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 prices closed pretty mixed yesterday; mostly driven by liquidation in the Brent-WTI spread. The May WTI contract closed at $94.64/bbl, up only +$0.44 and May Brent futures settled at $105.79/bbl, slipping -$0.44. Without any major driver the Crude Oil was supported by strong US equities which posted another record high. After last Fridays disappointing US Non Farm Payroll optimism came back as market is speculating on more monetary easing from the world central banks in the coming months. The US FOMC meeting minutes showed a split committee on the exit time of the bond buying program but this was before the US Unemployment figure. The US DOE Weekly Inventory report saw a small crude build, much less than expected, however the Gasoline show a surprising strong build suggesting a softer demand. This morning, crude is trading around -0,20%.

Fueloil Specifics

The Northwest European bunker fuel oil prices remained largerly unchanged during the day in the main ports. Installation delays improved in Rotterdam and most of suppliers were able to offer prompt product. There were also reported significantly lower premiums. Antwerp port reported busy day and still tight MGO avails while Hamburg was struggling with HSFO and expecting replenishment during the weekend. The Singapore fuel oil markets rose more than $2.5 during the Platts window yesterday. The bunker demand was said to be slower on higher outright prices. The delivered bunker premiums were seen at $7.0- 8.0 above cargo prices. This morning both markets are trading marginally up.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Change Last Dir. May Jun Jul Q313 Q413 2014 NYMEX WTI Swap (1st month) 0,44 94,64 ↓ 94,78 95,06 95,14 94,83 93,52 93,52 ICE Brent Swap (1st month) (0,44) 105,79 ↓ 105,53 105,26 104,93 104,56 103,31 103,31 ICE Gasoil Swap (1st month) 6,50 885,00 ↓ 890,58 893,50 895,50 897,11 896,25 883,25 3.5% Barges FOB Rtdm 4,00 593,50 ↑ 593,25 591,50 590,00 588,50 583,50 574,25 3.5% Cargoes FOB Med 5,25 581,50 ↑ 587,50 586,50 585,00 583,25 576,75 570,25 1.0% Cargoes FOB NWE 6,50 657,50 ↑ 612,50 616,25 617,50 616,75 612,50 602,00 3% no. 6 USGC WB (0,62) 93,75 ↓ 93,75 93,55 93,20 93,50 92,55 91,63 380 CST Cargoes FOB S'pore 3,00 623,25 ↑ 616,75 615,00 613,75 613,00 609,00 600,75 0.1 % GO Barges FOB Rtdm 7,75 886,75 ↓ 890,25 893,25 895,25 897,25 894,25 895,25 Physical Rotterdam 380 CST 0,00 597,00 ↑ 603,50 601,75 600,25 598,75 593,75 584,50 Physical Singapore 380 CST 2,50 630,25 ↑ 627,00 625,25 624,00 623,75 619,75 611,50

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Wholesale Inventories Medium 09-apr 10:00 AM Feb 0.5% 1.2% -0.3% Treasury Budget Medium 10-apr 2:00 PM Mar -$107.0B -$198.2B -$106.5B Initial Claims Medium 11-apr 8:30 AM apr-13 355K 385K - Continuing Claims Medium 11-apr 8:30 AM 06-apr 3050K 3063K - Retail Sales High 12-apr 8:30 AM Mar 0.0% 1.1% - Core PPI High 12-apr 8:30 AM Mar 0.2% 0.2% - Mich Sentiment High 12-apr 9:55 AM Apr 76.0 78.6 - Business Inventories Medium 12-apr 10:00 AM Feb 0.6% 1.0% -

Source: OW Risk Management