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 oil prices managed to rebound and keep the gains to the close. Cyprus, after refusing Europe help, is now turning towards Russia without much success so far. The Euro rebounded as the market believes a systemic risk is limited and a solution will be found at the end. The DOE US Inventory Report saw a mostly supportive picture with crude stockpile drawing at -1.3 mbbl instead of an expected build of +2.0 mbbl. The products also drew albeit lower than expected. The FOMC pledged to continue its easing program to support growth yesterday which lifted the market higher. The April WTI futures expired at $92.96/bbl, up +$0.80 and  the next active May WTI contract  was up $0.98, to close at $93.50/bbl. The May Brent futures settled at $108.72/bbl, up +$1.27. On the positive side, China Manufacturing improved at 51,7 in March vs 50,4 in February. Today is busy in terms of US economic data; among them the US weekly jobless claims and the existing home sales figures will provide further guidance. This morning, crude is trading -0,30 % down.

Fueloil Specifics

The Northwest European bunker fuel oil markets reported mixed liquidity levels. Delivered 380cst product in Antwerp and Rotterdam was assessed a few dollars down from previous day’s close. The Singapore fuel oil market came off yesterday during the Platts window, down between -$9.0 to -$6.5 tracking the previous days fall in crude values. The demand was said to be slower yesterday despite the drop in outright prices. The delivered bunker premiums were ranging between $5.25 to $8.00 above cargo prices. This morning both markets are trading higher.

Settlement & Indications (mid values)

Product Yesterday's Values Forward Indications Product Change Last Dir. Apr May Jun Q313 Q413 2014 NYMEX WTI Swap (1st month) 0,98 93,50 ↓ 93,06 93,31 93,43 93,14 92,21 90,11 ICE Brent Swap (1st month) 1,27 108,72 ↓ 108,13 107,61 107,08 105,86 104,25 101,26 ICE Gasoil Swap (1st month) (1,25) 898,75 ↑ 905,58 907,67 908,75 909,39 905,61 891,06 3.5% Barges FOB Rtdm (4,75) 596,00 ↑ 598,50 597,25 595,75 593,00 590,00 577,75 3.5% Cargoes FOB Med (4,50) 589,50 ↑ 591,50 592,25 591,25 590,50 583,25 573,75 1.0% Cargoes FOB NWE (4,25) 611,50 ↑ 616,50 621,25 623,75 623,00 617,50 605,25 3% no. 6 USGC WB 0,66 96,33 ↓ 94,05 93,55 93,30 92,80 92,05 88,05 380 CST Cargoes FOB S'pore (6,50) 626,75 ↑ 621,50 620,00 618,75 617,00 613,00 603,75 0.1 % GO Barges FOB Rtdm (1,00) 897,00 ↑ 906,25 908,25 910,25 910,25 906,25 892,25 Physical Rotterdam 380 CST (2,00) 605,00 ↑ 605,75 604,50 603,00 600,25 595,25 585,00 Physical Singapore 380 CST (6,00) 631,25 ↑ 629,25 627,75 626,50 624,75 620,75 611,50

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual NAHB Housing Market Index Medium 18-mar 10:00 AM Mar 48 46 44 Housing Starts Medium 19-mar 8:30 AM Feb 905K 890K 917K Biulding Permits Medium 19-mar 8:30 AM Feb 915K 904K 946K FOMC Rate Decision Medium 20-mar 2:00 PM Mar 0.25% 0.25% 0.25% Initial Claims Medium 21-mar 8:30 AM 16-mar 345K 332K - Existing Home Sales Medium 21-mar 10:00 AM Feb 5.00M 4.92M - Philadelphia Fed Medium 21-mar 10:00 AM Mar 2.0 -12.5 - Leading Indicators Medium 21-mar 10:00 AM Feb 0.5% 0.2% -

Source: OW Risk Management