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By the Oil Desk at Freight Investor Services Ltd.

Brent closed last night up $0.32 to $48.11 and WTI closed at $45.52 up $0.39. It's almost becoming laughable just how the market reacts to EIA numbers - only the most mental of people must trade it. Yes crude and product numbers showed draws last week, but, as I have been saying the last few days, this had to be expected owing to 4th July celebrations. Once the market actually read the data figures and told their complex algorithms to STOP BUYING(!!), numbers weren't actually that supportive at all. US exports were over 1mn bpd in May, refinery runs were up and the number on gasoline - a key indicator this time of year - came in 2mn bbls less than API predicted. Either Elon Musk has actually sold more Tesla's than he's letting on or, quite simply, driving season is turning out to be as disappointing as Stan Wawrinka's record at Wimbledon. We're off this morning as Asia wakes up and absorbs the news, so I expect a disappointing end to the week if you're of a bullish nature. Week-on-week, Brent is up 1.5%. What is interesting is that China is now the biggest importer of US crude, overtaking Canada by some distance. Didn't the Saudi's just drop the premium to Asian buyers for their crude? Look out, the market share battle is well and truly on.

Economic Data/Events: (UK times)

* 1:30pm: U.S. change in nonfarm payrolls for June, est. 178k (prior 138k); unemployment rate for June, est. 4.3% (prior 4.3%)

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

* 8:30pm: CFTC weekly Commitments of Traders report on U.S. futures, options contracts

*Today: G-20 meeting in Hamburg, 1st day of 2

Singapore 380 cSt

Aug17 - 283.75 / 285.75

Sep17 - 282.25 / 284.25

Oct17 - 281.25 / 283.25

Nov17 - 280.75 / 282.75

Dec17 - 280.50 / 282.50

Jan18 - 280.00 / 282.00

Q4-17 - 281.00 / 283.00

Q1-18 - 279.75 / 281.75

Q2-18 - 280.00 / 282.50

Q3-18 - 280.50 / 283.50

CAL18 - 281.50 / 285.00

CAL19 - 276.50 / 282.00

CAL20 - 256.00 / 264.00

Singapore 180 cSt

Aug17 - 289.75 / 291.75

Sep17 - 288.50 / 290.50

Oct17 - 287.50 / 289.50

Nov17 - 287.25 / 289.25

Dec17 - 287.00 / 289.00

Jan18 - 286.50 / 288.50

Q4-17 - 287.25 / 289.25

Q1-18 - 286.75 / 288.75

Q2-18 - 287.25 / 289.75

Q3-18 - 288.50 / 291.50

CAL18 - 288.75 / 292.25

CAL19 - 285.75 / 291.25

CAL20 - 265.00 / 273.00

Rotterdam 380 cSt

Aug17 269.75 / 271.75

Sep17 267.75 / 269.75

Oct17 265.75 / 267.75

Nov17 263.75 / 265.75

Dec17 262.00 / 264.00

Jan18 263.75 / 265.75

Q4-17 264.00 / 266.00

Q1-18 264.00 / 266.00

Q2-18 264.50 / 267.00

Q3-18 265.00 / 268.00

CAL18 266.25 / 269.75

CAL19 261.00 / 266.50

CAL20 237.50 / 245.50

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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.