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Market in Brief

The last three days Crude prices rose more than $3 going into the Fed Meeting to lose some gains into the close. The December WTI contract settled at $82.20/bbl, up +$0.78 and Brent rose more than $1.0 to close at $87.12/bbl. The US DOE Weekly Inventory Report was supportive as crude build was less than expected at 2,1mbbl and Distillates and Gasoline drew respectively -5,3mbbl and -1,2mbbl. As expected the US Federal Reserve ended its last round of aggressive bond buying program. In a remarked changed of wording the Federal Reserve Committee acknowledged a significant improvement in the US labor market and set its focus to its first interest rise after being close to zero for years. The US dollar climbed sharply on the news capping further crude gains. Industrial & Commercial Bank of China, the world biggest lender by assets, reported its biggest increase in bad loans (+9%) as the property market and the economy are cooling. Today, the market will look forward to the US 3rd Quarter GDP and the Weekly Jobless Claims to provide further guidance. This morning, crude prices are trading -0,70% for Brent for Brent and -1,0% for WTI.

Fuel oil specifics

The NWE bunker fuel oil prices gained some strength yesterday following the rise in Brent. Delivered 380cst product gained $6/mt in Antwerp and a dollar more in Rotterdam. Suppliers in ARA reported tight prompt avails for both hsfo and lsfo products. The Singapore fuel oil prices rose another $4.0 during the Asian Platts window tracking the firmer crude prices. The Singapore fundamentals look balanced with ample supply. The delivered bunker premiums were seen at app. $6.75 above cargo prices. This morning both markets are trading down.

Forward indications

Product	Nov	Dec	Jan	Q115	Q215	2015
NYMEX WTI Swap (1st month)	81,29	81,08	80,77	80,79	80,57	80,70
ICE Brent Swap (1st month)	86,71	87,22	88,25	89,06	89,90	91,00
ICE Gasoil Swap (1st month)	747,25	748,67	760,92	-	-	-
LS ICE Gasoil Swap (1st month)	-	-	-	766,28	773,78	775,99
3.5% Barges FOB Rtdm	452,75	452,00	455,00	458,50	465,75	467,75
3.5% Cargoes FOB Med	453,75	451,25	453,25	456,50	463,75	465,75
1.0% Cargoes FOB NWE	461,00	459,50	462,00	465,75	474,00	476,50
3% no. 6 USGC WB	71,20	71,38	71,51	71,95	72,94	73,84
380 CST Cargoes FOB S'pore	480,25	480,00	480,00	482,25	484,25	489,50
0.1 % GO Barges FOB Rtdm	746,25	748,25	760,25	755,25	764,25	766,25
Physical Rotterdam 380 CST	463,00	462,25	465,25	466,75	475,00	478,00
Physical Singapore 380 CST	490,50	490,25	490,25	490,50	493,50	499,75

Focus of the day: Houston

US bunker markets rebounded Wednesday following a rise in the Brent crude futures contract. In Houston prices climbed quick tracking a hike on market movement, despite sluggish buying interest prevailing. High and low sulfur bunker fuel prices were up $15/mt and $30/mt, respectively. In the marine gasoil segment, market participants described the day as slow. Besides market movement, limited supplies and firm demand was responsible for rising in price in Panama. So far only two physical suppliers were offering IFO 380 CST grades in Panama with limited avails.

Economic fundamentals this week

Statistic	Importance	Date	Time	Period	Consensus	Last	Actual
Durable Goods Orders	High	28-Oct	8:30 AM	Sep	0.50%	-18.40%	-1.30%
Case- Shiller 20-city Index	Medium	28-Oct	9:00 AM	Aug	5.50%	6.70%	5.60%
Consumer Confidence	High	28-Oct	10:00 AM	Oct	87	86	94.5
FOMC Rate Decision	High	29-Oct	2:00 PM	Oct	0.25%	0.25%	0.25%
Initial Claims	Medium	30-Oct	8:30 AM	25-Oct	295K	283K	-
GDP-Adv.	High	30-Oct	8:30 AM	Q3	2.30%	4.60%	-
Personal Income	Medium	31-Oct	8:30 AM	Sep	0.40%	0.30%	-
PCE Prices- Core	Medium	31-Oct	8:30 AM	Sep	0.10%	0.10%	-
Chicago PMI	Medium	31-Oct	9:45 AM	Oct	58	60.5	-
Michigan Sentiment	Medium	31-Oct	9:55 AM	Oct	85.5	86.4	-