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Commentary

Brent closed up $0.35 last night to $62.57 and WTI closed at $56.83 up $0.77. The market has dismissed any of the bearish stories that were coming from the one agency that people listen to, the IEA, like a leftover Turkey sandwich. But like leftover Turkey, there is still plenty more go around, so as much as you try and resist Turkey curry, it 100pct will be on the menu as much as US crude oil will be. Yes, there is some news: that there is some supply disruption from Canada, but I'm sorry, how is the market reacting that this is bullish? When US production climbed by over 1mnbpd over the last year, the market didn't exactly get sold off did it!!?? Plus in today's eco-conscious world, it's clear that there doesn't seem to be much of a future for exploring for barrels that are pollutant heavy. Seeing that the majority of Canada's oil is from oil sands, it doesn't take a rocket scientist to work out that this is actually isn't bullish news. EIA data out later and according to API we should see a sizeable draw on US crude stocks. Let's wait and see.

Fuel Oil Market (November 21)

The front crack opened at -8.30, strengthening to -8.10, before weakening to -8.40. The Cal 18 was valued at -7.85.

Tighter spot availability of bunker grade 380 cSt high sulphur fuel oil in Singapore boosted ex-wharf premiums of the fuel to their highest in about six weeks..

Singapore 380 cSt fuel oil ex-wharf premiums have traded at a premium of around $3-$5 a tonne to Singapore quotes over the past two weeks, up from about $1-$3 a tonne through most of October

South Korea's GS Caltex Corp plans to shut a crude unit and a gasoline-making secondary unit at its 790,000 barrels-per-day refinery in Yeosu for planned maintenance in February, two industry sources said on Tuesday.

Economic Data/Events: (UK times)

* 12pm: U.S. MBA Mortgage Applications, Nov. 17

* 1:30pm: U.S. Durable Goods Orders, Oct. (prelim)

* 1:30pm: U.S. Initial Jobless Claims, Nov. 18

* 1:30pm: U.S. Continuing Claims, Nov. 11

* 2:45pm: Bloomberg Consumer Comfort, Nov. 19

* 3pm: University of Michigan Sentiment, Nov. (final)

* 3:30pm: EIA weekly oil inventory report; TOPLive blog coverage begins 3:20pm

* 6pm: Baker Hughes weekly U.S. oil, gas rig counts (changed from Friday due to U.S. Thanksgiving holiday)

* 7pm: FOMC Meeting Minutes

Singapore 380 cSt

Dec17 - 364.00 / 366.00

Jan18 - 362.75 / 364.75

Feb18 - 361.50 / 363.50

Mar18 - 360.25 / 362.25

Apr18 - 359.00 / 361.00

May18 - 357.50 / 359.50

Q1-18 - 361.50 / 363.50

Q2-18 - 357.50 / 359.50

Q3-18 - 352.50 / 355.00

Q4-18 - 347.50 / 350.00

CAL18 - 355.00 / 358.00

CAL19 - 320.50 / 325.50

Singapore 180 cSt

Dec17 - 368.00 / 370.00

Jan18 - 367.00 / 369.00

Feb18 - 366.25 / 368.25

Mar18 - 365.50 / 367.50

Apr18 - 364.75 / 366.75

May18 - 364.25 / 366.25

Q1-18 - 366.25 / 368.25

Q2-18 - 363.75 / 365.75

Q3-18 - 359.00 / 361.50

Q4-18 - 354.00 / 356.50

CAL18 - 361.25 / 364.25

CAL19 - 329.25 / 334.25

Rotterdam 380 cSt

Dec17 345.25 / 347.25

Jan18 345.00 / 347.00

Feb18 344.50 / 346.50

Mar18 344.00 / 346.00

Apr18 343.25 / 345.25

May18 342.25 / 344.25

Q1-18 344.50 / 346.50

Q2-18 342.25 / 344.25

Q3-18 337.25 / 339.75

Q4-18 328.75 / 331.25

CAL18 338.00 / 341.00

CAL19 299.50 / 304.50