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By the Oil Desk at Freight Investor Services Ltd.

Brent closed up over 7.5% at $50.47 and WTI also up at $48.95 . So we finally got there, after all the wrangling and false news, there is an OPEC deal. An agreement to cut 1.2 M bpd to peg production down to 33.8 M bpd for at least the first six months of the year, with a hinted possibility of an extension of six months. But as we have said before, the fundamentals of the market are still weak, there is still oversupply, and this 'cut' still leaves production at high levels. Or to put it another way, putting some lipstick on a pig doesn't make it any less of a pig. The OPEC deal has provided the shot in the arm that was the intended outcome for the oil producing countries, but it is yet to be seen whether this cut can be enforced. With the prize of even higher oil revenues with an increasing price, can the likes Iran, Iraq and the US resist more production? Just like leaving sweets out unsupervised with a group of children, the temptation may prove too much.

Economic data/events

* 9am: Singapore onshore oil-product stockpile data

* ~11am: Russian refining maintenance schedule from ministry

* 1pm: Dallas Fed President Robert Kaplan speaks in a moderated Q&A at St. Mary's University Forum on Entrepreneurship, San Antonio

* 1:30pm: U.S. Initial Jobless Claims, Nov. 26, est. 253k (prior 251k)

* 2:45pm: Bloomberg Consumer Comfort, Nov. 27 (prior 44.8)

* 2:45pm: U.S. Markit Manufacturing PMI, Nov. (final), est. 53.9 (prior 53.9)

* 3pm: U.S. ISM Manufacturing, Nov., est. 52.5 (prior 51.9)

* Today:

* PJK's weekly ARA oil product stockpiles report

* Brent, Forties, Ekofisk loading programs (Jan.)

Singapore 380 cSt

Jan17 - 291.50 / 293.50

Feb17 - 289.50 / 291.50

Mar17 - 288.75 / 290.75

Apr17 - 288.50 / 290.50

May17 - 288.50 / 290.50

Jun17 - 288.50 / 290.50

Q1-17 - 288.75 / 291.25

Q2-17 - 287.50 / 290.00

Q3-17 - 287.75 / 290.25

Q4-17 - 287.75 / 290.25

CAL17 - 288.00 / 291.50

CAL18 - 288.75 / 293.75

Singapore 180 cSt

Jan17 - 298.50 / 300.50

Feb17 - 296.50 / 298.50

Mar17 - 295.75 / 297.75

Apr17 - 295.50 / 297.50

May17 - 295.50 / 297.50

Jun17 - 295.50 / 297.50

Q1-17 - 295.75 / 298.25

Q2-17 - 294.50 / 297.00

Q3-17 - 294.50 / 297.00

Q4-17 - 294.75 / 297.25

CAL17 - 295.25 / 298.75

CAL18 - 296.75 / 301.75

Rotterdam 3.5%

Jan17 270.50 / 272.50

Feb17 271.25 / 273.25

Mar17 271.75 / 273.75

Apr17 272.00 / 274.00

May17 272.25 / 274.25

Jun17 272.50 / 274.50

Q1-17 271.75 / 274.25

Q2-17 273.25 / 275.75

Q3-17 273.75 / 276.25

Q4-17 273.75 / 276.25

CAL17 271.50 / 275.00

CAL18 275.00 / 280.00

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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.