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By the Oil Desk at Freight Investor Services Ltd.

Brent closed up $0.43 last night to $48.72 and WTI closed at $46.46 up $0.38. OPEC's monthly report stated that demand isn't increasing as quickly as they hoped and that oil output rose in May - a 1pct rise since April. Couple this with the fact that BP don't see things picking up any time soon. Let's also add that gasoline stocks in the East, West and Gulf Coast are at a 5-year max. Crude stocks have also drawn to the five-year max on the Gulf Coast in recent weeks as refiners increase runs going into summer. Despite this draw in the Gulf Coast, crude stocks in PADD II remain above the five-year max. Oh, one more thing: API data showed that there is a build on everything but distillates in US oil stocks.

I think, for the time being at least, crude will be stuck at these kind of levels for a while. I do imagine, however, that we will see a sell-off later on when stats are announced - so don't be surprised. And if that happens, and that is a big IF, rest your laurels on API data matching EIA at your peril. 'Lower for longer' I think will, once again, be how to summarise this year for crude oil prices. $60 a barrel feels like a far-off dream people once had, and it may be now behind the scenes that if we start dropping further down into the $40s, OPEC will revisit their trump card of deeper cuts. Stats at 3.30pm UK Time. Good day.

Economic Data/Events: (UK times)

* 9am: IEA monthly market report

* 9:30am: U.K. claimant count rate for May, prior 2.3%

* 9:30am: U.K. jobless claims change for May, prior 19.4k

* 9:30am: U.K. ILO unemployment rate 3 months for April, est. 4.6% (prior 4.6%)

* 12pm: U.S. MBA mortgage applications for June 9 (prior 7.1%)

* 1:30pm: U.S. CPI m/m for May, est. 0% (prior 0.2%)

* 1:30pm: U.S. retail sales advance m/m for May, est. 0% (prior 0.4%)

* 3:30pm: EIA weekly oil inventory report; TOPLive blog coverage at 3:20pm

* 7pm: FOMC rate decision

* Today

** Global Petroleum Show in Calgary

** Genscape weekly ARA crude stockpiles report

Singapore 380 cSt

Jul17 - 287.00 / 289.00

Aug17 - 285.50 / 287.50

Sep17 - 284.00 / 286.00

Oct17 - 282.50 / 284.50

Nov17 - 281.75 / 283.75

Dec17 - 281.00 / 283.00

Q3-17 - 285.50 / 287.50

Q4-17 - 281.75 / 283.75

Q1-18 - 279.75 / 282.25

Q2-18 - 279.25 / 281.75

CAL18 - 278.50 / 282.00

CAL19 - 270.50 / 275.50

CAL20 - 243.00 / 251.00

Singapore 180 cSt

Jul17 - 293.75 / 295.75

Aug17 - 292.00 / 294.00

Sep17 - 290.50 / 292.50

Oct17 - 289.50 / 291.50

Nov17 - 288.75 / 290.75

Dec17 - 288.00 / 290.00

Q3-17 - 292.00 / 294.00

Q4-17 - 288.75 / 290.75

Q1-18 - 286.75 / 289.25

Q2-18 - 286.50 / 289.00

CAL18 - 286.00 / 289.50

CAL19 - 278.50 / 283.50

CAL20 - 252.00 / 260.00

Rotterdam 380 cSt

Jul17 272.00 / 274.00

Aug17 269.75 / 271.75

Sep17 267.75 / 269.75

Oct17 265.75 / 267.75

Nov17 263.75 / 265.75

Dec17 261.75 / 263.75

Q3-17 269.75 / 271.75

Q4-17 263.75 / 265.75

Q1-18 262.50 / 265.00

Q2-18 263.25 / 265.75

CAL18 262.00 / 265.50

CAL19 250.75 / 255.75

CAL20 221.25 / 229.25

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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.