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 futures closed mixed after a choppy trading session yesterday. The June WTI was assessed up by $0.27/bbl at $97.08/bbl, while the June Brent futures returned back the gain of the previous session closing down by $0.47/bbl at $112.73/bbl. Market participants remain cautious having seen various drivers in the market. Traders are worried about the situation with Euro-zone debts. The weaker than expected Chinese trade data coupled with OPEC increased production data were negative as well. Market was spooked by the JP Morgan’s disclosure of a $2 billion loss on credit derivative trading. However, the US weekly jobless claims, which were lower than expected provided a degree of support. Market will look the US April Producer Price Index (PPI) and Michigan University sentiment data later this afternoon to find a clue regarding the future directions. This morning, crude is trading down.
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Fuel oil prices in the NWE area dropped slightly yesterday. Delivered 380cst product in Rotterdam lost app. $4/mt while cargo prices nearly a dollar more. Demand in the area remained sluggish and only prompt inquiries were fixed. The Singapore fuel oil markets fell more than -$2.0 during the morning Platts window yesterday. The Singapore heavy residual inventory saw a build of +0.6 mbbl to 19.87 mbbl. The delivered bunker premiums remains around $7.5 to $8.0 above cargo prices yesterday. This morning both markets are trading down.
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Settlement & Indications (mid values)
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Product
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Yesterday's Values
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Forward Indications
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Product
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Change
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Last
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Dir.
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Jun
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Jul
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Aug
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Q312
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Q412
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2013
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NYMEX WTI Swap (1st month)
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0.27
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97.08
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↓
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96.37
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96.63
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96.93
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96.93
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97.48
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97.48
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ICE Brent Swap (1st month)
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(0.47)
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112.73
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↓
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111.06
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110.62
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110.13
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110.14
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108.98
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108.98
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ICE Gasoil Swap (1st month)
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0.00
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950.25
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↓
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940.50
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939.17
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939.00
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939.22
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937.86
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919.52
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3.5% Barges FOB Rtdm
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(4.75)
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636.00
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↓
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630.75
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629.00
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627.00
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626.75
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619.25
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600.50
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3.5% Cargoes FOB Med
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(4.75)
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636.75
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↓
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625.25
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624.50
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622.25
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622.00
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614.50
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596.00
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1.0% Cargoes FOB NWE
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(7.75)
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672.25
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↓
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664.75
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663.50
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661.50
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661.25
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651.75
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633.25
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3% no. 6 USGC WB
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(1.25)
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99.80
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↓
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98.84
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99.19
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98.89
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97.44
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96.29
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94.49
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380 CST Cargoes FOB S'pore
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(2.25)
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675.50
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↓
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660.00
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656.75
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654.25
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654.75
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646.75
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626.00
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0.1 % GO Barges FOB Rtdm
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(0.75)
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956.75
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↓
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940.25
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939.25
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939.25
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939.25
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939.25
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923.25
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Physical Rotterdam 380 CST
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(4.00)
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650.00
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↓
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641.00
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639.25
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637.25
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637.00
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629.50
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610.75
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Physical Singapore 380 CST
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(2.00)
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682.75
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↓
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670.25
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667.00
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664.50
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665.50
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657.50
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636.75
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Focus of the day: Piraeus
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This was another very busy week for Piraeus. Bunker prices have remained low compared to the previous week as a result of the dropping crude market, and this has sparked buying interest. Product availability was very good, but MOH refinery is now getting ready for a new export during the weekend, so they will not allow loadings to take place until Monday. Hellenic Petroleum Refinery product availability remains very good. Barges were able to meet the increasing demand and deliveries were smooth, with no delays; smooth weather prevailed in the East Med throughout the week. We expect demand to be high for the next week as well.
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Economy fundamentals this week
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Fundamental Indicators
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Statistic
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Importance
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Date
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Time
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Period
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Consensus
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Last
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Actual
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Customer Credit
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Medium
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07-May
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3:00 PM
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Mar
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$11.0B
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$8.7B
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$21.4B
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MBA Mortgage Index
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Medium
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09-May
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7:00 AM
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05-May
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NA
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0.9%
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1.7%
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Wholesale Inventories
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Medium
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09-May
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10:00 AM
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Mar
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0.6%
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0.9%
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0.3%
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Initial Claims
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Medium
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10-May
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8:30 AM
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05-May
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365K
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365K
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367K
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Trade Balance
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Medium
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10-May
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8:30 AM
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Mar
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-$499B
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-$46.0B
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-$51.8B
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Treasury Budget
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Medium
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10-May
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2:00 PM
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Apr
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NA
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-$40.4B
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$59.1B
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PPI
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Medium
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11-May
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8:30 AM
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Apr
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0.2%
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0.3%
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-
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Mich Sentiment
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High
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11-May
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9:55 AM
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May
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76.2
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76.4
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-
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Daily Charts
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Resistance
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Brent
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WTI
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GO
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Source: OW Risk Management