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 gained back some momentum during the US session, rising more than $1 on daily settlement. Market was lifted by a weaker US dollar and equities generally holding up at record levels. The US dollar lost ground against the Euros as market expects the US Federal Reserve Minutes Wednesday to comment about downsizing gradually their bond purchasing program. The June WTI contract rose +$1.55 to settle at $96.71/bbl ahead of expiration later today while the next active July WTI contract closed at $96.93/bbl. The July Brent futures closed $104.80/bbl, gained +$1.02 yesterday. The US inventory Oil reports will be released today and tomorrow with the API and EIA respectively where a draw is expected on Crude for the second week in a row. This morning, crude is trading -0,30% down.       Fueloil Specifics     The Northwest European bunker fuel oil markets started the week with higher prices supported by stronger crude oil. There was reported sluggish demand and poor liquidity as majority of players were away on holiday. Delivered 380cst product in Rotterdam and Antwerp was assessed nearly $5/mt higher versus Friday’s close. The Singapore fuel oil markets started the week marginally up during the Platts window yesterday. Traders and shipping brokers surveyed estimate that about 5.92 million mt of fuel oil will arrive in the region this month, up 9.7% from April. Market demand was said to be slow yesterday. The delivered bunker premiums fell to around $4.0 above cargo prices. This morning both markets are trading slightly lower.        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) 1,55 96,71 ↓ 96,80 96,79 96,53 96,46 95,13 92,12 ICE Brent Swap (1st month) 1,02 104,80 ↓ 104,20 104,01 103,74 103,72 102,87 99,96 ICE Gasoil Swap (1st month) (0,50) 883,00 ↓ 880,00 881,08 882,67 882,92 884,42 872,59 3.5% Barges FOB Rtdm 2,75 587,50 ↓ 582,75 580,50 579,00 579,00 574,50 567,50 3.5% Cargoes FOB Med 0,00 574,75 ↓ 576,25 575,00 573,75 572,75 567,50 563,75 1.0% Cargoes FOB NWE 5,00 609,00 ↓ 610,75 612,25 611,25 611,50 606,00 595,00 3% no. 6 USGC WB 0,07 91,27 ↓ 91,35 91,10 90,85 91,10 90,60 89,60 380 CST Cargoes FOB S'pore 0,25 602,75 ↓ 602,50 602,00 601,75 601,00 598,25 592,00 0.1 % GO Barges FOB Rtdm 6,00 883,00 ↓ 880,25 881,25 882,25 883,25 885,25 873,25 Physical Rotterdam 380 CST 5,00 595,00 ↓ 588,00 586,25 584,75 585,25 580,75 574,25 Physical Singapore 380 CST (1,00) 606,50 ↓ 609,75 608,75 608,50 608,25 605,50 600,75       Focus of the day: ARA     Congestion at terminals and early commitment from suppliers, keep supporting the image of tight avails on the high sulphur side. It is therefore still to be advised to procure well in advance to enhance competitiveness. It is expected to stay this way for a while. The low sulphur premium seems to be cooling down a bit and has settled around a steady twenty dollars. The gasoil market is gaining strength as expected; mainly because of cargoes being loaded for arbitrage. Notification periods for the different grades; six days for high sulphur enquiries and four working days for low sulphur enquiries.       Economy fundamentals this week     Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual MBA Mortgage Index Medium 22-May 7:00 AM 18-May NA -7.3% - Existing Home Sales Medium 22-May 10:00 AM Apr 5.05M 4.92M - FOMC Minutes Medium 22-May 2:00 PM 1-May - - - Initial Claims Medium 23-May 8:30 AM 18-May 350K 360K - Continuing Claims Medium 23-May 8:30 AM 11-May 3015K 3009K - New Home Sales Medium 23-May 10:00 AM Apr 425K 417K - Durable Orders Medium 24-May 8:30 AM Apr -1.5% -6.9% -

Source: OW Risk Management