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.

Market in Brief

Crude prices closed lower yesterday after the long Easter holiday. The May WTI contract expired, losing a hefty -$2.24 to close at $102.13/bbl while the second most active contract, June, lost  -$1.90 to $101.75/bbl. The June Brent contract settled at $109.27/bbl down -$0.68 which widened the Brent/WTI spread to $7.52. Yesterday API weekly Inventories showed a roughly 0.5 mill bbl build in crude and Distillates and another strong draw in Gasoline of -3,4 mbb. The Ukraine crisis is unchanged and the oil premiums is still high with investors being fearfull of an escalation but do not see a risk of supply disruption so far. The Chinese manufacturing data compiled by HSBC was released reporting a 48.3 index which implied a 4th straight month of contraction. In terms of data the US Manufacturing will be released today and later the US DOE weekly Oil inventory with a similar pattern expected as for the API - a build in Crude Oil and Distillates and a draw in gasoline. This morning crude prices are trading around flat.

Fueloil Specifics

Singapore fuel oil prices rose between +$3.5 to +$6.5 during the Platts window following the crude prices. The delivered bunker premiums fell to between flat and $2.5 above cargo prices. Trading activities were slowly picking up after the long Easter break which saw European markets reopen. In both Rotterdam and Antwerp the market saw an easing of the pressure on Low sulfur. Barges closed unchanged in the window at $575.50 while delivered prices fell $1.0 to $579.50

Settlement & Indications (mid values)

Product Yesterday's Values   Forward Indications Product Change Last Dir. jun jul aug Q314 Q414 Q115 NYMEX WTI Swap (1st month) (1,90) 101,75 ↑ 100,50 99,69 98,86 - 98,84 96,18 ICE Brent Swap (1st month) (0,68) 109,27 ↑ 108,71 108,16 108,16 107,57 106,02 103,86 ICE Gasoil Swap (1st month) (6,75) 920,75 ↑ 918,83 917,83 916,42 916,56 909,58 - 3.5% Barges FOB Rtdm 0,00 575,25 ↑ 577,75 578,00 577,25 577,25 573,50 572,50 3.5% Cargoes FOB Med 2,75 569,25 ↑ 574,50 574,50 574,50 574,25 570,50 569,00 1.0% Cargoes FOB NWE (1,75) 613,50 ↑ 608,00 607,00 606,00 606,00 598,50 591,00 3% no. 6 USGC WB (0,42) 91,20 ↑ 90,50 90,22 90,14 90,03 89,50 89,20 380 CST Cargoes FOB S'pore 3,75 591,00 ↑ 594,50 594,50 594,00 595,75 594,75 594,00 0.1 % GO Barges FOB Rtdm (0,25) 919,00 ↑ 919,25 918,25 917,25 917,25 910,25 - Physical Rotterdam 380 CST (1,00) 579,00 ↑ 581,50 582,25 582,50 582,50 578,75 577,75 Physical Singapore 380 CST 3,50 593,00 ↑ 598,25 598,75 599,25 601,00 600,00 599,25

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Leading Indicators Medium 21-Apr 10:00 AM Mar 0.7% 0.5% 0.8% Existing Home Sales Medium 22-Apr 10:00 AM Mar 4.55M 4.60M - New Home Sales Medium 23-Apr 10:30 AM Mar 455K 440K - Crude Inventoreis Medium 24-Apr 8:30 AM 19-apr - 10.0163M - Initial Claims Medium 24-Apr 8:30 AM 19-apr 315K 304K - Continuing Claims Medium 24-Apr 8:30 AM 12-apr 2.750K 2.750K - Durable Ordes Medium 24-Apr 8:30 AM Mar 2.0% 2.2% - Michigan Sentiment Medium 25-Apr 9:55 AM Apr 81.5 82.6 -

Source: OW Risk Management