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By the Oil Desk at Freight Investor Services Ltd.

Brent closed down 0.82 Friday to $45.77 and WTI closed down 0.88 to settle at $43.03. Guess what? We hit the $45 handle and Venezuela come out and say "...we could announce a deal very soon with OPEC to stabilize oil prices". Honestly I give up. I can't even be bothered to analyse what that means apart from a load of boohockey as prices continue to go downwards, so do you know what? I'm going to join them. I have a cure for hangovers. Yep, you heard it here first. I have a cure for hangovers but I'm not going to tell you what it is for a while but in the meantime please go to the pub and get smashed. Then maybe I will tell you. Maybe. What is clear is that we hit $50 and the market talks about the glut and down we go, we hit $45 and an OPEC member comes up out and up we go. Like the US financial system being in "goldilocks territory", perhaps the oil market is there as well - between $45 and $50. Good day.

OPEC may convene an extraordinary meeting if the group's ministers reach a consensus on oil markets at an informal gathering in Algiers later this month, Secretary General Mohammed Barkindo says, according to Algeria's official news agency.

Economic data/events

* ~12pm: ICE weekly commitments of traders report for Brent,gasoil
* 1:30pm: Bloomberg forecast of U.S. waterborne LPG exports
* 3pm: NAHB Housing Index for Sept., est. 60 (prior 60)
* Today: Central, Eastern Europe & Turkey Refining & Petrochemicals Summit, Izmir
* Today: Climate Week, New York City
* Today: Bloomberg proprietary forecast of Cushing crude inventory change
* Today: Nigeria, other WAF loading programs (Nov.)

Singapore 380 cSt

Oct-16 - 246 / 248
Nov-16 - 244.75 / 246.75
Dec16 - 243.75 / 245.75
Jan17 - 244 / 246
Feb-17 - 243.5 / 245.5
Mar-17 - 244.25 / 246.25
Q4-16 - 243.5 / 246.5
Q1-17 - 242.5 / 245.5
Q2-17 - 244.25 / 248.25
Q3-17 - 246.25 / 250.25
CAL17 - 244.5 / 248.5
CAL18 - 257.25 / 263.25
CAL19 - 271.25 / 279.25
CAL20 287.25 / 295.25

Singapore 180 cSt

Oct-16 - 252 / 254
Nov-16 - 250.5 / 252.5
Dec16 - 250 / 252
Jan17 - 249.75 / 251.75
Feb-17 - 249.75 / 251.75
Mar-17 - 250.5 / 252.5
Q4-16 - 249.5 / 252.5
Q1-17 - 248.75 / 251.75
Q2-17 - 251.25 / 255.25
Q3-17 - 253.25 / 257.25
CAL17 - 251.25 / 255.25
CAL18 - 265.75 / 271.75
CAL19 - 280.25 / 288.25
CAL20 296.25 / 304.25

Rotterdam 3.5%

Oct-16 - 231.5 / 233.5
Nov-16 - 228.75 / 230.75
Dec16 - 226.75 / 228.75
Jan17 - 228.25 / 230.25
Feb-17 - 229 / 231
Mar-17 - 230 / 232
Q4-16 - 228.5 / 231.5
Q1-17 - 229 / 232
Q2-17 - 226.25 / 230.25
Q3-17 - 228.5 / 232.5
CAL17 - 231.25 / 235.25
CAL18 - 243.25 / 249.25
CAL19 - 255.25 / 263.25
CAL20 268.75 / 276.75

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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.