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.
|
|
| |
Crude prices fell for the second straight day.
The December WTI futures settled at $85.38/bbl, down -$0.19 and Brent
contract fell by -$0.81 to close at $108.26/bbl. The market stays weak
on renewed concerns about the global economy coupled with downward
revision from the International Energy Agency (IEA) for Oil demand for
the 4th Quarter 2012 and next year. The Greek sovereign debt issues
remain unresolved in the long term for the market and the latest bailout
package is still withheld amidst negotiation between Eurozone financial
leaders resulting in a softer Euro. The Greek bonds auction performed
better than expected; managing to raise enough funds before the default
deadline on Friday which helped stabilized the Euro. The market is also
worried about the US government handling of the US fiscal cliff. Today
investors will focus on monthly Retail Sales, Producer Price Index and
Business Inventories data from the US. The US inventory report is
tomorrow due to the holiday break on Monday in the US but we will look
for the Weekly API by the end of the day. This morning, crude prices are
trading up.
|
|
|
|
|
| |
The Northwest European fuel oil markets closed
slightly lower yesterday following weaker crude values. Delivered
380cst product in Rotterdam was down app.$5/mt while cargo prices were a
dollar stronger. Demand in the area was subdued as customers expected
better levels next day. The Singapore market reopened today after public
holiday yesterday. Bunker fuel oil swaps lost app.$4.5/mt along the
forward curve both for Rotterdam and Singapore papers. This morning both
markets are trading slightly higher.
|
|
|
| |
Settlement & Indications (mid values) |
|
|
| |
| Product |
Yesterday's Values |
Forward Indications |
| Product |
Change |
Last |
Dir. |
Dec |
Jan |
Feb |
Q113 |
Q213 |
2013 |
| NYMEX WTI Swap (1st month) |
(0.19) |
85.38 |
↑ |
86.30 |
86.88 |
87.45 |
87.42 |
88.78 |
88.86 |
| ICE Brent Swap (1st month) |
(0.81) |
108.26 |
↑ |
107.35 |
106.84 |
106.43 |
106.45 |
105.41 |
104.81 |
| ICE Gasoil Swap (1st month) |
(7.25) |
923.25 |
↑ |
925.42 |
925.92 |
924.58 |
924.11 |
917.35 |
915.12 |
| 3.5% Barges FOB Rtdm |
(3.75) |
583.25 |
↑ |
584.50 |
587.75 |
590.25 |
590.00 |
593.75 |
592.75 |
| 3.5% Cargoes FOB Med |
(4.00) |
573.75 |
↑ |
576.00 |
581.50 |
581.25 |
584.50 |
589.25 |
588.50 |
| 1.0% Cargoes FOB NWE |
(4.00) |
605.25 |
↑ |
608.50 |
612.50 |
615.75 |
615.50 |
620.75 |
619.50 |
| 3% no. 6 USGC WB |
(0.15) |
92.70 |
↑ |
92.65 |
91.85 |
92.10 |
92.56 |
92.48 |
92.37 |
| 380 CST Cargoes FOB S'pore |
- |
600.75 |
↑ |
608.00 |
610.25 |
613.00 |
612.75 |
617.50 |
616.50 |
| 0.1 % GO Barges FOB Rtdm |
(12.75) |
921.00 |
↑ |
925.25 |
926.25 |
925.25 |
925.25 |
917.25 |
916.25 |
| Physical Rotterdam 380 CST |
(5.00) |
590.00 |
↑ |
594.75 |
598.00 |
600.50 |
600.25 |
604.00 |
603.00 |
| Physical Singapore 380 CST |
- |
607.00 |
↑ |
618.25 |
620.50 |
623.25 |
623.50 |
628.25 |
627.25 |
|
|
|
| |
Focus of the day: Singapore |
|
|
| |
Singapore's onshore residual fuel oil stocks
are up, hitting a two-week high. Data published showed stocks increasing
by 449,000bbl to 20.92mbbl. The jump was explained by high western
arrivals, up 3% from the previous week to around 800,000 metric tonnes;
increased volumes from India, which rose due to weak domestic demand for
bitumen, and lower volumes of fuel oil heading to China as buying
interest from the teapot refiners was lackluster.
Market was closed for trading in Singapore on Tuesday due to a public
holiday. Local deliveries were put back until next morning when players
return to work. Elsewhere in Asia, the market was generally very quiet.
|
|
|
| |
Economy fundamentals this week |
|
|
| |
| Fundamental Indicators |
| Statistic |
Importance |
Date |
Time |
Period |
Consensus |
Last |
Actual |
| Treasury Budget |
Medium |
13-Nov |
2:00 PM |
Oct |
-$113.0B |
-$98.5B |
-$120.0B |
| Retail Sales |
High |
14-Nov |
8:30 AM |
Oct |
-0.4% |
1.1% |
- |
| Core PPI |
High |
14-Nov |
8:30 AM |
Oct |
0.1% |
0.0% |
- |
| Business Inventories |
Medium |
14-Nov |
10:00 AM |
Sep |
0.6% |
0.6% |
- |
| FOMC Minutes |
High |
14-Nov |
2:00 PM |
24-Oct |
- |
- |
- |
| Initial Claims |
Medium |
15-Nov |
8:30 AM |
10-Nov |
475K |
355K |
- |
| Core CPI |
High |
15-Nov |
8:30 AM |
Oct |
0.1% |
0.1% |
- |
| Empire Manufacturing |
Medium |
15-Nov |
8:30 AM |
Nov |
-8.0 |
-6.2 |
- |
| Philadelphia Fed |
Medium |
15-Nov |
10:00 AM |
Nov |
-2.0 |
5.7 |
- |
| Industrial Production |
Medium |
16-Nov |
9:15 AM |
Oct |
0.0% |
0.4% |
- |
| Capacity Utilization |
Medium |
16-Nov |
9:15 AM |
Oct |
78.3% |
78.3% |
- |
|
|
Source: OW Risk Management