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 managed to hold ground and closed mixed yesterday despite a softer equity market. The July WTI futures slipped -$0.14, to close at $93.31/bbl and Brent settled at $103.24, up +$1.18. The April US Trade Balance widened less than expected due to higher exports. Another support for Oil came from lower US weekly API crude stockpiles with a massive -7,8 mios draw. It is a busy day in terms of data today with the US April Factory orders, the May ISM Non Manufacturing and the minutes from the Federal Reserve later in the afternoon. The US inventory report will be released and expectations are as follows: Crude -0.36, Distillates +1.23, Gas +0.52. This morning, crude is trading around +0,40% up.       Fueloil Specifics     The Northwest European bunker fuel oil markets reported relatively quiet day yesterday with no major changes. Delivered 380cst product prices in Rotterdam and Antwerp remained unchanged from previous day however still with higher premiums for prompt deliveries. The Singapore fuel oil markets gained back between +$2.50 to +$4.50 during the Asian Platts window yesterday. The market continued to be supported by strong buying especially in the 180cst side by several major players. The delivered bunker premiums eased back down to around +$7.0 above cargoes prices. This morning both markets are trading 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) (0,14) 93,31 ↑ 93,81 94,02 94,02 93,94 92,93 89,96 ICE Brent Swap (1st month) 1,18 103,24 ↑ 103,35 102,95 102,50 102,51 101,35 99,00 ICE Gasoil Swap (1st month) 3,50 857,75 ↑ 865,58 866,58 868,58 868,42 873,44 864,96 3.5% Barges FOB Rtdm 0,00 575,00 ↑ 580,50 577,50 575,25 576,25 569,50 562,25 3.5% Cargoes FOB Med 2,25 572,25 ↑ 575,75 573,00 570,75 571,75 563,25 558,75 1.0% Cargoes FOB NWE 1,50 602,25 ↑ 608,50 610,00 608,00 608,50 602,00 592,50 3% no. 6 USGC WB 0,46 90,36 ↑ 91,35 91,35 91,10 91,10 90,35 89,65 380 CST Cargoes FOB S'pore 2,50 594,00 ↑ 602,25 601,50 599,25 599,25 595,25 588,50 0.1 % GO Barges FOB Rtdm 3,25 859,25 ↑ 866,25 867,25 869,25 869,25 872,25 864,25 Physical Rotterdam 380 CST 0,00 581,00 ↑ 585,75 583,25 581,00 581,50 575,75 570,00 Physical Singapore 380 CST 1,00 600,75 ↑ 609,50 608,25 606,00 605,50 601,50 597,25       Focus of the day: Singapore     Fuel oil inventories rose in the Asian bunker hub by 348,000 mt to reach 21,024,000 mt on May 29, a two-week high, according to figures from trade agency International Enterprise (IE). Stockpiles are expected to stay up in June as about 4 million barrels of Western supply will head east, Reuters reported. In addition, more Middle East fuel oil will head to Singapore due to weak demand at China's independent, 'teapot' refineries. Singapore middle distillates were also up over the period, climbing 2.6% to a three-week high of 9.5 million barrels.  Meanwhile in Singapore, avails are very tight and unable to do prompt supplies. Earliest supply  would be from 8th of June. Singapore 380cst prompt delivered product is trading at app. $597/mt.        Economy fundamentals this week     Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual ISM Index High 3-Jun 10:00 AM May 49.5 50.7 49.0 Construction Spending Medium 3-Jun 10:00 AM Apr 0.5% -1.7% 0.4% Trade Balance Medium 4-Jun 8:30 AM Apr -$41.0B -$38.8B -$40.3B ADP Employment Change Medium 5-Jun 8:15 AM May 140K 119K - Productivity- Rev. Medium 5-Jun 8:30 AM Q1 0.9% 0.7% - Factory Orders Medium 5-Jun 10:00 AM Apr 1.5% -4.9% - ISM Services Medium 5-Jun 10:00 AM May 52.5 53.1 - Initial Claims Medium 6-Jun 8:30 AM 1-June NA 347K - Nonfarm Payrolls High 7-Jun 8:30 AM May 170K 165K - Unemployment Rate High 7-Jun 8:30 AM May 7.5% 7.5% - Consumer Credit Medium 7-Jun 3:00 PM Apr $10.0B $8.0B -

Source: OW Risk Management