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

Yesterday Crude prices stayed under pressure during morning European time but closed pretty much to parity. The July WTI contract settled at $102.66/bbl, up +$0.19 and Brent slipped -$0.01 to $108.82/bbl. The US crude prices were supported on market expectations that the US Oil stock Inventory in Cushing will continue to draw while a higher than expected US April Factory orders figures also supported prices. The US Energy department will release its Inventory Report later and expectations are as follows: Crude -0.16 mbbl, Gasoline +0.14 mbbl, Distillates +0.64 mbbl. Today we will see a series of US data among them the ADP May employment figures which is a precursor to Fridays numbers, the May ISM Non.Manf. Composite and the Beige Book of the US Federal Reserve. This morning crude prices are trading higher.

Fueloil Specifics

The Singapore fuel oil prices traded lower by -$2.5during the Platts window tracking crude movements. The delivered bunker premiums were creeping stronger between +$4.0 to +$5.5 above cargo prices on a firm fuel oil cargo market. Barges traded down -$2.0 in the window and delivered bunker premiums narrowed to less than a dollar.

Settlement & Indications (mid values)

Product Yesterday's Values   Forward Indications Product Change Last Dir. Jun Jul Aug Q414 Q115 Q215 NYMEX WTI Swap (1st month) 0,19 102,66 ↑ 103,07 102,27 100,17 98,33 95,62 93,66 ICE Brent Swap (1st month) (0,01) 108,82 ↑ 108,82 108,09 106,89 106,02 104,92 104,22 ICE Gasoil Swap (1st month) (5,75) 884,50 ↑ 887,75 890,08 892,33 893,19 - - 3.5% Barges FOB Rtdm (2,00) 575,00 ↑ 575,75 575,00 572,00 565,25 564,00 560,25 3.5% Cargoes FOB Med (4,50) 573,00 ↑ 574,75 572,25 571,25 562,50 560,50 569,00 1.0% Cargoes FOB NWE (4,25) 628,00 ↑ 623,50 614,00 608,75 593,50 583,75 580,25 3% no. 6 USGC WB 0,23 91,63 ↑ 91,10 90,00 89,62 88,62 88,22 87,57 380 CST Cargoes FOB S'pore (2,75) 600,00 ↑ 599,50 595,00 590,75 587,00 585,50 582,25 0.1 % GO Barges FOB Rtdm (5,75) 882,50 ↑ 888,25 891,25 893,25 893,25 - - Physical Rotterdam 380 CST (2,00) 575,25 ↑ 581,00 580,25 577,25 570,50 569,25 565,50 Physical Singapore 380 CST (1,50) 606,50 ↑ 604,75 600,25 596,00 592,25 590,75 587,50

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Chicago PMI Medium 30-May 9:45 AM May 60.0 63.0 65.5 Michigan Sentiment Medium 30-May 9:55 AM May 81.0 81.8 81.9 ISM Index High 2-Jun 10:00 AM May 55.6 54.9 55.4 Construction Speding Medium 3-Jun 10:00 AM Apr 0.7% 0.2% 0.2% Factory Orders Medium 3-Jun 10:00 AM Apr 0.5% 1.1% 0.7% Auto Sales Medium 3-Jun 2:00 PM May - 5.3M 5.7M MBA Mortgage Index Low 4-Jun 7:00 AM May - -   ADP Employment change Medium 4-Jun 8:15 AM May 200K 220K   Trade Balance Low 4-Jun 8:30 AM Apr -$41.3 -$40.4B   ISM Services Medium 4-Jun 10:00 AM May 55.5 55.2   Crude Inventories High 4-Jun 10:30 AM 31-May - 1,657M   Intial Claims High 5-Jun 8:30 AM 31-May 310K 300K   Continuing Claims High 5-Jun 8:30 AM 24-May 2,650K 2,631K   Nonfarm Payroll High 6-Jun 8:30 AM May 220K 288K   Unemployment rate High 6-Jun 8:30 AM May 6.4% 6.3%   Consumer Credit Medium 6-Jun 3:00 PM Apr $15.0B $17.5B

Source: OW Risk Management