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By the Oil Desk at Freight Investor Services Ltd.

Brent crude was up 28 cents, or 0.5 percent, at $52.79 at 06:30 a.m. and U.S. crude oil was up 29 cents, or 0.6 percent, at $49.64 a barrel - the highest since April 26. So since the beginning of March, prices on Brent have swung between $56 a barrel to just under $47. OPEC must be cracking a bit of a smile, the same kind of smirk the competitive member of the family does when you roll the dice in Monopoly to land smack bang on their square which has a gazillion hotels on and you know you're going to get wiped out. We have had several draws in U.S. stock levels, strengthening the OPEC argument that stocks are starting to be drained by their production cut, and they haven't even got to their meeting at the end of the month. Can you imagine the reaction if they do deepen the cut? Whoooosh. $55 here we come, and then all the bulls we had a few months ago talking about $60/$70 a barrel. Any sort of talk of the higher levels really is about as legitimate as UK politician Diane Abbott's police cost estimates - it's just fantasy talk with the current U.S. shale market situation.

Economic Data/Events: (Times are London)

* Iranian presidential elections, with results due within 3 days; second-round vote, if needed, will be ~May 26

* 2:15pm: Federal Reserve Bank of St. Louis President James Bullard will speak to the Association for Corporate Growth at Washington University's Knight Center, St. Louis

* 6pm: Baker Hughes weekly U.S. oil, gas rig counts

* 8:30pm: Commodity Futures Trading Commission weekly scheduled report on futures and options positions

Singapore 380 cSt

Jun17 - 302.50 / 304.50

Jul17 - 302.75 / 304.75

Aug17 - 302.50 / 304.50

Sep17 - 301.75 / 303.75

Oct17 - 301.00 / 303.00

Nov17 - 300.25 / 302.25

Q3-17 - 302.50 / 304.50

Q4-17 - 300.50 / 302.50

Q1-18 - 298.75 / 301.25

Q2-18 - 298.00 / 300.50

CAL18 - 295.50 / 299.00

CAL19 - 285.75 / 290.75

CAL20 - 261.00 / 269.00

Singapore 180 cSt

Jun17 - 309.75 / 311.75

Jul17 - 309.50 / 311.50

Aug17 - 309.25 / 311.25

Sep17 - 308.50 / 310.50

Oct17 - 308.00 / 310.00

Nov17 - 307.25 / 309.25

Q3-17 - 309.00 / 311.00

Q4-17 - 307.25 / 309.25

Q1-18 - 305.75 / 308.25

Q2-18 - 305.25 / 307.75

CAL18 - 303.25 / 306.75

CAL19 - 293.75 / 298.75

CAL20 - 270.00 / 278.00

Rotterdam 380 cSt

Jun17 289.25 / 291.25

Jul17 288.50 / 290.50

Aug17 287.25 / 289.25

Sep17 285.75 / 287.75

Oct17 284.50 / 286.50

Nov17 283.00 / 285.00

Q3-17 287.25 / 289.25

Q4-17 283.00 / 285.00

Q1-18 282.25 / 284.75

Q2-18 282.00 / 284.50

CAL18 279.25 / 282.75

CAL19 266.50 / 271.50

CAL20 235.50 / 243.50

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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.