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By the Oil Desk at Freight Investor Services Ltd.

Brent closed Friday up $0.20 to $52.10 and WTI closed at $48.82 up $0.23. Crude remains stuck in a range and without either the US or OPEC giving up some market share I see us being stuck in this range for a while to come. I mentioned two weeks ago that the dynamic of shale oil is that it is a lot quicker to react to a rise in flat price with regards to production, and this was evidenced with a rise in the US rig count last week. I think the longer time goes by with prices at these levels, the more and more fields in the US will become break even. The one thing a flat range bound market does at least is to allow companies to more accurately forecasts income vs outgoings and where to tweak their systems. I fear that with the more conventional rig systems that the OPEC producers operate this particular forecasting is not possible, or at least not as easy; so another point to the US corner. They're starting to rack up for the US at the minute, aren't they?

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

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

* EIA releases Monthly Drilling Productivity Report

** OPEC Monthly Oil Market Report, usually ~11am-12pm

** India celebrates World Biofuel Day, speakers include Oil Minister Dharmendra Pradhan; Power Minister Piyush Goyal and Indian Oil Corp. Chairman Sanjiv Singh

** U.S. updates El Nino/La Nina monthly forecast

** Iraqi loading programs for September

Singapore 380 cSt

Sep17 - 303.75 / 305.75

Oct17 - 303.00 / 305.00

Nov17 - 301.50 / 303.50

Dec17 - 300.50 / 302.50

Jan18 - 299.75 / 301.75

Feb18 - 299.00 / 301.00

Q4-17 - 301.75 / 303.75

Q1-18 - 299.25 / 301.25

Q2-18 - 298.00 / 300.50

Q3-18 - 297.00 / 299.50

CAL18 - 297.50 / 301.00

CAL19 - 291.75 / 296.75

CAL20 - 273.75 / 280.75

Singapore 180 cSt

Sep17 - 308.50 / 310.50

Oct17 - 308.25 / 310.25

Nov17 - 307.25 / 309.25

Dec17 - 307.00 / 309.00

Jan18 - 306.25 / 308.25

Feb18 - 306.00 / 308.00

Q4-17 - 307.50 / 309.50

Q1-18 - 306.00 / 308.00

Q2-18 - 305.25 / 307.75

Q3-18 - 304.75 / 307.25

CAL18 - 305.00 / 308.50

CAL19 - 300.50 / 305.50

CAL20 - 282.75 / 289.75

Rotterdam 380 cSt

Sep17 291.75 / 293.75

Oct17 288.50 / 290.50

Nov17 285.75 / 287.75

Dec17 283.25 / 285.25

Jan18 284.25 / 286.25

Feb18 284.50 / 286.50

Q4-285.75 / 287.75

Q1-1284.75 / 286.75

Q2-18 283.50 / 286.00

Q3-18 283.25 / 285.75

CAL18 282.25 / 285.75

CAL19 273.50 / 278.50

CAL20 255.75 / 262.75

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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.