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By the Oil Desk at Freight Investor Services Ltd.

Brent closed last up 0.48 last night to $56.66 and WTI closed at $54.33. Subtle. It's not an adjective you would apply to the oil or indeed any futures market, is it? The way OPEC and the like are going about saying that everything is now sorted, people shouldn't worry, and the market will return to a deficit is hardly subtle is it? Let me give you an example. Yesterday there was a headline everyone ignored, quote: "OPEC crude exports for the first half of February averaged around 24.5 million bpd, from 23.62 million bpd in January, a sharp upward revision of 880,000 bpd". They blamed bad weather being forecast for the ramp up in production. I'm sorry, do oil-producing countries moonlight for the met office as well? Wasn't the cut supposed to be 1.2mn bpd? And now we have seen an INCREASE of 900 kbpd? Guess what we did? Gold star - we rallied.

Economic Data/Events: (London times)

* 12pm: U.S. MBA mortgage applications, Feb. 17, (prior -3.7%)

* 3pm: U.S. existing home sales Jan., est. 5.55m (prior 5.49m)

* 7pm: FOMC meeting minutes

* 9:30pm: API weekly oil inventory report (delayed from Tuesday due to President's Day)

* Today:

* Genscape's weekly ARA crude stockpiles report

* IP Week conference in London, with speakers including Spencer Dale of BP, Rosneft’s Igor Sechin, 2 day of 3.

Singapore 380 cSt

Mar17 - 318.00 / 320.00

Apr17 - 316.00 / 318.00

May17 - 315.25 / 317.25

Jun17 - 314.00 / 316.00

Jul17 - 313.50 / 315.50

Aug17 - 313.50 / 315.50

Q2-17 - 315.25 / 317.25

Q3-17 - 311.75 / 313.75

Q4-17 - 308.75 / 311.25

Q1-18 - 306.00 / 308.50

CAL18 - 300.25 / 303.75

CAL19 - 285.00 / 290.00

Singapore 180 cSt

Mar17 - 323.00 / 325.00

Apr17 - 321.75 / 323.75

May17 - 321.75 / 323.75

Jun17 - 321.00 / 323.00

Jul17 - 320.50 / 322.50

Aug17 - 320.50 / 322.50

Q2-17 - 321.50 / 323.50

Q3-17 - 318.75 / 320.75

Q4-17 - 315.75 / 318.25

Q1-18 - 313.00 / 315.50

CAL18 - 307.50 / 311.00

CAL19 - 293.50 / 298.50

Rotterdam Barges

Mar17 299.50 / 301.50

Apr17 299.25 / 301.25

May17 298.75 / 300.75

Jun17 298.25 / 300.25

Jul17 297.25 / 299.25

Aug17 296.25 / 298.25

Q2-17 298.75 / 300.75

Q3-17 296.25 / 298.25

Q4-17 291.50 / 294.00

Q1-18 290.25 / 292.75

CAL18 285.50 / 289.00

CAL19 271.75 / 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.