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Commentary

Brent crude oil futures climbed to as high as $75.20 a barrel in early trading on Tuesday - the highest since Nov. 27, 2014. Brent was still at $75 a barrel at 03:11 GMT, up $29 cents, or 0.4 percent, from its last close. U.S. WTI crude futures were at $68.98 a barrel, up $34 cents, or 0.5 percent from their last settlement. I think it's worth listing all the bullish factors that have pushed the market up to its highest levels since November 2014: Iran sanctions potential, Syria and wider Middle East instability, increasing Asian (particularly Chinese) demand, the floated idea of OPEC cut extension, eradication of oil glut, Bloomberg survey showing draw on U.S. inventories ... That's a pretty strong list. The next two weeks are the twilight zone before Trump makes his Iran sanctions deal, which will understandably affect the market greatly. With a $1-3 premium built into current prices in anticipation of a pull out form the deal, a u-turn decision could push us back down to $70 as people profit take and sentiment falls flat. Like the longest game of Countdown ever, the clue this week is 'LFOFGLIESB'. Answers on a postcard.

Fuel Oil Market (April 23)

The front crack opened at -13.55, strengthening to -13.50, before weakening to -13.85, closing -13.80. The Cal 19 was valued at -15.60

Asia's 380 cSt ex-wharf fuel oil premiums were pushed higher on Monday after it emerged that at least one supplier was in possession of an off-specification cargo of the fuel, tightening prompt supplies of the mainstay bunker fuel

The off-spec cargo is expected to lift premiums of the fuel over the short term until suppliers are able to replace the cargo and meet prompt customer demand, the sources said.

Ex-wharf premiums for 380-cst fuel oil were at about $3- $4 a tonne to Singapore quotes on Monday, up from about $2-$3 a tonne to Singapore quotes last week..

Singapore 380 cSt

May18 -395.75 / 397.75

Jun18 -394.00 / 396.00

Jul18 - 392.25 / 394.25

Aug18 - 390.25 / 392.25

Sep18 - 388.00 / 390.00

Oct18 - 386.00 / 388.00

Q3-18 - 390.00 / 392.00

Q4-18 - 383.00 / 385.00

Q1-19 -374.00 / 376.50

Q2-19 - 367.50 / 370.00

CAL19 - 342.25 / 345.25

CAL20 - 276.75 / 281.75

Singapore 180 cSt

May18 - 405.50 / 407.50

Jun18 - 403.75 / 405.75

Jul18 - 402.25 / 404.25

Aug18 - 400.50 / 402.50

Sep18 - 398.25 / 400.25

Oct18 - 396.75 / 398.75

Q3-18 - 400.25 / 402.25

Q4-18 - 394.00 / 396.00

Q1-19 - 385.25 / 387.75

Q2-19 - 379.00 / 381.50

CAL19 - 356.75 / 359.75

CAL20 - 300.75 / 305.75

Rotterdam Barges

May18 381.00 / 383.00

Jun18 380.25 / 382.25

Jul18 378.50 / 380.50

Aug18 376.00 / 378.00

Sep18 372.75 / 374.75

Oct18 - 369.00 / 371.00

Q3-18 375.75 / 377.75

Q4-18 365.25 / 367.25

Q1-19 356.25 / 358.75

Q2-18 345.50 / 348.00

CAL19 322.25 / 325.25

CAL20 258.25 / 263.25