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 opened the week on a slow motion as US market was closed for President Day. There was no much significant price movement. The April Brent futures settled at $117.38/bbl, down another -$0.34 while the March WTI contract had no settlement yesterday and will expire tomorrow. The crude export data from Saudi Arabia fell for the third straight month and the drop in crude export is less than the fall in production as reported last Sunday. Crude prices are mostly unchanged for a week and still keeping the bullish trend intact so far. Today is still quiet on the data news  with nothing major from the US, only the Zew Survey from Germany. The weekly API stocks will be published only tomorrow due to the US holiday yesterday.This morning, crude is trading flat.

Fueloil Specifics

The Northwest European bunker fuel oil markets started the week with improved demand levels, however supplies remained hindered for both hsfo and lsfo prompt deliveries. Delivered 380cst product in Rotterdam and Antwerp was assessed app.$2/mt down from Fridays closing. The Singapore fuel oil market started the week easing by -$3.0 to -$1.5 during the Platts window yesterday. The bunker demand was said to be slow. The delivered bunker premiums were around $3.0 to $5.0 above cargo prices. This morning both markets are trading slightly up.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Change Last Dir. Mar Apr May Q213 Q313 Q413 NYMEX WTI Swap (1st month) - - ↓ 96,07 96,54 96,91 96,85 97,05 96,51 ICE Brent Swap (1st month) (0,34) 117,38 ↓ 116,83 116,00 115,24 115,25 113,05 110,98 ICE Gasoil Swap (1st month) (8,25) 1007,75 ↓ 1001,83 995,00 987,83 988,39 975,00 963,03 3.5% Barges FOB Rtdm (8,50) 632,00 ↑ 631,00 630,25 629,50 629,50 626,50 621,75 3.5% Cargoes FOB Med (8,50) 625,50 ↑ 625,25 625,75 624,75 625,25 622,00 616,75 1.0% Cargoes FOB NWE (6,00) 657,50 ↑ 675,00 673,00 671,75 671,75 666,50 657,50 3% no. 6 USGC WB (0,45) 101,08 ↓ 100,00 99,90 99,62 99,38 98,72 97,99 380 CST Cargoes FOB S'pore (4,25) 659,75 ↑ 652,75 652,00 652,75 651,75 649,00 645,00 0.1 % GO Barges FOB Rtdm (8,50) 1005,75 ↓ 1002,25 996,25 988,25 989,25 974,25 963,25 Physical Rotterdam 380 CST (6,00) 639,25 ↑ 641,25 640,50 639,75 639,75 636,75 632,00 Physical Singapore 380 CST (5,50) 662,25 ↑ 663,00 662,25 663,00 662,50 659,75 655,75

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Housing Starts Medium 20-feb 8:30 AM Jan 900K 954K - Building Permits Medium 20-feb 8:30 AM Jan 915K 903K - Core PPI Medium 20-feb 8:30 AM Jan 0.1% 0.1% - Initial Claims Medium 21-feb 8:30 AM 16-feb 365K 341K - Continuing Claims Medium 21-feb 8:30 AM 09-feb 3200K 3114K - Core CPI High 21-feb 8:30 AM Jan 0.1% 0.1% - Existing Home Sales Medium 21-feb 10:00 AM Jan 4.95M 4.94M   Philadelphia Fed Medium 21-feb 10:00 AM Feb 2.0 -5.8   Leading Indicators Medium 21-feb 10:00 AM Jan 0.3% 0.5%

Source: OW Risk Management