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     Choppy session yesterday with Brent Crude Oil jumping nearly $2 into the close. Despite a bearish US API inventory report, highest stock level since 1981 at 50 Mios barrels, with builts in Crude oil and Gasoline +5.1 mbbl and close to 2mbbl respectively, market kept its gains. A big crude oil build was expected after Exxon mobile shut a pipeline that moves crude to Gulf Coast refineries from Illinois. The May WTI future closed at $94.20/bbl, up +$0.84 and  Brent closed at $106.23/bbl, up +$1.57. Note on the equity side a new record high for the Dow Jones. In Asia, Chinese exports grew less than expected for the first time in four months. The US Energy department will  release its report later today  and market is expecting not as large build as the API yesterday: Crude +1.4 mbbl, Distillates -1.3 mbbl, Gasoline -1.1 mbbl. Going into the FOMC minutes Oil could continue to be supported. This morning, Crude Oil  is trading slightly lower.         Fueloil Specifics     The NWE bunker fuel oil markets saw slowing demand yesterday as prices edged higher following stronger crude. Delivered 380cst product both in Rotterdam and Antwerp ports was assessed app.$4/mt higher versus previous day. In Rotterdam suppliers continued to report tight product avails and premiums up to $10/mt for prompt deliveries. The Singapore fuel oil markets were up +$1.0 during the morning Platts window yesterday. Market remained surprisingly strong with cargo premium ranging between $1.0 to $3.0, while April incoming volumes are estimate at 4.7 million mt. The delivered bunker premiums were seen around $8.0 above cargo prices. This morning both markets are trading higher.        Settlement & Indications (mid values)     Product Yesterday's Values Forward Indications Product Change Last Dir. May Jun Jul Q313 Q413 2014 NYMEX WTI Swap (1st month) 0,84 94,20 ↓ 94,33 94,53 94,51 94,23 93,23 91,12 ICE Brent Swap (1st month) 1,57 106,23 ↓ 105,91 105,65 105,30 104,88 103,65 100,87 ICE Gasoil Swap (1st month) (2,25) 878,50 ↑ 893,58 896,33 898,42 900,44 899,83 887,56 3.5% Barges FOB Rtdm 1,50 589,00 ↑ 594,50 593,00 591,50 590,00 586,00 577,50 3.5% Cargoes FOB Med 2,75 575,25 ↑ 587,75 587,50 586,50 586,75 580,25 574,50 1.0% Cargoes FOB NWE 0,75 594,00 ↑ 609,75 614,75 617,75 617,00 613,00 605,50 3% no. 6 USGC WB 0,85 93,62 ↓ 94,00 93,50 93,25 93,25 92,25 91,00 380 CST Cargoes FOB S'pore 1,25 619,50 ↑ 618,50 617,00 615,25 614,75 610,75 605,00 0.1 % GO Barges FOB Rtdm (1,25) 878,75 ↑ 894,25 897,25 899,25 900,25 899,25 889,25 Physical Rotterdam 380 CST 4,00 597,00 ↑ 601,75 600,25 598,75 597,25 592,25 585,75 Physical Singapore 380 CST 1,00 627,50 ↑ 625,75 624,25 622,50 622,00 618,00 612,25       Focus of the day: Singapore     Singapore’s onshore inventories have fallen to a low of 16.3 million barrels as of 4th Apr . Cargo is tight for the month of April due to the lack of readily available bunker grade fuel  in the market as well as delays to arbitrage shipment to Singapore. Spot Ex-wharf premiums for the month of April are have progressively gone up from +2  to current levels almost  +6 levels due to tight cargo availability. Many of suppliers are facing delays due to loading problems due to lack of cargo loading. This hence results in difficulty securing prompt supplies. Spot market  has gone down over $30 from the beginning of the month.       Economy fundamentals this week     Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Wholesale Inventories Medium 09-apr 10:00 AM Feb 0.5% 1.2% -0.3% Treasury Budget Medium 10-apr 2:00 PM Mar -$107.0B -$198.2B - Initial Claims Medium 11-apr 8:30 AM 06-apr 355K 385K - Continuing Claims Medium 11-apr 8:30 AM 06-apr 3050K 3063K - Retail Sales High 12-apr 8:30 AM Mar 0.0% 1.1% - Core PPI High 12-apr 8:30 AM Mar 0.2% 0.2% - Mich Sentiment High 12-apr 9:55 AM Apr 76.0 78.6 - Business Inventories Medium 12-apr 10:00 AM Feb 0.6% 1.0% -

Source: OW Risk Management