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     Volatile session on Friday with Brent prices losing close to $2,5 on early US trading and gaining them back by the close. Oil was pressured by higher OPEC output -at a five months high- and a weaker Eur/Usd . The June WTI contract settled at $96.04/bbl, down -$0.35 and  Brent closed at $103.91/bbl, only -$0.56.  This morning the oil pipeline disruption caused by the militant attack from Iraq to Turkey resumed flowing. Market sentiment is still weak on slowing US economic growth worries although the US labor market numbers were encouraging. This morning, crude is trading -0,80% down.       Fueloil Specifics     The NWE bunker fuel oil markets closed significantly lower last Friday following weakening crude. Delivered 380cst product was assessed app.$7/mt down in Rotterdam and app.$9/mt down in Antwerp. Demand in the main ARA ports was moderate as many players were away for holiday. The Singapore fuel oil markets fell between -$6.0 to -$3.0 during the morning Platts window last Friday. The delivered bunker premiums eased to $7.0 above cargo prices as crude softened after the window. This morning both markets are trading slightly higher.        Settlement & Indications (mid values)     Product Yesterday's Values Forward Indications Product Change Last Dir. Jun Jul Aug Q313 Q413 2014 NYMEX WTI Swap (1st month) (0,35) 96,04 ↓ 95,41 95,34 95,02 94,99 94,05 91,44 ICE Brent Swap (1st month) (0,56) 103,91 ↓ 102,71 102,44 102,15 102,15 101,35 99,07 ICE Gasoil Swap (1st month) - 851,75 ↑ 863,00 866,00 869,33 869,14 873,22 866,06 3.5% Barges FOB Rtdm (11,00) 580,50 ↑ 577,25 575,00 573,50 574,50 569,75 561,75 3.5% Cargoes FOB Med (13,00) 568,25 ↑ 570,75 569,50 568,50 567,25 561,25 557,00 1.0% Cargoes FOB NWE (10,75) 599,25 ↑ 605,25 606,75 604,50 605,00 600,00 589,50 3% no. 6 USGC WB (0,35) 91,58 ↓ 90,80 90,55 90,30 90,55 89,55 88,80 380 CST Cargoes FOB S'pore (3,25) 609,50 ↑ 600,25 598,75 597,50 598,00 594,00 586,75 0.1 % GO Barges FOB Rtdm (19,00) 849,75 ↓ 863,25 866,25 869,25 869,25 873,25 866,25 Physical Rotterdam 380 CST (7,00) 586,75 ↑ 582,50 580,75 579,25 579,75 575,00 567,00 Physical Singapore 380 CST (5,00) 616,50 ↑ 607,50 605,50 604,25 604,25 600,25 594,00       Focus of the day: Gibraltar     The three ports of the Gibraltar Strait are running smoothly this morning, with good avails in the hub and fine weather conditions. CIF Med 3.5% is trading only some 1.5 usd/mt above FOB Barges Rotterdam and the HILO spread is currently around 36 usd/mt in the Med, with the premium of CIF Med 1% over FOB NWE 1% currently on 18 usd/mt. The Gibraltar Strait is seeing a relatively poor demand this morning after a rather quiet market last week. The Med market is currently trading up.       Economy fundamentals this week     Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Retail Sales High 13-May 8:30 AM Apr -0.7% -0.4% - Business Inventories Medium 13-May 10:00 AM Mar 0.4% 0.1% - Core PPI Medium 15-May 8:30 AM Apr 0.2% 0.2% - Empire Manufacturing Medium 15-May 8:30 AM May 1.0 3.1 - Industrial Production Medium 15-May 9:15 AM Apr -0.5% 0.4% - Initial Claims Medium 16-May 8:30 AM 11-May 335K 323K - Continuing Claims Medium 16-May 8:30 AM 11-May 3015K 3005K - Core CPI High 16-May 8:30 AM Apr 0.2% 0.1% - Housing Starts Medium 16-May 8:30 AM Apr 915K 1036K - Building Permits Medium 16-May 8:30 AM Apr 950K 902K - Philadelphia Fed Medium 16-May 10:00 AM May 2.0 1.3 - Mich Sentiment Medium 17-May 9:55 AM May 79.0 76.4 - Leading Indicators Medium 17-May 10:00 AM Apr 0.3% -0.1% -

Source: OW Risk Management