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 accelerated to the upside
yesterday after a week of sideway trading. The November
WTI contract settled at $91.85/bbl, up +$1.87 and
November Brent +$1.97 at $112.01/bbl. Crude prices were
supported by the Spanish and French commitments to
reduce deficits which lifted the Euro and lowered the
Spanish bonds yields. Some more market speculation of
stimulus from China as the monetary authority injected a
record amount of funds into the financial system this
week to ease a cash squeeze in the run up to a holiday
next week. Markets keep an eye on Middle East with
hawkish comments by the Israeli leader further supported
prices. Crude prices rallied despite some weaker US
economic data yesterday. The final US 2nd Quarter GDP
was revised down to +1.3% from +1.7%. This morning,
crude is trading up.
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Thursday was a quiet day in the NWE area
despite a spike in Brent and following higher prices in
ARA hub. Delivered 380cst product in Rotterdam was
assessed up by $13/mt while cargo prices posted
app.$12/mt gains. The Singapore fuel oil markets slipped
app. $3.0 during the morning window yesterday. The
latest Singapore heavy residual inventory saw a draw of
-1.45 mbbl to 18.53 mbbl. The delivered bunker premiums
remained around $7.5 above cargo prices. Bunker fuel oil
swaps posted app.$10/mt gains along the curve both for
Rotterdam and Singapore papers. 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. |
Oct |
Nov |
Dec |
Q113 |
Q213 |
2013 |
| NYMEX WTI Swap (1st month) |
1.87 |
91.85 |
↑ |
92.60 |
93.01 |
93.46 |
93.63 |
94.04 |
93.03 |
| ICE Brent Swap (1st month) |
1.97 |
112.01 |
↑ |
112.61 |
111.78 |
111.08 |
109.79 |
108.20 |
111.82 |
| ICE Gasoil Swap (1st month) |
18.75 |
981.00 |
↑ |
985.75 |
978.00 |
971.08 |
954.83 |
938.53 |
938.08 |
| 3.5% Barges FOB Rtdm |
12.00 |
628.75 |
↑ |
636.25 |
633.00 |
630.00 |
625.25 |
617.25 |
613.50 |
| 3.5% Cargoes FOB Med |
12.75 |
625.75 |
↑ |
629.75 |
627.25 |
624.50 |
620.25 |
613.25 |
609.50 |
| 1.0% Cargoes FOB NWE |
13.75 |
683.75 |
↑ |
686.75 |
677.25 |
672.25 |
665.50 |
655.75 |
651.50 |
| 3% no. 6 USGC WB |
2.30 |
99.60 |
↑ |
99.43 |
98.68 |
97.90 |
97.50 |
96.40 |
95.85 |
| 380 CST Cargoes FOB S'pore |
(3.00) |
644.50 |
↑ |
660.25 |
657.25 |
654.75 |
649.75 |
641.75 |
637.50 |
| 0.1 % GO Barges FOB Rtdm |
18.00 |
978.75 |
↑ |
986.25 |
978.25 |
972.25 |
956.25 |
940.25 |
940.25 |
| Physical Rotterdam 380 CST |
13.00 |
639.75 |
↑ |
646.50 |
643.25 |
640.25 |
635.50 |
627.50 |
623.75 |
| Physical Singapore 380 CST |
(3.00) |
652.50 |
↑ |
670.50 |
667.50 |
665.00 |
660.50 |
652.50 |
648.25 |
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Focus of
the day: Piraeus |
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Crude market was very volatile this week
and CIF MED 3.5% would change in a range of more than
$15 overnight; however average CIF MED 3.5% was lower by
$19.4 compared to last week. Demand in Piraeus was high
both for the liner sector and the spot market. Product
availability in the Greek refineries was very good; a
shortage on LSFO 1% grades is expected for next
week.
Customs Officers went into a strike on the 26th
and are expected to resume duties on Monday, making it
impossible for bunker permits to be issued for
deliveries during the weekend. Scheduled deliveries were
carried out smoothly though, as the strike had been
announced ahead of time and all loadings were scheduled
around it.
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Economy
fundamentals this week |
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| Fundamental
Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| Case-Shiller 20-city
Index |
Medium |
25-Sep |
9:00 AM |
Jul |
1.5% |
0.5% |
1.2% |
| Consumer Confidence |
High |
25-Sep |
10:00 AM |
Sep |
62.0 |
60.6 |
70.3 |
| New Home Sales |
Medium |
26-Sep |
10:00 AM |
Aug |
390K |
372K |
373K |
| Initial Claims |
Medium |
27-Sep |
8:30 AM |
22-Sep |
380K |
382K |
359K |
| Durable Orders |
High |
27-Sep |
8:30 AM |
Aug |
-6.5% |
4.1% |
-13.2% |
| GDP-3rd estimate |
High |
27-Sep |
8:30 AM |
Q2 |
1.7% |
1.7% |
1.3% |
| Pending Home Sales |
Medium |
28-Sep |
10:00 AM |
Aug |
2.0% |
2.4% |
-2.6% |
| PCE Prices- Core |
High |
28-Sep |
8:30 AM |
Aug |
0.1% |
0.0% |
- |
| Chicago PMI |
Medium |
28-Sep |
9:45 AM |
Sep |
52.0 |
53.0 |
- |
| Michigan Sentiment-
Final |
Medium |
28-Sep |
9:55 AM |
Sep |
79.0 |
79.2 |
- |
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Source: OW Risk Management