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 prices gathered some momentum driven mainly by technicals and hope of some more Monetary easing from Central Banks. The June WTI contract closed at $91.43/bbl, +$2.25 and Brent above the $100 mark for a second day at $101.73/bbl, up +$1.42. The US Weekly Oil Inventory Report showed a lower than expected build in Crude Oil and a massive draw in gasoline inventory with more than -3.0 mbbl. However, the Gasoline draw was mainly due to refinery utilization falling and tightening the product supply rather than healthy demand. The US March Durable Goods Orders fell more than expected by -5.7%. confirming a slowdown in growth the last weeks in the US economy. This morning, crude is trading flat.

Fueloil Specifics

The Singapore fuel oil markets rose more than +$5.5 during the Platts window yesterday tracking the stronger crude values. Bunker supplies loadings were disrupted due to an increase in cargoes operations congesting terminals. The delivered bunker premiums remained elevated as a result above $10.0 above cargo prices yesterday.

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) 2,25 91,43 ↑ 91,68 91,89 91,94 91,73 90,72 88,61 ICE Brent Swap (1st month) 1,42 101,73 ↑ 101,61 101,53 101,33 101,06 100,26 98,05 ICE Gasoil Swap (1st month) 8,00 847,50 ↑ 854,08 857,42 860,50 863,42 867,50 860,98 3.5% Barges FOB Rtdm (0,75) 566,00 ↑ 572,75 570,75 569,25 567,75 563,00 556,50 3.5% Cargoes FOB Med (1,00) 561,25 ↑ 568,50 566,25 565,25 563,25 557,00 553,25 1.0% Cargoes FOB NWE (1,50) 573,75 ↑ 586,50 591,25 594,50 593,75 590,75 583,75 3% no. 6 USGC WB (0,27) 88,30 ↓ 87,55 86,80 86,55 85,80 86,05 85,80 380 CST Cargoes FOB S'pore 5,50 596,50 ↑ 599,75 596,50 601,50 593,25 589,50 584,00 0.1 % GO Barges FOB Rtdm 2,50 836,50 ↑ 854,25 857,25 860,25 863,25 867,25 861,25 Physical Rotterdam 380 CST (3,00) 570,75 ↑ 580,00 578,00 576,50 575,00 570,25 563,75 Physical Singapore 380 CST 7,00 607,00 ↑ 607,00 603,75 608,75 600,50 596,75 591,25

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   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