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 Oil was volatile but closed quasi unchanged in a directionless market. The price movements could have more to do with the WTI- Brent spread which continues to narrow to $16,90 this morning. The April WTI contract settled at $92.54/bbl, +$0.48 and Brent dropped -$0.57 to close at $109.65/bbl. The US Weekly Inventory figures from the American Petroleum Institute (API) showed more draws than expected in crude and product stockpiles but was ignored by the market. The US Energy Department weekly stocks report will be released later today and the expectations are as follows: Crude +2.4mbbl, Distillates -1.8 mbbl, Gasoline -1.2 mbbl. Build in crude stockpile are expected to have increased due to higher crude imports. The US February retail sales figures will be released later today and will show if the consumer is still well supporting the US economy. IEA lowered global oil demand forecasts for a second month. The agency estimates that global fuel consumption in 2013will be lower by 60k/day and demand will increase by 820k bbl/day. They also predict an increase in OPEC crude Output driven gains from Iraq. This morning, crude is trading 0,30% up.

Fueloil Specifics

The NWE bunker fuel oil prices firmed yesterday, with 380cst product both in Rotterdam and Antwerp assessed app.$3/mt up. Hsfo and lsfo deliveries in Rotterdam improved somewhat, however suppliers still reported barge congestions and lading terminals. The Singapore fuel oil market remained in a similar assessment as previous trading session. Prices were mixed during the Platts window yesterday with the 180cst product increasing more than $1.0 while the 380cst cargo prices slipped around $0.25. The delivered bunker premiums were ranging between $5.0 to $7.0 above cargo prices. This morning both markets are trading slightly lower.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Change Last Dir. Apr May Jun Q313 Q413 2014 NYMEX WTI Swap (1st month) 0,48 92,54 ↑ 93,37 93,59 93,66 93,20 92,28 89,99 ICE Brent Swap (1st month) (0,57) 109,65 ↑ 109,21 108,68 108,12 106,95 105,35 102,22 ICE Gasoil Swap (1st month) 0,00 924,25 ↑ 925,33 924,33 922,58 917,50 911,72 893,73 3.5% Barges FOB Rtdm 1,75 605,75 ↓ 604,50 602,75 601,00 597,75 592,50 582,00 3.5% Cargoes FOB Med (0,25) 598,75 ↓ 598,50 600,75 599,75 594,50 587,00 578,00 1.0% Cargoes FOB NWE (2,00) 626,00 ↓ 630,25 633,50 633,75 630,75 624,50 611,25 3% no. 6 USGC WB (0,22) 95,44 ↓ 95,10 94,85 94,60 93,85 93,10 88,85 380 CST Cargoes FOB S'pore (0,50) 632,25 ↓ 628,00 626,50 624,75 622,25 617,75 607,50 0.1 % GO Barges FOB Rtdm (2,75) 919,75 ↑ 926,25 925,25 923,25 920,25 914,25 895,25 Physical Rotterdam 380 CST 3,00 609,75 ↓ 611,75 610,00 608,25 605,00 599,75 589,25 Physical Singapore 380 CST 1,50 639,00 ↓ 635,75 634,25 632,50 630,00 625,50 615,25

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Retail Sales High 13-mar 8:30 AM Feb 0.2% 0.1% - Business Inventories Medium 13-mar 10:00 AM Jan 0.6% 0.4% - Initial Claims Medium 14-mar 8:30 AM 09-mar 350K 340K - Continuing Claims Medium 14-mar 8:30 AM 09-mar 3100K 3094K - Core PPI High 14-mar 8:30 AM Feb 0.2% 0.2% - Core CPI High 15-mar 8:30 AM Feb 0.2% 0.3% - Empire Manufacturing Medium 15-mar 8:30 AM Mar 5.0 10.0 - Industrial Production Medium 15-mar 9:15 AM Feb 0.6% -0.1% - Mich Sentiment Medium 15-mar 9:55 AM Mar 79.0 77.6 -

Source: OW Risk Management