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 prices started weak but managed
to settle once again in the green. The October WTI
futures closed at $97.26/bbl, +$0.42 and October Brent
settled $114.91/bbl, up +$0.27. The Weekly Inventory
Report compiled by the US Energy department saw another
big crude draw of -5.4mbbl close to API the day before.
The gasoline inventory also posted a draw of -1.0 Mbbl
while the distillates reported build +1.0 Mbbl. Market
interpreted the report positively lifting crude prices.
The FOMC minutes suggested that many committee members
were in favor of stimuli measures if the economy does
not perform soon. This morning crude is trading firmly
higher.
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The Northwest European market remained
quiet yesterday with relatively low demand. Delivered
380cst product in Rotterdam posted app.$3/mt gains while
3.5% Rtdam FOB barges remained largely unchanged. The
Singapore fuel oil markets did not have much significant
changes either, mostly flattish from the previous during
the morning Platts window. The continually persistent
high outright prices were dampening demand in otherwise
ample supplied market. The delivered bunker premiums
were seen around $7.0 above cargo prices yesterday.
Bunker fuel oil swaps gained up to $1/mt at the front of
the forward curve both for Singapore and Rotterdam
papers. Backend was again slightly weaker, posting up to
$1/mt losses. This morning both markets are trading
higher.
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Settlement
& Indications (mid values) |
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| Product |
Yesterday's
Values |
Forward
Indications |
| Product |
Change |
Last |
Dir. |
Sep |
Oct |
Nov |
Q113 |
Q213 |
2013 |
| NYMEX WTI Swap (1st month) |
0.42 |
97.26 |
↑ |
98.13 |
98.44 |
98.84 |
99.25 |
98.72 |
98.85 |
| ICE Brent Swap (1st month) |
0.27 |
114.91 |
↑ |
115.96 |
115.39 |
114.91 |
113.46 |
112.14 |
114.92 |
| ICE Gasoil Swap (1st month) |
(3.75) |
985.00 |
↑ |
996.33 |
995.08 |
991.58 |
978.75 |
964.47 |
962.69 |
| 3.5% Barges FOB Rtdm |
0.25 |
652.75 |
↑ |
661.75 |
659.25 |
656.50 |
650.00 |
642.25 |
637.50 |
| 3.5% Cargoes FOB Med |
0.50 |
650.00 |
↑ |
657.25 |
654.75 |
651.75 |
645.50 |
638.00 |
633.50 |
| 1.0% Cargoes FOB NWE |
(2.75) |
707.75 |
↑ |
711.75 |
704.00 |
697.75 |
684.25 |
676.00 |
671.25 |
| 3% no. 6 USGC WB |
0.70 |
102.60 |
↑ |
102.75 |
102.25 |
102.00 |
100.00 |
98.75 |
99.25 |
| 380 CST Cargoes FOB S'pore |
0.00 |
670.75 |
↑ |
682.00 |
679.50 |
678.25 |
672.50 |
664.75 |
660.00 |
| 0.1 % GO Barges FOB Rtdm |
(3.25) |
983.25 |
↑ |
996.25 |
995.25 |
992.25 |
980.25 |
964.25 |
964.25 |
| Physical Rotterdam 380 CST |
3.00 |
662.75 |
↑ |
672.00 |
669.50 |
666.75 |
660.25 |
652.50 |
647.75 |
| Physical Singapore 380 CST |
(0.50) |
677.75 |
↑ |
692.25 |
689.75 |
688.50 |
683.25 |
675.50 |
670.75 |
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Economy
fundamentals this week |
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| Fundamental
Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| FOMC Minutes |
High |
22-Aug |
2:00 PM |
31-Jul |
- |
- |
- |
| MBA Mortgage Index |
Medium |
22-Aug |
7:00 AM |
18-Aug |
NA |
-4.5% |
-7.4% |
| Existing Home Sales |
Medium |
22-Aug |
10:00 AM |
Jul |
4.3M |
4.37M |
4.47M |
| Initial Claims |
Medium |
23-Aug |
8:30 AM |
18-Aug |
365K |
366K |
- |
| New Home Sales |
Medium |
23-Aug |
10:00 AM |
Jul |
375K |
350K |
- |
| Durable Orders |
High |
24-Aug |
8:30 AM |
Jul |
3.5% |
1.3% |
- |
| Durable Orders- ex
Transportation |
Medium |
24-Aug |
8:30 AM |
Jul |
0.0% |
-1.4% |
- |
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Source: OW Risk Management