0,75 561,50 ↑ 570,25 570,75 569,75 570,00 566,75 565,25 1.0% Cargoes FOB NWE 5,50 622,00 ↑ 611,00 606,75 604,75 603,75 595,25 587,00 3% no. 6 USGC WB 1,43 90,52 ↓ 89,55 89,37 89,27 89,17 88,67 88,37 380 CST Cargoes FOB S'pore 2,25 583,00 ↑ 590,75 592,50 592,75 593,00 592,00 591,00 0.1 % GO Barges FOB Rtdm 5,25 889,50 ↑ 900,25 900,25 900,25 899,25 896,25 - Physical Rotterdam 380 CST 2,00 574,00 ↑ 579,25 579,00 578,75 578,25 575,00 573,75 Physical Singapore 380 CST 1,50 586,25 ↑ 596,00 597,75 598,00 598,25 597,25 596,25

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Consumer Credit Medium 7-Apr 3:00 PM Feb $13.5B $13.7B $16.5B Wholesale Inventories Medium 9-Apr 10:00 AM Feb 0.6% 0.6% - Intial Claims Medium 10-Apr 8:30 AM 05-apr 325K 326K - Continuing Claims Medium 10-Apr 8:30 AM 29-mar 2850K 2836K - Treasury Budget Medium 10-Apr 2:00 PM Mar NA -$106.5B - Core PPI Medium 11-Apr 8:30 AM Mar 0.1% -0.2% - Mich Sentiment Medium 11-Apr 9:55 AM Apr 81.0 80.0 -

Source: OW Risk Management