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By the Oil Desk at Freight Investor Services Ltd.

Brent closed down 1.33 last night to $47.04 and WTi closed at $44.70 down 1.65. Oct Brent expired yesterday. Does thy eyes deceive me? Did the market react properly on the back of bearish EIA data last night? No, not really. Considering the weather hasn't been great in the USGC, we are still seeing builds on crude stocks and the refinery run rate was more or less the same but we wake up this morning and the market tried to rally a little. Weak dollar? Pah. Chinese data? Pah. Yes, OK, they can move the market a little, but talk about clutching at straws. Fundamentally we should continue to go down. Then the OPEC meeting rumor mill will resurface and up we go, then stats will be bearish again and down we go. 45 next stop. But I will say that this constant talk of OPEC and EIA data is becoming a little tiring, they will always be there, so to comment on them is a bit like saying "Mario Balotelli will succeed at his next club". Boring. What will affect the market is the tail that has been wagging the proverbial fat dog, which are refined products. If the cracks continue to strengthen, then up and up we could go. 'IF' being the operative word, as it is all demand related. Demand? Demandddd? Are you there? Good day.

EIA data:

* U.S. crude output falls to 8.7m b/d in June
* U.S. crude imports fall to 7.61m b/d in June
* Chart: U.S. crude imports soar to highest since Sept. 2012
* Imports of crude from OPEC in June fall to 90.7m bbl
* U.S. gasoline demand rose to monthly record in June
* Lee: EIA showing record exports undermine demand estimates
* U.S. crude stockpiles close in on 87-year high: chart

Singapore 380cst

Oct16 - 242.00 / 244.00
Nov16 - 240.75 / 242.75
Dec16 - 240.00 / 242.00
Jan17 - 240.00 / 242.00
Feb17 - 240.75 / 242.75
Mar17 - 241.50 / 243.50
Q4-16 - 239.75 / 242.75
Q1-17 - 239.75 / 242.75
Q2-17 - 242.00 / 246.00
Q3-17 - 244.75 / 248.75
CAL17 - 243.25 / 247.25
CAL18 - 259.00 / 265.00
CAL19 - 275.00 / 283.00
CAL20 - 293.25 / 301.25

Singapore 180cst

Oct16 - 247.50 / 249.50
Nov16 - 246.25 / 248.25
Dec16 - 246.25 / 248.25
Jan17 - 246.25 / 248.25
Feb17 - 247.25 / 249.25
Mar17 - 248.00 / 250.00
Q4-16 - 245.75 / 248.75
Q1-17 - 246.25 / 249.25
Q2-17 - 248.75 / 252.75
Q3-17 - 251.75 / 255.75
CAL17 - 250.50 / 254.50
CAL18 - 268.00 / 274.00
CAL19 - 284.00 / 292.00
CAL20 - 302.25 / 310.25

Rotterdam 3.5%

Oct16 226.50 / 228.50
Nov16 224.75 / 226.75
Dec16 224.25 / 226.25
Jan17 226.25 / 228.25
Feb17 227.25 / 229.25
Mar17 228.50 / 230.50
Q4-16 224.50 / 227.50
Q1-17 227.00 / 230.00
Q2-17 229.75 / 233.75
Q3-17 232.75 / 236.75
CAL17 229.75 / 233.75
CAL18 244.50 / 250.50
CAL19 258.25 / 266.25
CAL20 273.00 / 281.00

Founded in 2002, Freight Investor Services is a specialist in dry bulk and commodity derivatives, including cargo freight, iron ore, fertilizer and bunker fuel. The company has offices in London, Dubai, Singapore and Shanghai.

For further details about fuel oil swaps or to discuss trading opportunities, please contact Andrew Cullen, Client Relations & Development Manager, on +44 207 090 1126, or email AndrewC@freightinvestor.com.