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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Yesterday Crude Oil plunged more than $3.0
on renewed worries for the Eurozone. Focus is
particularly on Spain as its borrowing cost surged with
speculations that it may require a greater bailout.
Spain joined Italy in banning short selling in their
equity market. The Euro came off against the US dollar
to a record low which also pressured the US dollar
denominated crude futures. The September WTI contracts
closed at $88.14/bbl, down -$3.30 while the September
Brent futures fell -$3.57 to close at $103.26/bbl.
Today, we will see minor data from the US with only the
Richmond Fed Manufacturing. A better market mover could
be the Q2 US GDP on Friday. This morning, crude is
trading slightly up.
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The NWE fuel oil market prices fell
sharply yesterday following weakening Brent. Delivered
380cst product lost app.$15/mt while cargo prices were
even weaker posting more than $20/mt losses. Falling
prices raised mixed sentiment in the area as ARA hub saw
some increased demand while Hamburg remained muted.
Rotterdam port reported tight LSFO avails, with
suppliers fully booked until July 27. The Singapore fuel
oil market prices erased last week’s gain, shedding more
than -$22.0 during the morning Platts window. Market
remained firm as cargo premium was seen around $3.5. The
delivered bunker premiums were at app. $7.25 above cargo
prices yesterday. This morning both markets are trading
flat.
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Settlement
& Indications (mid values) |
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| Product |
Yesterday's
Values |
Forward
Indications |
| Product |
Change |
Last |
Dir. |
Aug |
Sep |
Oct |
Q412 |
Q113 |
2013 |
| NYMEX WTI Swap (1st month) |
(3.30) |
88.14 |
↑ |
88.69 |
88.93 |
89.18 |
89.53 |
90.37 |
89.53 |
| ICE Brent Swap (1st month) |
(3.57) |
103.26 |
↑ |
103.41 |
102.70 |
102.27 |
101.92 |
100.85 |
101.92 |
| ICE Gasoil Swap (1st month) |
(24.75) |
894.75 |
↓ |
893.58 |
892.33 |
890.25 |
887.47 |
879.89 |
873.33 |
| 3.5% Barges FOB Rtdm |
(20.25) |
590.50 |
↓ |
589.50 |
586.75 |
584.50 |
582.75 |
578.25 |
571.50 |
| 3.5% Cargoes FOB Med |
(19.50) |
583.75 |
↓ |
585.25 |
582.50 |
580.25 |
578.25 |
573.75 |
567.50 |
| 1.0% Cargoes FOB NWE |
(21.50) |
629.75 |
↓ |
626.75 |
622.50 |
618.75 |
616.00 |
609.00 |
602.50 |
| 3% no. 6 USGC WB |
(3.88) |
91.15 |
↑ |
92.46 |
92.21 |
91.71 |
90.46 |
89.71 |
89.96 |
| 380 CST Cargoes FOB S'pore |
(22.00) |
615.00 |
↓ |
612.00 |
609.50 |
608.00 |
606.50 |
601.75 |
594.75 |
| 0.1 % GO Barges FOB Rtdm |
(25.50) |
891.25 |
↓ |
895.25 |
894.25 |
892.25 |
891.25 |
883.25 |
875.25 |
| Physical Rotterdam 380 CST |
(15.00) |
605.25 |
↓ |
599.75 |
597.00 |
594.75 |
593.00 |
588.50 |
581.75 |
| Physical Singapore 380 CST |
(20.50) |
621.75 |
↓ |
622.25 |
619.75 |
618.25 |
617.25 |
612.50 |
605.50 |
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Economy
fundamentals this week |
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| Fundamental
Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| FHFA Housing Price Index |
Medium |
24-Jul |
10:00 AM |
May |
NA |
0.8% |
- |
| MBA Mortgage Index |
Medium |
25-Jul |
7:00 AM |
21-Jul |
NA |
NA |
- |
| New Home Sales |
Medium |
25-Jul |
10:00 AM |
June |
375K |
369K |
- |
| Initial Claims |
Medium |
26-Jul |
8:30 AM |
21-Jul |
365K |
386K |
- |
| Durable Orders |
High |
26-Jul |
8:30 AM |
June |
1.0% |
1.3% |
- |
| Pending Home Sales |
Medium |
26-Jul |
10:00 AM |
June |
1.0% |
5.9% |
- |
| GDP- Adv. |
High |
27-Jul |
8:30 AM |
Q2 |
NA |
1.9% |
- |
| Michigan Sentiment-
Final |
Medium |
27-Jul |
9:55 AM |
July |
71.5 |
72.0 |
- |
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Source: OW Risk Management