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By the Oil Desk at Freight Investor Services Ltd.

Brent closed up 0.31 last night to $48.32 and WTI closed up 0.41 to $46.29. Did you know the man who wrote the song 'Hokey-Cokey' died last week? It was his funeral yesterday. That's what this market is - the hokey-cokey. We seemed to be getting somewhere realistic yesterday with crude off 1.10 at one stage and then kapow! Up we went. Why? Don't ask me. Profit taking I suppose, but all seems a little dramatic for profit taking, but possible. It's all gone a little bit quiet from the OPEC bods, hasn't it. I suppose their agenda is fulfilled - talk about something, don't actually do it but spark a rally. Brilliantly efficient as I have said before. It's an irony that we may feel this market is on the edge of collapsing or rallying, weak data from China could spark a drop but bullish anticipated Q4 demand could spark a rally. Does that mean right now we are in a balanced crude oil market? Answers on a postcard. Good day.

China's crude oil output drops to lowest in more than six years as state-run energy giants continue to pump less from aging, high-cost fields. IEA issues monthly oil market report at 9am London time.

Economic data/events

* 11am: NFIB small business optimism for Aug., est. 94.8 (prior 94.6)
* 12:30pm: Bloomberg-compiled refinery snapshot
* 7pm: U.S. Aug. monthly budget stmt, est. -$107b (prior - $64.4b)
* 9:30pm: API issues weekly U.S. oil inventory report

Rotterdam 3.5%

Oct16 233.75 / 235.75
Nov16 231.25 / 233.25
Dec16 229.75 / 231.75
Jan17 231.75 / 233.75
Feb17 233.00 / 235.00
Mar17 234.00 / 236.00
Q4-16 231.00 / 234.00
Q1-17 232.00 / 235.00
Q2-17 234.50 / 238.50
Q3-17 236.75 / 240.75
CAL17 236.00 / 240.00
CAL18 248.00 / 254.00
CAL19 260.00 / 268.00

Singapore 380 cSt

Oct16 - 246.75 / 248.75
Nov16 - 246.00 / 248.00
Dec16 - 245.50 / 247.50
Jan17 - 245.75 / 247.75
Feb17 - 246.25 / 248.25
Mar17 - 247.00 / 249.00
Q4-16 - 245.25 / 248.25
Q1-17 - 245.25 / 248.25
Q2-17 - 247.00 / 251.00
Q3-17 - 249.75 / 253.75
CAL17 - 249.75 / 253.75
CAL18 - 262.50 / 268.50
CAL19 - 276.50 / 284.50

Singapore 180 cSt

Oct16 - 252.75 / 254.75
Nov16 - 252.00 / 254.00
Dec16 - 252.00 / 254.00
Jan17 - 251.75 / 253.75
Feb17 - 252.75 / 254.75
Mar17 - 253.50 / 255.50
Q4-16 - 251.25 / 254.25
Q1-17 - 251.50 / 254.50
Q2-17 - 254.00 / 258.00
Q3-17 - 256.75 / 260.75
CAL17 - 256.75 / 260.75
CAL18 - 271.25 / 277.25
CAL19 - 285.75 / 293.75

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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.