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 remain contained in a very tight band. The May Brent futures yesterday settled at $106.99/bbl, up +$0.18 and WTI dropped -$0.41 to close at $99.19/bbl. The March US Consumer confidence index hit a six-year high at 82.3, well above the 78.3 expected supporting the market. The US February New Home sales were within expectation and prices in 20 biggest cities in the US were up 13.2% in January. Libyan output is still quite erratic as it dropped to a 6 month low at 150k bbl/day after production was halted at a western oilfield run by Eni. Yesterday the API Oil survey showed a big built of +6,3 mbbl on Crude Oil, a small built on Distillates of +0,3 mbbl and a draw in Gasoline of -2,84 mbbl. The US Energy department will release its Weekly Inventory report later and the expectations are as follows: Crude +2.74 mbbl, Gasoline -1.21 mbbl, Distillates -1.35 mbbl. This morning, crude prices are trading marginally higher.

Fueloil Specifics

The Northwest European bunker fuel oil markets reported mixed demand and price levels yesterday. Delivered 380cst prices both in Antwerp and Rotterdam ports was assessed app.$1/mt compared to previous close. LSFO product remains tight though suppliers expect improved avails in April. The Singapore fuel oil prices extended losses and were assessed app. $1.0 down during the Asian Platts window. The delivered bunker premiums were ranging between $5.0 and $6.5 above cargo prices yesterday. This morning both markets are trading slightly lower.

Settlement & Indications (mid values)

Product Yesterday's Values   Forward Indications Product Change Last Dir. Apr May Jun Q314 Q414 Q115 NYMEX WTI Swap (1st month) (0,41) 99,19 ↑ 99,09 98,38 96,60 98,33 95,69 93,16 ICE Brent Swap (1st month) 0,18 106,99 ↑ 107,01 106,78 106,39 105,87 104,10 102,77 ICE Gasoil Swap (1st month) 5,75 901,00 ↓ 899,17 898,83 898,42 896,75 891,78 - 3.5% Barges FOB Rtdm 2,50 574,50 ↓ 574,50 573,50 572,75 571,25 567,00 565,50 3.5% Cargoes FOB Med 4,50 569,50 ↓ 570,25 571,00 570,50 568,75 564,50 563,50 1.0% Cargoes FOB NWE 2,50 632,50 ↓ 616,25 608,25 605,00 602,50 593,50 583,00 3% no. 6 USGC WB 0,02 87,73 ↑ 89,15 89,23 89,45 89,03 88,48 88,18 380 CST Cargoes FOB S'pore (1,00) 593,00 ↓ 594,25 593,50 593,25 592,25 590,00 588,25 0.1 % GO Barges FOB Rtdm 5,75 900,50 ↓ 900,25 900,25 899,25 898,25 893,25 - Physical Rotterdam 380 CST 1,00 574,75 ↓ 579,75 578,75 578,00 576,50 572,25 570,75 Physical Singapore 380 CST (1,00) 598,75 ↓ 599,50 598,75 598,50 597,50 595,25 593,50

Economy fundamentals this week

Fundamental Indicators Statistic Importance Date Time Period Consensus Last Actual Case- Shiller 20-city Index Medium 25-Mar 9:00 AM Jan 13.5% 13.4% 13.2% Consumer Confidence Medium 25-Mar 10:00 AM Mar 77.8 78.1 82.3 New Home Sales Medium 25-Mar 10:00 AM Feb 430K 468K 440K Durable Orders High 26-Mar 8:30 AM Feb 1.0% -1.0% - Initial Claims Medium 27-Mar 8:30 AM 22-mar 330K 320K - GDP- 3rd estimate High 27-Mar 8:30 AM Q4 2.6% 2.4% - Pending Home Sales Medium 27-Mar 10:00 AM Feb -0.2% 0.1% - Personal Income Medium 28-Mar 8:30 AM Feb 0.0% 0.3% - PCE Prices- Core Medium 28-Mar 8:30 AM Feb 0.1% 0.1% - Michigan Sentiment- Final Medium 28-Mar 9:55 AM Mar 79.5 79.9 -

Source: OW Risk Management