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By the Oil Desk at Freight Investor Services Ltd.

Saudi Arabia have said that they will continue to cut production, and have signalled to the market that they won't be starting a new production war to try to put US producers out of business. On the other hand, the US rig count continues to increase, up another 18 to 712 in total. We are still floating around that $55 level, in this endless seesaw between production cuts and rig count, with any other discrepancy being explained in oil news columns by a weaker or stronger dollar (on its own, a lazy convenient excuse). This morning's market is gappier than a teenager's front teeth, and expect these small jittery levels to continue until we see the Asian market return after their New Year Celebrations. That Sudoku book you got from your mother-in-law three years ago might come in handy today.

Economic data/events (London times)

* 12pm: ICE weekly commitments of traders report for Brent, gasoil

* 1:30pm: Bloomberg forecast of U.S. waterborne LPG exports; U.S. Dec. Personal Income, est. 0.4% (prior 0.0%); U.S. Dec. Personal Spending, est. 0.5% (prior 0.2%)

* 3pm: U.S. Dec. Pending Home Sales, est. 1.1% (prior -2.5%);

* 3:30pm: Jan. Dallas Fed Manf Activity, est. 15.0 (prior 15.5)

* Today:

* Bloomberg proprietary forecast of Cushing inventory change

* GE Oil & Gas Annual Meeting, Florence, Italy, with speakers including IEA Executive Director Fatih Birol, Total SA’s upstream chief, BP CEO Bob Dudley, 1st day of 2

* Forties, Ekofisk loading programs (March)

Singapore 380 cSt

Feb17 - 307.25 / 309.25

Mar17 - 307.75 / 309.75

Apr17 - 307.75 / 309.75

May17 - 307.75 / 309.75

Jun17 - 307.00 / 309.00

Jul17 - 305.75 / 307.75

Q2-17 - 307.50 / 309.50

Q3-17 - 304.25 / 306.25

Q4-17 - 300.25 / 302.75

Q1-18 - 298.00 / 300.50

CAL18 - 294.50 / 298.00

CAL19 - 278.75 / 283.75

Singapore 180 cSt

Feb17 - 313.25 / 315.25

Mar17 - 313.50 / 315.50

Apr17 - 313.75 / 315.75

May17 - 314.00 / 316.00

Jun17 - 314.00 / 316.00

Jul17 - 312.75 / 314.75

Q2-17 - 313.75 / 315.75

Q3-17 - 311.25 / 313.25

Q4-17 - 307.25 / 309.75

Q1-18 - 305.25 / 307.75

CAL18 - 302.00 / 305.50

CAL19 - 287.50 / 292.50

Rotterdam Barges

Feb17 289.25 / 291.25

Mar17 291.25 / 293.25

Apr17 292.00 / 294.00

May17 292.00 / 294.00

Jun17 291.75 / 293.75

Jul17 291.25 / 293.25

Q2-17 291.75 / 293.75

Q3-17 289.50 / 291.50

Q4-17 284.50 / 287.00

Q1-18 283.50 / 286.00

CAL18 280.00 / 283.50

CAL19 264.25 / 269.25

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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.