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By the Oil Desk at Freight Investor Services Ltd.

Brent closed down $1.37 last night to $50.73 and WTI closed at $47.59 down $1.23. Another woeful day for the bulls yesterday as the market reacted to news that US shale output will rise AGAIN in September. Relentless. I'm sure there are a few oil traders who went long the market and have that same look on their face when their boss asks them what they're doing as a dog does when it catches you doing something you really shouldn't be doing. Awkward. It takes a brave person and probably quite a lot of Dutch courage to really take some long positions on Brent futures right now. The news that China are not running as much crude through the refineries should come as no surprise, it was only so long they could keep up that relentless pace and I feel it harsh for a drop in flat price to be blamed on "weak Chinese demand". China have nigh on single-handedly been the catalyst for most of the crude bull rallies in recent years, so to say their demand is "weak" is unfair in my opinion. Demand isn't the problem - supply is.

Economic Data/Events: (UK times)

* 1:30pm: U.S. import price index, July m/m, est 0.1% (prior -0.2%)

* 1:30pm: U.S. Empire Manufacturing, Aug., est 10.0 (prior 9.8)

* 9:30pm: API issues weekly U.S. oil inventory 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 - 296.50 / 298.50

Oct17 - 295.75 / 297.75

Nov17 - 294.75 / 296.75

Dec17 - 294.00 / 296.00

Jan18 - 293.00 / 295.00

Feb18 - 292.25 / 294.25

Q4-17 - 294.75 / 296.75

Q1-18 - 292.25 / 294.25

Q2-18 - 291.25 / 293.75

Q3-18 - 290.25 / 292.75

CAL18 - 291.75 / 295.25

CAL19 - 286.00 / 291.005

CAL20 - 268.00 / 275.00

Singapore 180 cSt

Sep17 - 301.25 / 303.25

Oct17 - 301.00 / 303.00

Nov17 - 300.50 / 302.50

Dec17 - 300.50 / 302.50

Jan18 - 299.50 / 301.50

Feb18 - 299.25 / 301.25

Q4-17 - 300.50 / 302.50

Q1-18 - 299.00 / 301.00

Q2-18 - 298.50 / 301.00

Q3-18 - 298.00 / 300.50

CAL18 - 299.25 / 302.75

CAL19 - 294.75 / 299.75

CAL20 - 277.00 / 284.00

Rotterdam 380 cSt

Sep17 283.50 / 285.50

Oct17 280.25 / 282.25

Nov17 277.50 / 279.50

Dec17 275.00 / 277.00

Jan18 276.00 / 278.00

Feb18 276.25 / 278.25

Q4-277.75 / 279.75

Q1-1276.75 / 278.75

Q2-18 275.50 / 278.00

Q3-18 275.25 / 277.75

CAL18 276.00 / 279.50

CAL19 267.25 / 272.25

CAL20 249.50 / 256.50

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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.