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By the Oil Desk at Freight Investor Services Ltd.

Brent crude futures were at $51.93 a barrel, down 8 cents, or 0.15%, from their last close and around 70 cents down for the week. WTI crude futures were at $48.95 per barrel at 05:16 GMT, down 8 cents, or 0.2%, from their last close and around 90 cents for the week. Well, it really is a mixed bag out there isn't it, reading all the competing bits of news and having no idea what the impact on the market in the end should be. It's more frustrating than getting to the end of a Christopher Nolan film, cutting before the end - BUT BUT BUT, what does it mean?!? We can see rising petrol demand in the U.S., sustained falling U.S. inventories, increasing demand for heavier crude, joyous fuel oil refiners, BUT (and as my Grandad used to say: always ignore the part of the sentence before the but) OPEC output is up to a record high for production in July, U.S. oil production has hit 9.43 million bpd, and although we have had draws in inventories they are still comparatively high. A classic supply versus demand melting pot which will dominate the headlines in the second half of this year. We may get other factors outside giving us the extra volatility the market is famous for, but really see this as two titans trying to knock each other off a tightrope walk. Although, if things start going southwards, do expect a curveball from OPEC - they are making good enough money at these levels and want that to continue.

Economic Data/Events: (UK times)

* 7am: Germany factory orders m/m for June, est. 0.5% (prior 1%)

* 1:30pm: U.S.

** Change in nonfarm payrolls for July, est. 180k (prior 222k)

** Unemployment rate for July, est. 4.3 (prior 4.4%)

** Trade balance for June, est. -$44.5b (prior -$46.5b)

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

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

* Friday, no exact timing

** U.S. Census Bureau releases crude export data through June 2017

** Colorado State University updates Atlantic hurricane forecast before the peak of the season

Singapore 380 cSt

Sep17 - 303.75 / 305.75

Oct17 - 303.00 / 305.00

Nov17 - 302.25 / 304.25

Dec17 - 301.75 / 303.75

Jan18 - 301.25 / 303.25

Feb18 - 300.75 / 302.75

Q4-17 - 302.00 / 304.00

Q1-18 - 300.25 / 302.25

Q2-18 - 300.25 / 302.25

Q3-18 - 299.75 / 302.25

CAL 18 - 299.50 / 303.00

CAL19 - 294.75 / 299.75

CAL20 - 269.00 / 276.00

Singapore 180 cSt

Sep17 - 308.75 / 310.75

Oct17 - 308.50 / 310.50

Nov17 - 308.00 / 310.00

Dec17 - 308.00 / 310.00

Jan18 - 308.00 / 310.00

Feb18 - 307.75 / 309.75

Q4-17 - 308.25 / 310.25

Q1-18 - 307.25 / 309.25

Q2-18 - 307.50 / 309.50

Q3-18 - 307.25 / 309.75

CAL 18 - 306.75 / 310.25

CAL19 - 304.00 / 309.00

CAL20 - 278.00 / 285.00

Rotterdam 380 cSt

Sep17 291.50 / 293.50

Oct17 288.75 / 290.75

Nov17 286.50 / 288.50

Dec17 284.50 / 286.50

Jan18 285.50 / 287.50

Feb18 285.75 / 287.75

Q4-17 286.50 / 288.50

Q1-18 286.00 / 288.00

Q2-18 286.75 / 288.75

Q3-18 286.50 / 289.00

CAL 18 285.00 / 288.50

CAL19 277.75 / 282.75

CAL20 251.75 / 258.75

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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.