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By the Oil Desk at Freight Investor Services Ltd.

Brent closed up 0.65 last night to $52.51 and WTI closed at $50.44 up 0.61. So what has the week bought us? Well, Brent has risen 6% and since Fri 2 September we have risen 13.5%. Not bad right? Look, in all seriousness what did we all expect from Algiers? Nobody expected a cut, yours truly included in that, but we got one and the inevitable result was going to be a rally in flat price. We are going to get to $55 before long, whether we like it or not. What is glaringly obvious this week is that the market has only really been bought once Wall Street wakes up. The shale boys are obviously taking this opportunity to lock in as much as they can as quickly as they can. Who can blame them? Game on indeed. However there is a but. What really has changed? A cut has been hinted at, but we still don't know the facts. People are still producing record numbers. Demand isn't picking up (or if it is, can somebody please show me where) and Europe is most certainly coughing economically. Hope is a wonderful thing, but it's not a good strategy to make money against. On that note I wish you all a very happy weekend.

Economic data/ events

* 9:30am: U.K. Aug. industrial production m/m, est. 0.1% (prior 0.1%); U.K. Aug. industrial production y/y, est. 1.3% (prior 2.1%); U.K. Aug. manufacturing production m/m, est. 0.4% (prior -0.9%); U.K. Aug. manufacturing production y/y,est. 0.8% (prior 0.8%); U.K. Aug. trade balance, est. -GBP 4000 (prior -GBP 4502)

* 1:30pm: U.S. Sept. change in nonfarm payrolls, est. 172k (prior 151k); U.S. Sept. unemployment rate, est. 4.9% (prior 4.9%)

* 3pm: U.S. wholesale inventories m/m for Aug. F, est. -0.1% (prior -0.1%)

* 6pm: Baker Hughes weekly U.S. oil rig count, prior 425

* 8:30pm: CFTC weekly report on U.S. futures, options positions

Singapore 380 cSt

Nov16 - 281.50 / 283.50
Dec16 - 281.50 / 283.50
Jan17 - 281.00 / 283.00
Feb17 - 281.00 / 283.00
Mar17 - 281.25 / 283.25
Apr17 - 282.00 / 284.00
Q1-17 - 281.00 / 283.50
Q2-17 - 282.25 / 284.75
Q3-17 - 284.75 / 287.75
Q4-17 - 287.50 / 290.50
CAL17 - 280.75 / 283.75
CAL18 - 292.25 / 297.25
CAL19 - 306.25 / 312.25
CAL20 - 317.75 / 325.75

Singapore 180 cSt

Nov16 - 287.50 / 289.50
Dec16 - 287.50 / 289.50
Jan17 - 287.00 / 289.00
Feb17 - 287.00 / 289.00
Mar17 - 287.50 / 289.50
Apr17 - 288.00 / 290.00
Q1-17 - 287.00 / 289.50
Q2-17 - 288.75 / 291.25
Q3-17 - 291.25 / 294.25
Q4-17 - 294.50 / 297.50
CAL17 - 287.50 / 290.50
CAL18 - 300.75 / 305.75
CAL19 - 315.25 / 321.25
CAL20 - 326.75 / 334.75

Rotterdam 3.5%

Nov16 263.75 / 265.75
Dec16 262.50 / 264.50
Jan17 264.50 / 266.50
Feb17 266.00 / 268.00
Mar17 267.25 / 269.25
Apr17 268.25 / 270.25
Q1-17 265.75 / 268.25
Q2-17 268.75 / 271.25
Q3-17 271.00 / 274.00
Q4-17 273.25 / 276.25
CAL17 267.00 / 270.00
CAL18 278.25 / 283.25
CAL19 288.25 / 294.25
CAL20 297.25 / 305.25

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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.