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Commentary

Brent crude was down 19 cents at $77.31 per barrel at 05:08 GMT, after settling the last session up 2.8 percent. U.S. WTI was down 4 cents at $68.17 a barrel. In the previous session, it settled up $1.48, or 2.2 percent, at $68.21 per barrel. The word of the morning is hypersensitivity. It seems that the market is now the financial market equivalent of a millennial snowflake. The market has reacted quite considerably to a news story that Russia and Saudi Arabia were going to increase production by dropping down prices with a $74 handle, before rebounding straight back up again on news that perhaps they will keep the cut agreement in place until the end of the year. Seriously people, let's take five, it's bad enough with 2020 around the corner to contend with. I'm sure that this sensitive market will continue, and like a moody teenager will lash out in both bullish and bearish moods. EIA data later. Good day.

Economic data/events (Times are London.)

* 12:30pm: U.S. Challenger Job Cuts, May

* 1:30pm: U.S. Personal Income, April

* 1:30pm: U.S. Initial Jobless Claims, May 26

* 1:30pm: U.S. Continuing Claims, May 19

* 2:45pm: Bloomberg Consumer Comfort, May 27

* 2:45pm: Chicago Purchasing Manager, May

* 3pm: U.S. Pending Home Sales, April

* 4pm: EIA weekly oil inventory report; delayed from Wednesday due to U.S. Holiday

* Singapore onshore oil-product stockpile data

* Russian refining maintenance schedule from ministry

* EIA Petroleum Supply Monthly Report

Singapore 380 cSt

Jun18 - 439.25 / 441.25

Jul18 - 435.50 / 437.50

Aug18 - 431.75 / 433.75

Sep18 - 428.00 / 430.00

Oct18 - 424.25 / 426.25

Nov18 - 420.75 / 422.75

Q3-18 - 431.75 / 433.75

Q4-18 - 420.75 / 422.75

Q1-19 - 408.75 / 411.25

Q2-19 - 395.25 / 397.75

CAL19 - 372.25 / 375.25

CAL20 - 299.75 / 304.75

Singapore 180 cSt

Jun18 - 450.75 / 452.75

Jul18 - 446.75 / 448.75

Aug18 - 442.50 / 444.50

Sep18 - 438.75 / 440.75

Oct18 - 435.25 / 437.25

Nov18 - 432.00 / 434.00

Q3-18 - 442.75 / 444.75

Q4-18 - 431.75 / 433.75

Q1-19 - 420.00 / 422.50

Q2-19 - 407.00 / 409.50

CAL19 - 386.75 / 389.75

CAL20 - 313.75 / 318.75

Rotterdam 3.5%

Jun18 - 422.75 / 424.75

Jul18 - 420.00 / 422.00

Aug18 - 416.50 / 418.50

Sep18 - 412.50 / 414.50

Oct18 - 408.00 / 410.00

Nov18 - 403.25 / 405.25

Q3-18 - 416.50 / 418.50

Q4-18 - 403.75 / 405.75

Q1-19 - 391.75 / 394.25

Q2-19 - 377.50 / 380.00

CAL19 - 351.25 / 354.25

CAL20 - 285.75 / 290.75