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By the Oil Desk at Freight Investor Services Ltd.

Brent closed up 0.89 last night to $51.81 and WTI closed at $47.72 up 1.14. So crude stocks fell last week in the US for the first time in 9 weeks and what did the market do? Rallied like a trooper. Did US data show a sizeable draw that can give hope to the bulls? Of course it didn't. We saw a 237,000 barrel draw. That's it. 237,000 barrels. You could probably count that many in your head and not go crazy, so why did it yield such a positive response from the market? Again we come down to hope. Hope that demand is actually increasing. Yes we saw some good draws again on products but you would expect it this time of year considering how cold it is in the North and the pending RVP change on gasoline soon. There does seem to be a constant ignorance from this market, and eventually it has to bite it in the backside. Iraq have said they are pumping more and will increase throughout the course of the year. IEA decreased demand growth projection and the US are pumping more and more each day. But it will be fine, no need to worry at all. OPEC are as cool as a cucumber, on the hottest day of the year, surrounded by chillies, in a very hot oven, placed on a bonfire, where napalm has just been dropped. I think we have found our new range on brent, perhaps we will stick here for a while now.

Economic Data/Events: (London times)

* 8am: Singapore onshore oil-product stockpile data

* ~11am: Russian refining maintenance schedule from ministry

* 12:30pm: U.S. Feb. housing starts, est. 1,264k (prior 1,246k); initial jobless claims for March 11, est. 240k (prior 243k); continuing claims for March 4, est. 2,050k (prior 2,058k)

* 1:45pm: Bloomberg consumer comfort for March 12 (prior 50.6)

* 2pm: U.S. Jan. JOLTS job openings, est. 5,562 (prior 5,501)

* Today:

* PJK's weekly ARA oil product stockpiles report

* U.A.E. Minister of Energy, ADNOC CEO attend ministry round table briefings, Abu Dhabi

* Swedbank Energy Summit, Oslo, speakers include CEOs from Statoil, Lundin Petroleum, Aker BP CEO

* Norwegian Oil and Gas Association’s annual conference, Oslo, speakers include Norway Prime Minister Erna Solberg

* Angola preliminary loading program (May)

Singapore 380 cSt

Apr-17 - 291.50 / 293.50

May17 - 292.25 / 294.25

Jun17 - 291.75 / 293.75

Jul17 - 291.75 / 293.75

Aug17 - 291.25 / 293.25

Sep17 - 290.50 / 292.50

Q2-17 - 291.75 / 293.75

Q3-17 - 291.25 / 293.25

Q4-17 - 289.75 / 292.25

Q1-18 - 288.50 / 291.00

CAL18 - 284.75 / 288.25

CAL19 - 275.75 / 280.75

Singapore 180 cSt

Apr17 - 297.75 / 299.75

May17 - 298.75 / 300.75

Jun17 - 298.25 / 300.25

Jul17 - 298.50 / 300.50

Aug17 - 298.00 / 300.00

Sep17 - 297.50 / 299.50

Q2-17 - 298.25 / 300.25

Q3-17 - 298.00 / 300.00

Q4-17 - 296.75 / 299.25

Q1-18 - 295.50 / 298.00

CAL18 - 292.25 / 295.75

CAL19 - 284.50 / 289.50

Rotterdam Barges

Apr17 276.00 / 278.00

May17 276.50 / 278.50

Jun17 276.75 / 278.75

Jul17 276.50 / 278.50

Aug17 276.00 / 278.00

Sep17 275.50 / 277.50

Q2-17 276.25 / 278.25

Q3-17 275.75 / 277.75

Q4-17 272.75 / 275.25

Q1-18 273.25 / 275.75

CAL18 268.50 / 272.00

CAL19 259.75 / 264.75

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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.