---

Commentary

Brent crude futures were up 21 cents, or 0.28 percent, to $75.51 a barrel at 0635 GMT, after settling at their lowest since May 8 at $75.30. U.S. WTI crude was down $1.11, or 1.64 percent, at $66.77 a barrel, sitting around its lowest since April 17. So it seems that Saudi Arabia and Russia are looking to take advantage of higher prices to loosen their belts and start producing more. It's very convenient that they can dress this up as replacing lost production from Venezuela and Iran. However, this is like them getting a pig and putting lipstick on it and a silk dress - no matter how much you dress it up, it's still a pig. More excitement in a morgue on a Sunday night than the market this morning with a Singapore holiday today, and the hangover from a long weekend in the U.S. and parts of Europe markets are taking a while to tighten up. The attention is now shifting from the perceived supply cuts to the numbers behind supply increases. The U.S. as we have discussed multiple times is considerably up, increasing more than 27% in the last two years (up to 10.73 mil bpd), and Russia is now talking about production levels at their 2016 levels. Wonder what the plan of the funds is now. Good day.

Singapore 380 cSt

Jun18 - 427.75 / 429.75

Jul18 - 424.75 / 426.75

Aug18 - 421.25 / 423.25

Sep18 - 417.50 / 419.50

Oct18 - 414.25 / 416.25

Nov18 - 410.75 / 412.75

Q3-18 - 421.00 / 423.00

Q4-18 - 411.00 / 413.00

Q1-19 - 398.75 / 401.25

Q2-19 - 384.75 / 387.25

CAL19 - 359.00 / 362.00

CAL20 - 286.50 / 291.50

Singapore 180 cSt

Jun18 - 437.75 / 439.75

Jul18 - 435.00 / 437.00

Aug18 - 431.75 / 433.75

Sep18 - 428.25 / 430.25

Oct18 - 425.25 / 427.25

Nov18 - 422.00 / 424.00

Q3-18 - 431.75 / 433.75

Q4-18 - 422.00 / 424.00

Q1-19 - 410.25 / 412.75

Q2-19 - 396.75 / 399.25

CAL19 - 373.50 / 376.50

CAL20 - 300.50 / 305.50

Rotterdam Barges

Jun18 - 412.00 / 414.00

Jul18 - 409.25 / 411.25

Aug18 - 405.75 / 407.75

Sep18 - 401.75 / 403.75

Oct18 - 397.25 / 399.25

Nov18 - 392.50 / 394.50

Q3-18 - 405.50 / 407.50

Q4-18 - 392.25 / 394.25

Q1-19 - 379.50 / 382.00

Q2-19 - 365.00 / 367.50

CAL19 - 337.75 / 340.75

CAL20 - 272.25 / 277.25