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 started with a weak tone with no
progress on the US fiscal cliff and still a lot of negative comments on
the Greek deal. The US oil inventory report showed a big build in
gasoline stockpile- which was more or less anticipated- and a weaker
than expected draw on crude. Crude Oil pared losses towards the latter
session as Republicans said they should approve a deal that Americans do
not suffer a tax increase that endangers the economic recovery.
Equities posted solid gains on the day as well. The January WTI contract
closed at $86.49/bbl, down -$0.69 and Brent settled at $109.51/bbl,
down -$0.36. This morning, crude prices are trading up.
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The Northwest European bunker fuel oil prices
closed yesterday with double digit losses. Delivered 380cst product in
Rotterdam was assessed $10/mt down following a dollar weaker cargo
prices. Demand in the area was weaker throughout the day with buyers
waiting for prices to weaken further. The Singapore markets plummeted
around $9.0 during the morning Platts window yesterday. The delivered
bunker premiums remained around $3.0 above cargo prices as the lower
outright prices also attracted some demands. There were no significant
changes to the market fundamentals as strong supply coupled with
relatively soft demands. Bunker fuel oil swaps lost app.$9.5/mt at the
front and a dollar less at the backend of the forward curve both for
Rotterdam and Singapore papers. This morning both markets are trading
slightly higher.
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Settlement & Indications (mid values) |
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| Product |
Yesterday's Values |
Forward Indications |
| Product |
Change |
Last |
Dir. |
Dec |
Jan |
Feb |
Q113 |
Q213 |
2013 |
| NYMEX WTI Swap (1st month) |
(0.69) |
86.49 |
↑ |
87.60 |
88.23 |
88.83 |
88.82 |
90.03 |
89.86 |
| ICE Brent Swap (1st month) |
(0.36) |
109.51 |
↑ |
109.91 |
109.06 |
108.45 |
108.50 |
107.16 |
106.58 |
| ICE Gasoil Swap (1st month) |
(8.25) |
932.00 |
↑ |
943.58 |
943.25 |
940.42 |
940.03 |
928.94 |
927.62 |
| 3.5% Barges FOB Rtdm |
(11.00) |
573.50 |
↑ |
579.25 |
583.25 |
586.50 |
586.25 |
592.50 |
590.75 |
| 3.5% Cargoes FOB Med |
(8.50) |
560.00 |
↑ |
565.25 |
572.50 |
580.00 |
578.75 |
587.25 |
585.75 |
| 1.0% Cargoes FOB NWE |
(11.75) |
594.00 |
↑ |
599.50 |
605.50 |
609.75 |
609.50 |
617.75 |
616.00 |
| 3% no. 6 USGC WB |
(0.53) |
91.88 |
↑ |
91.70 |
91.88 |
92.13 |
92.63 |
92.73 |
92.46 |
| 380 CST Cargoes FOB S'pore |
(9.00) |
606.75 |
↑ |
602.75 |
605.25 |
608.50 |
608.25 |
615.00 |
613.25 |
| 0.1 % GO Barges FOB Rtdm |
(9.00) |
932.25 |
↑ |
944.25 |
943.25 |
941.25 |
941.25 |
930.25 |
929.25 |
| Physical Rotterdam 380 CST |
(10.00) |
583.00 |
↑ |
589.50 |
593.50 |
596.75 |
596.50 |
602.75 |
601.00 |
| Physical Singapore 380 CST |
(9.00) |
609.50 |
↑ |
613.00 |
615.50 |
618.75 |
619.00 |
625.75 |
624.00 |
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Economy fundamentals this week |
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| Fundamental Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| Durable Orders |
High |
27-Nov |
8:30 AM |
Oct |
-0.5% |
9.8% |
0.0% |
| Case-Shiller 20-city Index |
Medium |
27-Nov |
9:00 AM |
Sep |
2.5% |
2.0% |
3.0% |
| Consumer Confidence |
High |
27-Nov |
10:00 AM |
Nov |
73.0 |
72.2 |
73.7 |
| New Home Sales |
Medium |
28-Nov |
10:00 AM |
Oct |
395K |
389K |
368K |
| Initial Claims |
Medium |
29-Nov |
8:30 AM |
24-Nov |
400K |
410K |
- |
| GDP- Second Estimate |
High |
29-Nov |
8:30 AM |
Q3 |
2.8% |
2.0% |
- |
| Pending Home Sales |
Medium |
29-Nov |
10:00 AM |
Oct |
1.0% |
0.3% |
- |
| Personal Income |
Medium |
30-Nov |
8:30 AM |
Oct |
0.0% |
0.4% |
- |
| PCE Prices- Core |
Medium |
30-Nov |
8:30 AM |
Oct |
0.1% |
0.1% |
- |
| Chicago PMI |
Medium |
30-Nov |
9:45 AM |
Nov |
50.0 |
49.9 |
- |
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Source: OW Risk Management