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 were trading range bound after the US Federal tapering announcement. The US weekly jobless claims saw a slight increase by +10k to 379k while Existing Home Sales from November saw a slight dip. The slightly weaker than expected economic data dampened the very positive sentiment. Market trading activity is beginning to slow as we are getting closer to the end of the year festivities. The January WTI Oil contract closed up +$0.97 to $99.04/bbl while Brent settled at $110.29/bbl. US November Fuel consumption  increased to the highest level for the month in six years showing gathering strength in the economy, the American Petroleum Institute said. Today, we will see the final US 3rd quarter GDP expected at +3,6%. This morning crude prices are trading slightly higher for Brent (+0,21%) and lower for WTI (-0,24%). Editor's Note Dear readers, please note that it is the last Market Update for 2013 and the publication will start again on Thursday January 2nd, 2014. We would like to take this opportunity to wish you all a very Merry Christmas and Happy and Prosperous New Year!

Fueloil Specifics

The Singapore Fuel Oil markets were up around +$2.0 during the Platts window yesterday. The latest Singapore heavy residual stockpile reported a slight draw -0.58 mbbl to 21.65 mbbl. The delivered bunker premiums were at around +$4.5 above cargo prices yesterday. Rotterdam showed higher prices over the holiday. Price came up app. $2/mt for CST HSFO and $1/mt for LSFO.

Settlement & Indications (mid values)

Product Yesterday's Values   Forward Indications Product Change Last Dir. Jan Feb Mar Q114 Q214 2014 NYMEX WTI Swap (1st month) 0,98 99,04 ↓ 98,67 98,40 96,99 98,29 96,10 94,85 ICE Brent Swap (1st month) 0,66 110,29 ↑ 110,15 109,78 109,42 109,07 108,71 107,83 ICE Gasoil Swap (1st month) 6,25 935,25 ↑ 936,08 933,83 930,33 933,42 924,33 922,66 3.5% Barges FOB Rtdm (3,50) 573,50 ↑ 584,50 585,75 586,25 585,50 586,50 585,25 3.5% Cargoes FOB Med 5,50 576,50 ↑ 582,75 583,25 583,75 583,25 584,00 583,50 1.0% Cargoes FOB NWE 5,00 605,25 ↑ 604,50 607,50 607,00 606,00 606,50 604,50 3% no. 6 USGC WB (0,33) 92,04 ↑ 91,45 91,45 91,45 91,45 91,20 91,20 380 CST Cargoes FOB S'pore 2,25 609,25 ↑ 608,00 612,00 611,00 612,00 610,60 610,60 0.1 % GO Barges FOB Rtdm 6,00 934,00 ↑ 937,25 935,25 931,25 934,25 926,25 924,25 Physical Rotterdam 380 CST 2,00 583,75 ↑ 589,75 591,00 591,50 590,75 591,75 590,50 Physical Singapore 380 CST 1,75 610,00 ↑ 618,50 617,25 616,25 617,25 615,85 615,85

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Empire Manufacturing Medium 16-Dec 8:30 AM Dec 5.0 -2.2 1.0 Industrial Production Medium 16-Dec 9:15 AM Nov 0.4% -0.1% 1.1% Core CPI High 17-Dec 8:30 AM Nov 0.1% 0.1% 0.2% Housing Starts Medium 18-Dec 8:30 AM Nov 2750K 2744K 1091K Building Permits Medium 18-Dec 8:30 AM Nov 975K 1034K 1007K FOMC Rate Decision High 18-Dec 2:00 PM Dec 0.25% 0.25% 0.25% Initial Claims Medium 19-Dec 8:30 AM 14-dec 335K 368K 379K Existing Home Sales Medium 19-Dec 10:00 AM Nov 4.98M 5.12M 4,90M Philadelphia Fed Medium 19-Dec 10:00 AM Dec 4.0 6.5 7.0 Leading Indicators Medium 19-Dec 10:00 AM Nov 0.7% 0.2% 0.8% GDP (Annualized) High 20-Dec 8:30 AM Q3 3.6% 3.6% -

Source: OW Risk Management