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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Yesterday Crude prices had another volatile
trading session going into Thanksgiving holiday in the US. Crude prices
ended higher recovering from earlier weakness due to an official
ceasefire broke between Hamas and Israel. Just before the US Energy
Department Inventory report showed some draw across all products which
supported Oil. The positive sentiment was also thanks to a stronger
equities market coupled with a weaker dollar. The market will continue
to focus on the ongoing discussions regarding the US fiscal cliffs and
the year-end deadline. The January WTI futures closed at $87.38/bbl, up
+$0.63 and Brent settled at $110.86/bbl, up +$1.03. The US market is
closed for thanksgiving and trading volumes are expected to be light
today and also tomorrow. This morning, crude is trading down.
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The NWE bunker fuel oil markets closed
yesterday with only slight gains. Delivered 380cst product in Rotterdam
was assessed app.$2/mt up following marginally stronger cargo prices.
Trading activity in the main ports remained subdued and Rotterdam
continuously reported problems with hsfo and lsfo deliveries due to
operational delays at loading installations. The Singapore markets
dropped more than $9.0 during the morning Platts window yesterday. The
Asian Fuel Oil crack strengthened on stronger buying interest. The
delivered bunker premiums were also firmer to around +$4.25 above cargo
prices. 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. |
Dec |
Jan |
Feb |
Q113 |
Q213 |
2013 |
| NYMEX WTI Swap (1st month) |
0.63 |
87.38 |
↑ |
87.57 |
88.18 |
88.80 |
88.77 |
90.06 |
90.03 |
| ICE Brent Swap (1st month) |
1.03 |
110.86 |
↓ |
110.15 |
109.46 |
108.92 |
108.95 |
107.56 |
106.84 |
| ICE Gasoil Swap (1st month) |
6.75 |
951.50 |
↓ |
950.33 |
949.92 |
946.58 |
945.75 |
933.65 |
930.28 |
| 3.5% Barges FOB Rtdm |
3.00 |
585.75 |
↑ |
588.25 |
592.00 |
595.25 |
595.00 |
600.75 |
598.75 |
| 3.5% Cargoes FOB Med |
2.50 |
573.00 |
↑ |
576.75 |
584.50 |
584.25 |
588.75 |
595.75 |
594.00 |
| 1.0% Cargoes FOB NWE |
3.75 |
615.75 |
↑ |
619.25 |
623.00 |
626.00 |
625.75 |
631.25 |
629.25 |
| 3% no. 6 USGC WB |
0.72 |
93.69 |
↓ |
92.29 |
92.69 |
92.97 |
93.56 |
93.62 |
93.32 |
| 380 CST Cargoes FOB S'pore |
(9.50) |
607.00 |
↑ |
611.75 |
614.75 |
618.50 |
618.25 |
625.25 |
623.25 |
| 0.1 % GO Barges FOB Rtdm |
7.50 |
950.25 |
↓ |
950.25 |
950.25 |
947.25 |
947.25 |
937.25 |
935.25 |
| Physical Rotterdam 380 CST |
2.00 |
595.75 |
↑ |
598.50 |
602.25 |
605.50 |
605.25 |
611.00 |
609.00 |
| Physical Singapore 380 CST |
(8.50) |
611.00 |
↑ |
622.00 |
625.00 |
628.75 |
629.00 |
636.00 |
634.00 |
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Focus of the day: Houston |
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The US Gulf Coast 3% physical fuel oil market
got stronger yesterday. There were five deals in the Platts Market on
Close assessment process, with four done in the mid-window and one in
the back-end of the assessment timeframe. The mid-window was assessed at
$93.25/barrel, using the trade between BP and Glencore in the MOC
process.
Houston market was quite active yesterday even though some players
expect an increase in the demand. Houston prices moved between $605-610
during the day and finally were assessed at $609. LSFO is still on a
premium of around $100/mt. The New Orleans bunker market was quiet
instead, with not much activity heard or seen yesterday, only one deal
done at $612. New Orleans 380 CST was assessed higher at $617-619/mt,
and 1%S 380 CST is also moving on the $95-100/mt range, seeing numbers
$714-716/mt.
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Economy fundamentals this week |
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| Fundamental Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| Existing Home Sales |
Medium |
19-Nov |
10:00 AM |
Oct |
4.75M |
4.75M |
4.79M |
| Housing Starts |
Medium |
20-Nov |
8:30 AM |
Oct |
840K |
872K |
894K |
| Building Permits |
Medium |
20-Nov |
8:30 AM |
Oct |
865K |
894K |
866K |
| Initial Claims |
Medium |
21-Nov |
8:30 AM |
17-Nov |
400K |
439K |
410K |
| Michigan Sentiment- Final |
High |
21-Nov |
9:55 AM |
Nov |
84.5 |
84.9 |
82.7 |
| Leading Indicators |
Medium |
21-Nov |
10:00 AM |
Oct |
0.1% |
0.6% |
0.2% |
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Source: OW Risk Management