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By the Oil Desk at Freight Investor Services Ltd.

Brent closed up $2.16 last night to $59.02 and WTI closed at $52.22, up $1.56. I want to talk about daddy longlegs. There is a widespread myth that these stupid insects have the most toxic venom known to man, and that because their fangs are so tiny they can't use their venom. Ricky Gervais once famously joked that when God created the earth, he told the daddy longlegs to use its venom with caution, but it kept biting everything, so eventually God took his teeth away. What has this got to do with the oil market? Well, we've rallied aggressively recently and the market is getting ahead of itself. It's like every trader has been given daddy longleg venom and it's still biting. I fear its teeth will soon be taken away. I can't actually see any real evidence, apart from hot air, to justify this rally either. Can you? Has someone cut production further? Noooo. Has someone new come in to the market and decided to gazzillion barrels of oil? Nooo. Is the US dollar weaker? Not really. Are stocks showing ACTUAL signs of being drawn? Nah. Look, I know I'm a negative nelly, but I'm not delusional either Whether we are testing the upper end of the 45 -60 range shall be evidenced over the next week or so, but judging by the performance of the crude oil market over the last 12 months it wouldn't surprise me if those teeth are taken away sooner rather than later.

Economic Data/Events: (UK times)

* 3pm: U.S.

* New home sales for Aug.

* Richmond Fed. Manf Index, Sept.

*4:50pm: Fed Chair Janet Yellen will deliver the luncheon key note address at NABE annual conference, Cleveland, Ohio

* 9:30pm: U.S. API issues weekly oil inventory report.

* No exact timing:

* APPEC 2017, 2nd day of 3. Speakers include execs from BP, Vitol, Gunvor, Trafigura, Socar, Rosneft, Gazprom, IEA, National Iranian Oil, Oman Oil Refineries And Petroleum Industries, Nigerian National Petroleum

* Angola final program for November

* Bloomberg-compiled weekly snapshot of key U.S. refinery outages with offline capacity projections for CDU, FCC units

Singapore 380 cSt

Oct17 - 334.25 / 336.25

Nov17 - 331.50 / 333.50

Dec17 - 328.50 / 330.50

Jan18 - 325.75 / 327.75

Feb18 - 324.00 / 326.00

Mar18 - 323.00 / 325.00

Q4-17 - 331.25 / 333.25

Q1-18 - 324.00 / 326.00

Q2-18 - 320.50 / 323.00

Q3-18 - 317.25 / 319.75

CAL18 - 318.00 / 321.00

CAL19 - 307.75 / 312.75

CAL20 - 295.75 / 302.75

Singapore 180 cSt

Oct17 - 338.50 / 340.50

Nov17 - 336.75 / 338.75

Dec17 - 334.75 / 336.75

Jan18 - 332.25 / 334.25

Feb18 - 330.50 / 332.50

Mar18 - 329.75 / 331.75

Q4-17 - 336.75 / 338.75

Q1-18 - 330.75 / 332.75

Q2-18 - 328.25 / 330.75

Q3-18 - 325.00 / 327.50

CAL18 - 325.50 / 328.50

CAL19 - 316.75 / 321.75

CAL20 - 305.00 / 312.00

Rotterdam 380 cSt

Oct17 317.00 / 319.00

Nov17 312.75 / 314.75

Dec17 308.75 / 310.75

Jan18 308.25 / 310.25

Feb18 307.75 / 309.75

Mar18 307.25 / 309.25

Q4-17 312.75 / 314.75

Q1-18 307.50 / 309.50

Q2-18 305.25 / 307.75

Q3-18 302.50 / 305.00

CAL18 302.50 / 305.50

CAL19 290.25 / 295.25

CAL20 271.25 / 278.25

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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.