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By the Oil Desk at Freight Investor Services Ltd.

Brent closed up 1.46 last night to $47.35 and WTI settled at $45.93 up 1.45. Umm, so basically with zero positive news we have still managed to recoup Fridays loss. Was there a headline I missed? I was under the impression (not for the want of trying by some member states), that no result will come from this meeting apart from, like I said, that any decision will be deferred until the official OPEC meeting end of November. In fact, I quote the Iranian oil minister, "This is an advisory meeting and that's all we should expect from it...The talks among OPEC members can be used for the OPEC summit in Vienna in November". Seeing that it looks like any agreement falls on Iran, basically we will still be in this oversupplied market for another 2 months and Russia also has stated it will increase production in 2017.

Economic data/events

* 12:30pm: Bloomberg-compiled U.S. refinery snapshot with offline capacity projections for CDUs, FCCs
* 2:45pm: U.S. Markit services PMI for Sept. P, est. 51.2 (prior 51); U.S. Markit composite PMI for Sept. P, prior 51.5
* 3pm: U.S. Sept. consumer confidence index, est. 99 (prior 101.1); U.S. Sept. Richmond Fed mfg index, est. -2 (prior -11)
* ~9:30pm: API issues wkly U.S. oil inventory report
* International Energy Forum, Algiers, click here for IEF agenda
* Oil/energy ministers from Iran, Russia, Saudi Arabia, others, speak at 5pm (closed to press)
* IPAA’s Oil, Gas Investment Symposia, San Francisco, final day
* SPE conference/exhibition, Dubai
* Middle East Petrotech refining conference, 2nd day of 4
* EIA release Monthly Energy Review

Singapore 380cst

Oct16 - 253.25 / 255.25
Nov16 - 252.25 / 254.25
Dec16 - 251.25 / 253.25
Jan17 - 250.50 / 252.50
Feb17 - 250.25 / 252.25
Mar17 - 250.25 / 252.25
Q4-16 - 250.75 / 253.75
Q1-17 - 248.75 / 251.75
Q2-17 - 249.00 / 253.00
Q3-17 - 250.75 / 254.75
CAL17 - 252.25 / 256.25
CAL18 - 265.00 / 271.00
CAL19 - 279.00 / 287.00
CAL20 - 295.00 / 303.00

Singapore 180cst

Oct16 - 259.25 / 261.25
Nov16 - 258.00 / 260.00
Dec16 - 257.50 / 259.50
Jan17 - 256.25 / 258.25
Feb17 - 256.50 / 258.50
Mar17 - 256.50 / 258.50
Q4-16 - 256.75 / 259.75
Q1-17 - 255.00 / 258.00
Q2-17 - 256.00 / 260.00
Q3-17 - 257.75 / 261.75
CAL17 - 259.00 / 263.00
CAL18 - 273.50 / 279.50
CAL19 - 288.00 / 296.00
CAL20 - 304.00 / 312.00

Rotterdam 3.5%

Oct16 239.25 / 241.25
Nov16 236.00 / 238.00
Dec16 233.75 / 235.75
Jan17 234.75 / 236.75
Feb17 235.25 / 237.25
Mar17 235.75 / 237.75
Q4-16 235.75 / 238.75
Q1-17 235.25 / 238.25
Q2-17 236.75 / 240.75
Q3-17 238.75 / 242.75
CAL17 238.00 / 242.00
CAL18 248.00 / 254.00
CAL19 260.00 / 268.00
CAL20 273.50 / 281.50

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