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Market in Brief

Oil consolidation continued yesterday. December Brent closed up $0,80 at $86,22/bbl while WTI lost -$0,22 and settled at $82,49. Market looked at the positive news despite a sluggish Chinese GDP. Better export numbers from China and Japan as well as strong earnings from US Home Sales data and Apple boosted the mood and sent the S&P to its biggest one-day gain in a year. Nevertheless, oil fundamentals have not changed and the rebound is still fragile. Yesterday’s weekly API oil stocks were pretty neutral with a 1,2mbbl build in Crude and draws in Gasoline and Distillates of respectively -0,5mbbl and -0,8mbbl. In terms of economic data the market will focus on the US Consumer Price Index and Department of Energy Weekly Oil data where the expectations are as follows: Crude +2,69mbbl, Distillates -1,27mbbl and Gasoline -1,00mbbl. This morning crude is trading around flat.

Fuel oil specifics

Yesterday the NWE bunker fuel oil markets closed the day with slight gains following stronger Brent values. Delivered 380cst product both in Antwerp and Rotterdam was assessed some $3/mt higher vs previous close. Suppliers in the area reported continuous tight product avails, especially for lsfo as there are only two producers left in the market, i.e. BP in Rotterdam and Totsa in Antwerp. The Singapore fuel oil prices fell app. -$3.5/mt during the Asian Platts window. Please note that Singapore markets are closed today and will reopen tomorrow. This morning both markets are trading higher.

Forward indications

Product	Nov	Dec	Jan	Q115	Q215	2015
NYMEX WTI Swap (1st month)	82,24	81,77	81,01	81,03	80,30	80,16
ICE Brent Swap (1st month)	86,56	86,95	87,70	88,19	88,60	89,30
ICE Gasoil Swap (1st month)	742,83	744,75	756,33	-	-	-
LS ICE Gasoil Swap (1st month)	-	-	-	761,72	769,19	772,39
3.5% Barges FOB Rtdm	451,75	450,50	454,75	458,25	465,25	467,25
3.5% Cargoes FOB Med	450,75	448,00	452,50	456,00	463,00	465,00
1.0% Cargoes FOB NWE	461,00	458,75	462,25	466,00	473,75	476,00
3% no. 6 USGC WB	70,85	71,05	71,33	71,83	72,89	73,77
380 CST Cargoes FOB S'pore	476,25	477,25	479,00	481,75	487,25	489,75
0.1 % GO Barges FOB Rtdm	742,25	744,25	755,25	751,25	757,25	759,25
Physical Rotterdam 380 CST	462,00	460,75	465,00	466,50	474,50	477,50
Physical Singapore 380 CST	486,50	487,50	489,25	490,00	496,50	500,00

Economic fundamentals this week

Statistic	Importance	Date	Time	Period	Consensus	Last	Actual
Existing Home Sales	Medium	21-Oct	10:00 AM	Sep	4.95M	5.05M	5.17M
Core CPI	Medium	22-Oct	8:30 AM	Sep	0.10%	0.00%	-
Initial Claims	Medium	23-Oct	8:30 AM	18-Oct	295K	264K	-
Continuing Claims	Medium	23-Oct	8:30 AM	11-Oct	2400K	2389K	-
Leading Indicators	Medium	23-Oct	10:00 AM	Sep	0.60%	0.20%	-
New Home Sales	Medium	24-Oct	10:00 AM	Sep	450K	504K	-