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By the Oil Desk at Freight Investor Services Ltd.

Brent closed Friday up $0.41 to $52.42 and WTI closed at $49.58 up $0.55. I mentioned last week that the dynamic of US shale oil is that it is relatively simple and time efficient for the producers to switch on or off their clever oil-producing machines. The rig count last week fell by one. Granted, the rig count has fallen for successive weeks now but US production has not decreased - production is averaging 9.43 million barrels per day for the week ending July 28 according to E IA. Safely on target for that magical 10mn bpd by 2018, if not sooner. So it is clear that the US is ready, able and evidently willing to be the new global swing producer. Couple this with the fact that the oil market still spends its trading week mostly positioning itself for EIA data and you have all the world looking at the USA not because of what particular direction Trump's going this week but the way the oil market could look to take. Make America great again? Hmmm, why don't you ask OPEC.

Economic Data/Events: (UK times)

* ~12pm: ICE weekly commitments of traders report for Brent, gasoil

* 1:30pm: Bloomberg forecast of U.S. waterborne LPG exports

* 6:25pm: U.S. Federal Reserve Bank of Minneapolis President Neel Kashkari holds a moderated audience question and answer session with the Sioux Falls Rotary Club, Sioux Falls, South Dakota

* Bloomberg proprietary forecast of Cushing crude inventory change plus weekly analyst survey of crude, gasoline, distillates inventories before EIA report Wednesday

* OPEC/non-OPEC Joint Technical Committee meets in Abu Dhabi to discuss compliance with oil-output cuts. Meeting will be co- chaired by Kuwait and Russia, with representatives from other major producers including Saudi Arabia

Singapore 380 cSt

Sep17 - 304.75 / 306.75

Oct17 - 304.25 / 306.25

Nov17 - 303.50 / 305.50

Dec17 - 303.00 / 305.00

Jan18 - 302.50 / 304.50

Feb18 - 302.00 / 304.00

Q4-17 - 303.50 / 305.50

Q1-18 - 301.50 / 303.50

Q2-18 - 301.25 / 303.75

Q3-18 - 301.00 / 303.50

CAL18 - 301.50 / 305.00

CAL19 - 296.75 / 301.75

CAL20 - 271.00 / 278.00

Singapore 180 cSt

Sep17 - 309.50 / 311.50

Oct17 - 309.50 / 311.50

Nov17 - 309.25 / 311.25

Dec17 - 309.25 / 311.25

Jan18 - 309.25 / 311.25

Feb18 - 309.00 / 311.00

Q4-17 - 309.50 / 311.50

Q1-18 - 308.75 / 310.75

Q2-18 - 308.75 / 311.25

Q3-18 - 308.75 / 311.25

CAL18 - 308.75 / 312.25

CAL19 - 306.00 / 311.00

CAL20 - 280.00 / 287.00

Rotterdam 380 cSt

Sep17 292.75 / 294.75

Oct17 289.75 / 291.75

Nov17 287.25 / 289.25

Dec17 285.00 / 287.00

Jan18 286.00 / 288.00

Feb18 286.25 / 288.25

Q4-17 287.25 / 289.25

Q1-18 286.75 / 288.75

Q2-18 287.25 / 289.75

Q3-18 287.25 / 289.75

CAL18 287.00 / 290.50

CAL19 279.75 / 284.75

CAL20 253.75 / 260.75

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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.