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.
|
|
| |
Friday Oil Crude prices recovered for a
second day in a row. Market rose on optimism that a
bailout plan would be released next Thursday and that EU
authorities are working for a new Spanish rescue program
and unlimited bond buying from the ECB. Market is
supported by escalating geopolitical tensions in the
Middle East. The firm equities and Euros also prove to
be supportive to the crude prices. However, the Crude
Oil market continues to be under the threat of an SPR
release going into the US election. The November WTI
contract closed up $0.47 to $92.89/bbl and Brent settled
at $111.42/bbl, up $1.39. In terms of economic data this
week we will look forward to the revised US GDP figures,
Housing and labor data to provide further price
guidance. This morning, crude is trading down.
|
|
|
|
|
| |
The Northwest European bunker fuel oil
market closed last week with double digit gains
following yet another rebound in crude. Delivered 380sct
product in Rotterdam was up bu app.$11/mt while cargo
prices were slightly weaker, posting app.$8/mt gains.
Suppliers in the area reported relatively quiet Friday
as majority of buyers decided to stay away from the
market as soon as prices started to firm. The Singapore
fuel oil markets surged more than $17.0 during the
morning Platts window. The delivered bunker premiums
weakened to around $7.0 above cargo prices as the higher
outright prices dampened buying interest. Supply in
Singapore seems to be healthy at the moment with the
latest Singapore heavy residual inventory reporting a
build. Bunker fuel oil swaps last Friday gained
app.$11/mt along the curve both for Singapore and
Rotterdam papers. This morning both markets are trading
down.
|
|
|
| |
Settlement
& Indications (mid values) |
|
|
| |
| Product |
Yesterday's
Values |
Forward
Indications |
| Product |
Change |
Last |
Dir. |
Oct |
Nov |
Dec |
Q113 |
Q213 |
2013 |
| NYMEX WTI Swap (1st month) |
0.12 |
92.89 |
↓ |
91.76 |
92.07 |
92.38 |
93.11 |
92.99 |
92.07 |
| ICE Brent Swap (1st month) |
1.39 |
111.42 |
↓ |
109.39 |
108.72 |
108.12 |
106.99 |
105.21 |
108.74 |
| ICE Gasoil Swap (1st month) |
11.50 |
974.75 |
↓ |
963.42 |
956.00 |
949.58 |
936.33 |
919.17 |
919.26 |
| 3.5% Barges FOB Rtdm |
8.25 |
634.50 |
↓ |
624.50 |
620.50 |
617.00 |
612.25 |
603.50 |
599.25 |
| 3.5% Cargoes FOB Med |
6.50 |
626.00 |
↓ |
616.50 |
613.50 |
611.00 |
607.25 |
599.50 |
595.25 |
| 1.0% Cargoes FOB NWE |
8.25 |
681.00 |
↓ |
670.50 |
664.25 |
658.75 |
651.00 |
639.50 |
635.00 |
| 3% no. 6 USGC WB |
0.90 |
100.00 |
↓ |
99.10 |
98.35 |
97.40 |
96.95 |
95.55 |
94.91 |
| 380 CST Cargoes FOB S'pore |
17.25 |
655.50 |
↓ |
648.75 |
645.00 |
641.75 |
636.75 |
628.00 |
623.25 |
| 0.1 % GO Barges FOB Rtdm |
11.25 |
972.75 |
↓ |
963.25 |
956.25 |
950.25 |
937.25 |
920.25 |
921.25 |
| Physical Rotterdam 380 CST |
11.00 |
643.75 |
↓ |
634.75 |
630.75 |
627.25 |
622.50 |
613.75 |
609.50 |
| Physical Singapore 380 CST |
15.00 |
662.00 |
↓ |
659.00 |
655.25 |
652.00 |
647.50 |
638.75 |
634.00 |
|
|
|
| |
Focus of
the day: Gibraltar |
|
|
| |
Most suppliers in the Strait received new
cargoes during the last few days which ensure good
avails of all products in the hub.
The week has just
started with operations running smoothly at the three
ports of the Strait, with bunker premiums in Algeciras
quite competitive compared with those in Gibraltar. CIF
Med 3.5% is currently trading $2.50/mt higher than FOB
Barges Rotterdam and the HILO spread is around. The Med
market is trading down this morning.
|
|
|
| |
Economy
fundamentals this week |
|
|
| |
| 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% |
- |
| Consumer Confidence |
High |
25-Sep |
10:00 AM |
Sep |
62.0 |
60.6 |
- |
| New Home Sales |
Medium |
26-Sep |
10:00 AM |
Aug |
390K |
372K |
- |
| Initial Claims |
Medium |
27-Sep |
8:30 AM |
22-Sep |
380K |
382K |
- |
| Durable Orders |
High |
27-Sep |
8:30 AM |
Aug |
-6.5% |
4.1% |
- |
| GDP-3rd estimate |
High |
27-Sep |
8:30 AM |
Q2 |
1.7% |
1.7% |
- |
| Pending Home Sales |
Medium |
28-Sep |
10:00 AM |
Aug |
2.0% |
2.4% |
- |
| 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 |
- |
|
|
Source: OW Risk Management