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By the Oil Desk at Freight Investor Services Ltd.

Brent closed up $0.64 last night to $47.52 and WTI closed at $45.04 up $0.64. So it's Wednesday and that means another day of inaccurate data, crazy trading patterns and general market schizophrenia. The Mensa group that are API reportedly showed a whopping 8.1mn draw on crude stocks last week. If that is the case then I agree it is encouraging for the huge overhang of supply to start being absorbed via increased demand. We then had another story that EIA had "slashed" their 2018 US oil production numbers. Slashed is a bit of a strong word for what they did. I would say more like rubbing it out with one of those tiny little erasers you get on top of a pencil that does nothing apart from smudge grey lead everywhere. US production will still be at record levels next year, so it is hardly a turnaround for less crude, is it? Look, I hope that there is finally some respite for crude with EIA data later, something needs to happen to cheer the market up, but if this market thinks that EIA forecasting "lower" US production is something to behold of a bullish nature then my real name is Theresa and I like "running through fields of wheat". Stats at the usual time this week.

Economic Data/Events: (UK times)

* 12pm: U.S. MBA mortgage applications for July 7

* 3pm: Fed Chair Janet Yellen will appear before U.S. House Financial Services Committee for semi-annual Monetary Policy Report to Congress

* 3:30pm: EIA weekly U.S. oil inventory report, TOPLive blog coverage begins at 3:20pm

* Today:

** OPEC monthly market report, usually ~11am-12pm London time

** Genscape weekly ARA crude stockpiles report

** WPC in Istanbul, speakers include OPEC Secretary-General Mohammad Barkindo, BP CEO Bob Dudley, 4th day of 5

** IEA to release World Energy Investment Report 2017 at WPC

** Caspian CPC, Azeri Supsa loadings for August

Singapore 380 cSt

Aug17 - 287.75 / 289.75

Sep17 - 287.25 / 289.25

Oct17 - 286.75 / 288.75

Nov17 - 286.50 / 288.50

Dec17 - 286.25 / 288.25

Jan18 - 285.75 / 287.75

Q4-17 - 286.50 / 288.50

Q1-18 - 285.50 / 287.50

Q2-18 - 286.75 / 289.25

Q3-18 - 288.50 / 291.50

CAL18 - 285.00 / 288.50

CAL19 - 280.25 / 285.75

CAL20 - 263.00 / 271.00

Singapore 180 cSt

Aug17 - 293.75 / 295.75

Sep17 - 293.25 / 295.25

Oct17 - 293.00 / 295.00

Nov17 - 293.00 / 295.00

Dec17 - 292.75 / 294.75

Jan18 - 292.25 / 294.25

Q4-17 - 293.00 / 295.00

Q1-18 - 292.75 / 294.75

Q2-18 - 294.25 / 296.75

Q3-18 - 296.75 / 299.75

CAL18 - 292.50 / 296.00

CAL19 - 289.25 / 294.75

CAL20 - 272.00 / 280.00

Rotterdam 380 cSt

Aug17 274.25 / 276.25

Sep17 272.50 / 274.50

Oct17 271.00 / 273.00

Nov17 269.50 / 271.50

Dec17 268.00 / 270.00

Jan18 269.75 / 271.75

Q4-17 269.50 / 271.50

Q1-18 270.75 / 272.75

Q2-18 273.75 / 276.25

Q3-18 275.25 / 278.25

CAL18 271.50 / 275.00

CAL19 266.75 / 272.25

CAL20 246.25 / 254.25

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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.