---

By the Oil Desk at Freight Investor Services Ltd.

Brent closed last night down $0.41 to $52.34 and WTI had no change at $47.29. We've been stuck in a range between $50 and $53.00 for what seems like an eternity. It's not like there haven't been stimuli to break us out of this range either. Of course, more recently we have had the tragic Hurricane Harvey. This caused an initial spike in RBOB, but that is now back down to exactly the same level we were on 25 August (the day before the storm hit Texas). Other factors have also been there to look at breaking crude out of this range - the US dollar, for example, Libya declaring force majeure one minute then calling it off the next, North Korea and what will happen there, OPEC ministers saying that the agreement may or may not be extended in November. All in all, it has been a fairly active summer for geopolitical factors that, usually, would have a fairly dramatic effect on flat price. But not this year. No no no.

Economic Data/Events: (UK times)

* 3pm: U.S. factory orders for July; est. -3.3% (prior 3.0%)

* 3pm: U.S. durable goods orders for July final; est. 1.0% (prior -6.8%)

** Offshore Europe Conference and Exhibition in Aberdeen, including CEOs of Shell, BP, Wood Group; 1st day of 4

Singapore 380 cSt

Oct17 - 307.50 / 309.50

Nov17 - 306.25 / 308.25

Dec17 - 305.00 / 307.00

Jan18 - 303.75 / 305.75

Feb18 - 302.75 / 304.75

Mar18 - 302.25 / 304.25

Q4-17 - 306.25 / 308.25

Q1-18 - 302.75 / 304.75

Q2-18 - 301.00 / 303.50

Q3-18 - 300.00 / 302.50

CAL18 - 300.75 / 304.25

CAL19 - 294.00 / 299.00

CAL20 - 276.00 / 283.00

Singapore 180 cSt

Oct17 - 312.75 / 314.75

Nov17 - 311.50 / 313.50

Dec17 - 311.00 / 313.00

Jan18 - 309.75 / 311.75

Feb18 - 309.25 / 311.25

Mar18 - 309.00 / 311.00

Q4-17 - 311.75 / 313.75

Q1-18 - 309.50 / 311.50

Q2-18 - 308.25 / 310.75

Q3-18 - 307.50 / 310.00

CAL18 - 308.00 / 311.50

CAL19 - 302.75 / 307.75

CAL20 - 285.00 / 292.00

Rotterdam 380 cSt

Oct17 292.00 / 294.00

Nov17 288.50 / 290.50

Dec17 292.00 / 294.00

Jan18 286.00 / 288.00

Feb18 286.00 / 288.00

Mar18 286.00 / 288.00

Q4-17 288.75 / 290.75

Q1-18 287.00 / 289.00

Q2-18 286.75 / 289.25

Q3-18 286.50 / 289.00

CAL18 285.25 / 288.75

CAL19 276.00 / 281.00

CAL20 258.25 / 265.25

---

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.