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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All the days look similar for Crude Oil
with- for a sixth day in a row for Brent -a higher
close. September Brent closed at $112,14/bbl up 14 cents
and WTI at $93,35/bbl down 35 cents. This market is
powered by stimuli hopes from the Central Banks despite
stocks at ample levels. China industrial output growth
unexpectedly slowed in July to a three year low –still
at +9,2% though!-and retail sales missed estimates
rising pressure for easing policies. A cut in banks
reserves requirement ration may happen any time now.
This market seems disconnected from fundamentals : OPEC
produced 31,9 Mios barrels in Q2 , 2,1 Mios barrels more
than the projected demand, the biggest overproduction
for any quarter since 1998 the IEA agency estimates. The
US DOE came out supportive for Oil with draws on all
products and particularly -3,7 Mios in Crude Oil.Today
is busy in terms of economic data, the market will focus
on the US Trade Balance, jobless claims and Wholesale
Inventories . This morning Crude Oil is trading
flat.
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The Northwest European fuel oil prices
inched further up yesterday. Both delivered 380cst
product in Rotterdam and cargo prices were assessed
app.$5/mt up compared to previous day close. Increasing
prices muted buying interest. Rotterdam port continues
to struggle with delays at loading installations keeping
380ct HSFO premiums over 3.5% Rtdam Barges at
app.$12/mt. The Singapore fuel oil market prices rose
app.$3-4/mt during the morning Platts window yesterday
tracking crude movements. Demand in the port was
reported as average while avails were tight with
earliest deliveries from August 12 onwards. This morning
both markets are trading down.
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Settlement
& Indications (mid values) |
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| Product |
Yesterday's
Values |
Forward
Indications |
| Product |
Change |
Last |
Dir. |
Sep |
Oct |
Nov |
Q113 |
Q213 |
2013 |
| NYMEX WTI Swap (1st month) |
(0.32) |
93.35 |
↑ |
94.11 |
94.49 |
94.96 |
95.30 |
95.46 |
94.89 |
| ICE Brent Swap (1st month) |
0.14 |
112.14 |
↑ |
110.58 |
109.98 |
109.63 |
108.40 |
107.14 |
109.62 |
| ICE Gasoil Swap (1st month) |
8.50 |
955.50 |
↓ |
955.50 |
952.92 |
949.92 |
938.22 |
926.94 |
925.33 |
| 3.5% Barges FOB Rtdm |
5.50 |
631.00 |
↓ |
623.75 |
620.25 |
617.50 |
612.25 |
606.50 |
604.75 |
| 3.5% Cargoes FOB Med |
5.00 |
627.75 |
↓ |
617.50 |
614.75 |
612.50 |
607.75 |
602.50 |
600.75 |
| 1.0% Cargoes FOB NWE |
5.50 |
683.75 |
↓ |
667.25 |
660.00 |
654.50 |
644.75 |
638.75 |
637.00 |
| 3% no. 6 USGC WB |
(0.05) |
98.40 |
↑ |
98.75 |
98.25 |
98.00 |
95.75 |
94.75 |
95.25 |
| 380 CST Cargoes FOB S'pore |
4.00 |
651.25 |
↓ |
644.75 |
642.50 |
640.50 |
634.75 |
629.00 |
627.25 |
| 0.1 % GO Barges FOB Rtdm |
6.50 |
953.25 |
↓ |
956.25 |
953.25 |
950.25 |
939.25 |
928.25 |
927.25 |
| Physical Rotterdam 380 CST |
5.00 |
643.00 |
↓ |
634.00 |
630.50 |
627.75 |
622.50 |
616.75 |
615.00 |
| Physical Singapore 380 CST |
3.00 |
656.75 |
↓ |
655.00 |
652.75 |
650.75 |
645.50 |
639.75 |
638.00 |
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Economy
fundamentals this week |
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| Fundamental
Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| MBA Mortgage Index |
Medium |
08-Aug |
3:00 PM |
04-Aug |
NA |
0.2% |
-1.8% |
| Productivity-Prel |
Medium |
08-Aug |
8:30 AM |
Q2 |
1.5% |
-0.9% |
1.6% |
| Initial Claims |
Medium |
09-Aug |
8:30 AM |
04-Aug |
385K |
365K |
- |
| Trade Balance |
Medium |
09-Aug |
8:30 AM |
June |
-$48.0B |
-$48.7B |
- |
| Wholesale Inventories |
Medium |
09-Aug |
10:00 AM |
June |
0.6% |
0.3% |
- |
| Export Prices |
Medium |
10-Aug |
8:30 AM |
July |
NA |
-1.4% |
- |
| Import Prices |
Medium |
10-Aug |
8:30 AM |
July |
NA |
-0.3% |
- |
| Treasury Budget |
Medium |
10-Aug |
2:00 PM |
July |
NA |
-$129.4B |
- |
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Source: OW Risk Management