---

By the Oil Desk at Freight Investor Services Ltd.

Brent closed up 1.38 on Friday to $46.83 and WTi closed at $44.44 up 1.28. With the US shut and the Asian oil market descending on the frivolities of APPEC, we could witness a thin market today and about as interesting as Big Sam's first game in charge of the England football team. The US rig count increased by one last week and with crude still fairly range-bound it strikes me that, maybe, just maybe, we could be in a market where most participants, apart from Venezuela, are happy. It's interesting that the market seems fairly relaxed here - apart from the members of the bloc, who need crude to be at $60+ to balance their books. It is clear that the market is not going to reach those levels again, so perhaps more diversification is needed within those countries in order to keep things at these more realistic levels. Good day.

Economic data/events

* 9am: Eurozone Markit services PMI for Aug. F, est. 53.1
(prior 53.1); Markit composite PMI for Aug. F, est. 53.3 (prior 53.3)
* U.S. financial mkts closed due to Labor Day
* Nymex WTI halts early at 1pm ET, no settlement until Tuesday
* ICE Brent settles at about 1pm ET, trading halts early at 1:30pm ET
* Today: FT Commodities Asia Summit in Singapore
* G-20 summit in China, final day

Singapore 380 cSt

Oct-16 254 / 256
Nov-16 252.75 / 254.75
Dec16 252 / 254
Jan17 251.75 / 253.75
Feb-17 252.25 / 254.25
Mar-17 253 / 255
Q4-16 251.5 / 254.5
Q1-17 251 / 254
Q2-17 252.75 / 256.75
Q3-17 255.25 / 259.25
CAL17 256.25 / 260.25
CAL18 272 / 278
CAL19 288 / 296
CAL20 306.25 / 314.25

Singapore 180 cSt

Oct-16 259.5 / 261.5
Nov-16 258.25 / 260.25
Dec16 258.25 / 260.25
Jan17 258 / 260
Feb-17 258.75 / 260.75
Mar-17 259.5 / 261.5
Q4-16 257.5 / 260.5
Q1-17 257.5 / 260.5
Q2-17 259.5 / 263.5
Q3-17 262.25 / 266.25
CAL17 263.5 / 267.5
CAL18 281 / 287
CAL19 297 / 305
CAL20 315.25 / 323.25

Rotterdam 3.5%

Oct-16 239.25 / 241.25
Nov-16 236.75 / 238.75
Dec16 235.75 / 237.75
Jan17 237.75 / 239.75
Feb-17 238.75 / 240.75
Mar-17 239.75 / 241.75
Q4-16 236.75 / 239.75
Q1-17 239.25 / 242.25
Q2-17 242 / 246
Q3-17 245 / 249
CAL17 243 / 247
CAL18 257.75 / 263.75
CAL19 271.5 / 279.5
CAL20 286.25 / 294.25

---

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.