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

Crude Oil rebound extended for another day. The US market was trading in light volumes as a few major countries were closed to commemorate the end of the First World War. Oil prices found support on the inconclusive talks on the Iran nuclear program and higher implied oil demand in China slightly up +0.3% compared to last year. The December WTI futures closed at $95.14/bbl up $0.54 and Brent climbed $1.28 to $106.40/bbl. Asian equity markets were mixed as monetary conditions in China tightened in October. This week will be a relatively light in terms of US economic data release. This morning, crude prices are trading slightly lower.

Fueloil Specifics

The Northwest European bunker fuel oil markets firmed yesterday following higher Brent values. Delivered 380cst product in Rotterdam and Antwerp gained some $6-7/mt. Suppliers in Rotterdam reported healthy demand and continuously tight avails for prompt deliveries. Trading in Antwerp was subdued due to national holidays. The Singapore fuel oil markets rose more than $4.0 during the morning Platts window yesterday lifted by the stronger crude values. Market saw strong selling in the market as November incomings were higher than expected estimated at 4.0 million mt. The delivered bunker premiums were between $11.0-9.0/mt above cargo prices yesterday. This morning both markets are trading slightly lower.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Change Last Dir. Dec Jan Feb Q114 Q214 2014 NYMEX WTI Swap (1st month) 0,54 95,14 ↓ 94,85 94,92 94,82 94,78 93,79 92,91 ICE Brent Swap (1st month) 1,28 106,40 ↓ 105,61 105,31 105,30 105,00 104,07 103,31 ICE Gasoil Swap (1st month) 10,25 903,25 ↓ 896,17 895,67 894,17 894,11 888,14 886,62 3.5% Barges FOB Rtdm 4,50 569,25 ↓ 565,75 568,50 568,25 568,75 568,25 566,50 3.5% Cargoes FOB Med 1,00 569,00 ↓ 560,75 563,25 562,50 562,00 561,25 560,50 1.0% Cargoes FOB NWE 5,00 585,00 ↓ 588,25 591,00 591,25 591,25 592,25 589,50 3% no. 6 USGC WB 0,95 90,70 ↓ 89,20 88,95 89,20 88,95 88,70 88,45 380 CST Cargoes FOB S'pore 6,25 599,00 ↓ 592,50 588,75 587,50 587,50 586,75 586,25 0.1 % GO Barges FOB Rtdm 9,25 902,50 ↓ 897,25 897,25 896,25 896,25 892,25 889,25 Physical Rotterdam 380 CST 7,00 576,00 ↓ 571,00 573,75 573,50 573,50 572,50 570,75 Physical Singapore 380 CST 5,50 607,75 ↓ 597,75 594,00 592,75 592,75 592,00 591,50

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual MBA Mortgage Index Medium 13-Nov 7:00 AM 09-nov NA -7.0% - Treasury Budget Medium 13-Nov 2:00 PM Oct NA -$120.0B - Initial Claims Medium 14-Nov 8:30 AM 09-nov 335K 336K - Trade Balance Medium 14-Nov 8:30 AM Sep -$38.5B -$38.8B - Productivity- Prel Medium 14-Nov 8:30 AM Q3 0.5% 0.0% - Empire Manufacturing Medium 15-Nov 8:30 AM Nov 3.0 1.5 - Industrial Production Medium 15-Nov 9:15 AM Oct 0.2% 0.6% - Capacity Utilization Medium 15-Nov 9:15 AM Oct 78.4% 78.3% - Wholesale Inventories Medium 15-Nov 10:00 AM Sep -0.1% 0.5% -

Source: OW Risk Management