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Daily Bunker Fuel and Oil Report

Friday, 26 April 2013 | 10:04
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  
 
Yesterday Crude Oil continued its strong recovery: June WTI closed at $93,64/bbl up +2,21 usd and Brent closed at $103,41/bbl up +1,68 usd. The market is supported by better than expected Quarterly earnings from the US and speculation of a 25bps rate cute by the European Central bank next week. A lot of dissensions among the European leaders on austerity programs with Germany supporting them strongly and South European countries asking for more flexibility. Yesterday the US Weekly Jobless claims came out better than expected. The market view on the US seems to have shifted from negative- after the last weak US Unemployment figure- to a slow but constant growth bringing back some optimism. Today the market will focus in the US 1st Quarter GDP for further guidance. Crude Oil is trading 0,60% down this morning.
 
 
  Settlement & Indications (mid values)  
 
Product Yesterday's Values Forward Indications
Product Yesterday's Values Forward Indications              
Product Change Last Dir. May Jun jul Q313 Q413 2014
NYMEX WTI Swap (1st month) 2,21 93,64 93,11 93,28 93,22 93,02 92,33 90,23
ICE Brent Swap (1st month) 1,68 103,41 102,82 102,56 102,20 101,84 100,92 98,65
ICE Gasoil Swap (1st month) 10,00 857,50 861,33 864,83 867,33 869,67 872,72 863,91
3.5% Barges FOB Rtdm 8,25 580,25 581,50 579,00 577,00 575,25 570,00 563,25
3.5% Cargoes FOB Med 7,25 573,75 576,50 574,50 573,50 571,00 564,00 560,00
1.0% Cargoes FOB NWE 6,00 584,75 593,25 597,50 600,50 599,75 596,50 589,75
3% no. 6 USGC WB 1,30 90,55 88,05 87,55 87,05 86,30 86,55 87,05
380 CST Cargoes FOB S'pore 5,75 601,75 613,25 609,00 614,00 605,00 600,50 595,00
0.1 % GO Barges FOB Rtdm 10,50 856,25 862,25 866,25 868,25 870,25 873,25 865,25
Physical Rotterdam 380 CST 6,00 582,25 588,75 586,25 584,25 582,50 577,25 570,50
Physical Singapore 380 CST 4,00 610,00 620,50 616,25 621,25 612,25 607,75 602,25
 
 
  Focus of the day: Piraeus  
 
It was a busy week in Piraeus. Crude market was trading up and CIF MED 3.5% average for the week was higher by $ 5.00 compared to last week. Demand in Piraeus has been higher in the past few weeks, as the number of cruisers calling the port is increasing; furthermore the spot market has become really active and Piraeus remains as one of the most competitive 'bunker only' ports in the East Med. 
Product availability was very good this week, following a few days of very tight avails on MOH refinery and although demand was high most suppliers were still able to quote for prompt enquiries, with only one supplier reporting to be fully committed until the beginning of next week. Istanbul has been very busy this week as well, and barge availability is becoming tight for prompt enquiries.

 
 
  Economy fundamentals this week  
 
Fundamental Indicators
Fundamental Indicators              
Statistic Importance Date Time Period Consensus Last Actual
Existing Home Sales Medium 22-apr 10:00 AM Mar 5.01M 4.98M 4.92M
New Home Sales Medium 23-apr 10:00 AM Mar 415K 411K 417K
Durable Orders High 24-apr 8:30 AM Mar -3.1% 5.6% -5.7%
Crude Inventories Medium 24-apr 10:30 AM 20-apr NA -1.23M 0.947M
Initial Claims Medium 25-apr 8:30 AM 20-apr 351K 352K 339K
GDP-Adv. High 26-apr 8:30 AM Q1 2.8% 0.4%  
Michigan Sentiment - Final High 26-apr 9:55 AM Apr 72.4 72.3  
 
 


Source: OW Risk Management

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