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 hit a nine-month high last Friday after better than expected Chinese exports and imports data, with oil imports rising to the third highest daily rate. The WTI March contract closed at $95.61, down by 11 cents while Brent, after reaching $119.17 level- the highest since May, settled at $118.90, up by $1.66. Prices retreated slightly this morning in thin trading Asian markets that are closed for the Chinese New Year holiday. Trade is expected to be relatively light for the rest of the week as holidays will continue until Friday in some Asian countries. This week markets will be closely watching retail sales and industrial production data from the US as well as Japan's and Germany's growth data. This morning crude is trading down.

Fueloil Specifics

The Northwest European bunker fuel oil markets closed last week with subdued demand as spot fuel oil prices firmed on stronger crude. Delivered 380cst product in Rotterdam was assessed up by app.$7/mt versus previous day close. Both Rotterdam and Antwerp reported tight product avails especially for lsfo, with the spread between hsfo and lsfo widening to $45 last Friday, from $30 at the beginning of the week. Singapore 380cst delivered product strengthened last Friday, reaching a 19-week high, trading at app.$666.00/mt. Singapore markets are closed for Lunar New Year holiday with no Platts settlements both today and tomorrow. This morning both markets are trading a few dollars down.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Change Last Dir. Mar Apr May Q213 Q313 Q413 NYMEX WTI Swap (1st month) (0,11) 95,72 ↓ 96,37 96,90 97,37 97,30 97,79 97,18 ICE Brent Swap (1st month) 1,66 118,90 ↓ 116,98 116,17 115,41 115,40 112,96 110,71 ICE Gasoil Swap (1st month) 16,25 1030,75 ↓ 1008,67 999,33 990,92 991,44 974,25 961,33 3.5% Barges FOB Rtdm 6,75 644,00 ↓ 640,50 638,75 637,00 637,00 631,75 626,50 3.5% Cargoes FOB Med 12,25 638,75 ↓ 633,50 633,00 632,00 632,00 627,25 622,00 1.0% Cargoes FOB NWE 10,00 687,75 ↓ 681,50 679,75 678,00 678,00 669,75 659,75 3% no. 6 USGC WB 0,78 101,08 ↓ 100,75 100,50 100,25 100,25 99,25 98,50 380 CST Cargoes FOB S'pore 3,75 661,00 ↓ 663,00 661,75 660,25 660,50 655,25 650,50 0.1 % GO Barges FOB Rtdm 17,00 1029,00 ↓ 1009,25 1000,25 991,25 992,25 973,25 961,25 Physical Rotterdam 380 CST 7,00 650,25 ↓ 647,75 646,00 644,25 644,25 639,00 633,75 Physical Singapore 380 CST 4,00 665,75 ↓ 670,75 669,50 668,00 668,25 663,00 658,25

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Retail Sales High 13-feb 8:30 AM Jan -0.4% 0.5% - Business Inventories Medium 13-feb 10:00 AM Dec 0.1% 0.3% - Initial Claims Medium 14-feb 8:30 AM 09-feb 365K 366K - Continuing Claims Medium 14-feb 8:30 AM 02-feb 3200K 3224K - Empire Manufacturing Medium 14-feb 8:30 AM Feb -2.0 -7.8 - Industrial Production Medium 15-feb 9:15 AM Jan 0.4% 0.3% - Michigan Sentiment High 15-feb 9:55 AM Feb 73.0 73.8 -

Source: OW Risk Management