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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Market is still trading sideways and sentiment remains negative with no
real mover. The August WTI contract fell -$0.55 to $79.21/bbl while
Brent inched up slightly by +$0.03 to close $91.01/bbl. Market is
looking forward to next week-end EU summit but stays cautious about the
outcome as it could be another indecisive one. The tropical storm
approaching the US golf finally avoided it. Today in terms of economic
data we will look at the US Case Schiller 20 biggest city price,
Consumer confidence and Richmond Fed Maufact. Index. This morning, crude
is trading up.
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The NWE fuel oil market started the week on a lower note. Cargo prices
posted nearly $6/mt losses whole delivered 380cst product in Rotterdam
was assessed down by app.$2/mt still supported by tight product avails
especially for prompt deliveries. The Singapore fuel oil markets managed
to gain only around $2.5/mt during the morning Platts window Monday.
Market fundamentals seem to have improved with the cargo premium
strengthening yesterday. The bunker premiums were seen around $8.5 above
cargo prices. Bunker fuel oil swaps lost app.$4/mt at the front and a
few cents less at the backend of the forward curve both for Rotterdam
and Singapore papers. This morning both markets are trading higher.
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Settlement & Indications (mid values)
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Product
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Yesterday's Values
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Forward Indications
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Product
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Change
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Last
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Dir.
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Jul
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Aug
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Sep
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Q312
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Q412
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2013
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NYMEX WTI Swap (1st month)
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(0.55)
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79.21
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↓
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79.08
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79.48
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79.90
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79.49
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80.95
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80.95
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ICE Brent Swap (1st month)
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0.03
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91.01
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↑
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91.48
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91.69
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91.85
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91.67
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92.13
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92.13
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ICE Gasoil Swap (1st month)
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(4.00)
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808.00
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↑
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814.08
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810.42
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809.17
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811.22
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810.00
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813.80
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3.5% Barges FOB Rtdm
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(6.00)
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531.50
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↑
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540.25
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535.25
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531.75
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535.75
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527.75
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523.50
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3.5% Cargoes FOB Med
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(4.25)
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534.75
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↑
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538.00
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532.50
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528.50
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533.00
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524.50
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519.50
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1.0% Cargoes FOB NWE
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(5.75)
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657.50
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↑
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567.00
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563.00
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560.00
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563.25
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556.25
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554.75
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3% no. 6 USGC WB
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(0.40)
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83.80
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↑
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84.20
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83.65
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83.30
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82.83
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82.50
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82.19
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380 CST Cargoes FOB S'pore
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2.25
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563.25
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↑
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566.25
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560.50
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556.75
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561.25
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552.50
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547.00
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0.1 % GO Barges FOB Rtdm
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(3.50)
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810.25
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↑
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814.25
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811.25
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809.25
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812.25
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808.25
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812.25
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Physical Rotterdam 380 CST
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(2.00)
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544.00
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↑
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550.50
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545.50
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542.00
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546.00
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538.00
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533.75
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Physical Singapore 380 CST
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2.00
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572.00
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↑
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576.50
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570.75
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567.00
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572.00
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563.25
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557.75
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Economy fundamentals this week
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Fundamental Indicators
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Statistic
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Importance
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Date
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Time
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Period
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Consensus
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Last
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Actual
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New Home Sales
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Medium
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25-Jun
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10:00 AM
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May
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350K
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343K
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369K
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Case- Shiller 20-city Index
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Medium
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26-Jun
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9:00 AM
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Apr
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-2.5%
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-2.6%
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-
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Consumer Confience
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Medium
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26-Jul
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10:00 AM
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Jun
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63.0
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64.9
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-
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MBA Mortgage Index
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Medium
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27-Jun
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7:00 AM
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23-Jun
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NA
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-0.8%
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-
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Durable Orders
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High
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27-Jun
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8:30 AM
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May
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1.0%
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0.0%
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-
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Initial Claims
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Medium
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28-Jun
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8:30 AM
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23-Jun
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385K
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387K
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-
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GDP- Third estimate
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High
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28-Jun
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8:30 AM
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Q1
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1.9%
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1.9%
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-
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Personal Income
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Medium
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29-Jun
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8:30 AM
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May
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0.0%
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0.2%
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-
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Personal Spending
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Medium
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29-Jun
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8:30 AM
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May
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0.2%
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0.1%
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-
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PCE Prices
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High
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29-Jun
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8:30 AM
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May
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0.2%
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0.1%
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-
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Chicago PMI
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Medium
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29-Jun
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9:45 AM
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Jun
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52.0
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52.7
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Source: OW Risk Management