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 prices closed the day yesterday mainly
unchanged as the NYMEX trading floor remained closed due to Hurricane
Sandy. The December WTI futures settled at $85.68/bbl, up +$0.14 while
the December Brent contracts were assessed at $109.08/bbl, down -$0.36.
Market seems to be lacking direction dragged between the hurricane
damage to oil infrastructure and oil demand after the storm as well as
continuous worries from Euro zone. The API inventory report yesterday
showed that crude inventories grew by 2.1mbbl last week, while gasoline
and distillates stocks dropped by 0.17mbbl and 2.59mbbl respectively.
The US Energy Department announced yesterday that the weekly oil
inventory report will be delayed until Thursday. This morning, crude is
trading up.
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The NWE fuel oil markets continued downwards
trend following weaker fundamentals and lower demand. Cargo prices
posted more than $6/mt loss while delivered 380cst product in Rotterdam
was even weaker, down by app.$8/mt. Some suppliers in Rotterdam still
experienced difficulties with prompt HSFO deliveries due to operational
delays. The Singapore fuel oil market dropped more than -$7.0 yesterday
during the morning Platts window. There was seen strong selling interest
that weakened fuel oil crack spread significantly. The bunker premiums
were around $6.25 above cargo prices. Bunker fuel oil swaps posted up to
$4/mt losses at the front of the forward curve both for Rotterdam and
Singapore papers while backend was significantly stronger, remaining
mostly unchanged from previous day’s close. 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. |
Nov |
Dec |
Jan |
Q113 |
Q213 |
2013 |
| NYMEX WTI Swap (1st month) |
0.14 |
85.68 |
↑ |
86.57 |
87.12 |
87.70 |
88.19 |
88.98 |
88.88 |
| ICE Brent Swap (1st month) |
(0.36) |
109.08 |
↑ |
109.10 |
108.07 |
107.30 |
106.76 |
105.42 |
104.78 |
| ICE Gasoil Swap (1st month) |
(7.00) |
963.50 |
↓ |
954.25 |
946.92 |
942.00 |
934.54 |
919.12 |
916.25 |
| 3.5% Barges FOB Rtdm |
(6.50) |
585.25 |
↑ |
590.75 |
591.75 |
594.75 |
596.25 |
595.75 |
593.75 |
| 3.5% Cargoes FOB Med |
(4.50) |
582.75 |
↑ |
584.75 |
586.25 |
586.00 |
591.75 |
591.75 |
589.75 |
| 1.0% Cargoes FOB NWE |
(4.75) |
619.25 |
↑ |
624.50 |
626.00 |
628.25 |
629.50 |
628.25 |
626.00 |
| 3% no. 6 USGC WB |
(1.17) |
92.08 |
↓ |
92.51 |
92.13 |
92.54 |
92.51 |
92.06 |
92.17 |
| 380 CST Cargoes FOB S'pore |
(7.00) |
617.00 |
↑ |
617.25 |
617.00 |
618.00 |
619.50 |
619.25 |
617.25 |
| 0.1 % GO Barges FOB Rtdm |
(8.25) |
964.50 |
↓ |
954.25 |
947.25 |
943.25 |
938.25 |
925.25 |
921.25 |
| Physical Rotterdam 380 CST |
(8.00) |
596.25 |
↑ |
601.00 |
602.00 |
605.00 |
606.50 |
606.00 |
604.00 |
| Physical Singapore 380 CST |
(7.50) |
623.25 |
↑ |
627.50 |
627.25 |
628.25 |
630.25 |
630.00 |
628.00 |
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Focus of the day: Singapore |
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Singapore onshore residual fuel oil stocks
have climbed to a 16-week high, growing by 2.68 mbbl to 22mbbl, a 14%
increase. Arbitrage arrivals were up by more than 40% week-on-week to
some 1 million metric tonnes. The volumes were in line with
expectations, with arbitrage inflows set to top 4.50 million mt this
month. Arrivals are expected to be lower in November.
In Singapore, the price of 380cst grade softened $0.50 to $627.50/mt
while marine gas oil (MGO) gained $2 to $933/mt. Enquiries were below
average and avails fine. November 3rd was the earliest date for
deliveries of bunker fuel.
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Economy fundamentals this week |
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| Fundamental Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| Personal Income |
Medium |
29-Oct |
8:30 AM |
Sep |
0.5% |
0.1% |
0.4% |
| PCE Prices- Core |
High |
29-Oct |
8:30 AM |
Sep |
0.1% |
0.1% |
0.1% |
| Case-Shiller 20-city Index |
Medium |
30-Oct |
9:00 AM |
Aug |
1.5% |
1.2% |
2.0% |
| Consumer Confidence |
High |
30-Oct |
10:00 AM |
Oct |
73.0 |
70.3 |
- |
| ADP Employment Change |
Medium |
31-Oct |
8:15 AM |
Oct |
135K |
162K |
- |
| Chicago PMI |
Medium |
31-Oct |
9:45 AM |
Oct |
50.0 |
49.7 |
- |
| Initial Claims |
Medium |
01-Nov |
8:30 AM |
27-Oct |
375K |
369K |
- |
| Productivity- Prel. |
Medium |
01-Nov |
8:30 AM |
Q3 |
2.0% |
2.2% |
- |
| ISM Index |
High |
01-Nov |
10:00 AM |
Oct |
50.5 |
51.5 |
- |
| Construction Spending |
Medium |
01-Nov |
10:00 AM |
Sept |
1.0% |
-0.6% |
- |
| Nonfarm Payroll |
High |
02-Nov |
8:30 AM |
Oct |
135K |
114K |
- |
| Unemployment Rate |
High |
02-Nov |
8:30 AM |
Oct |
7.9% |
7.8% |
- |
| Factory Orders |
Medium |
02-Nov |
10:00 AM |
Sept |
5.0% |
-5.2% |
- |
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Source: OW Risk Management