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Commentary

Brent crude oil future spot was at $74.08 per barrel at 0624 GMT, up 33 cents, or 0.4 percent, from their last close, and U.S. WTI crude futures were up 20 cents, or 0.3 percent, at $69.21 barrel.

Crude looks like it's in for a choppy day as Iran sanctions mix with U.S. stock data predictions.

Fuel Oil Market (Aug 6)

The front crack opened at -8.40, weakening to -9.10, before strengthening to -8.85. The Cal 19 was valued at -14.40.

Asia's fuel oil market started the week lower with cash premiums and prompt-month time spread slipping to multiweek lows.

However, despite the weaker market on Monday, market fundamentals remained supportive as tight supplies and firm demand continue to characterize Asia's fuel oil market over the near term. Relatively weaker deal values on Monday weighed on cash premiums of both grades of 180 cSt and 380 cSt fuel oils.

The 380 cSt premiums slipped to a three-week low of $5.94 a tonne to Singapore quotes, while 180 cSt premiums were at a one-week low of $5.07 a tonne to Singapore quotes. Similarly, the prompt month 380 cSt time spread was at its narrowest premium in almost three weeks at $7.50 a tonne.

Economic data/events (Times are London.)

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

* U.S. EIA's monthly Short Term Energy Outlook report

* Bloomberg-compiled refinery snapshot for U.S. and Canada, providing offline capacity projections for crude units and FCCs

Singapore 380 cSt

Sep18 - 436.50 / 438.50

Oct18 - 431.75 / 433.75

Nov18 - 428.50 / 430.50

Dec18 - 425.50 / 427.50

Jan19 - 422.50 / 424.50

Feb19 - 419.75 / 421.75

Q4-18 - 428.75 / 430.75

Q1-19 - 419.50 / 421.50

Q2-19 - 410.00 / 412.50

Q3-19 - 390.00 / 392.50

CAL19 - 392.50 / 395.50

CAL20 - 322.25 / 328.25

Singapore 180 cSt

Sep18 - 445.00 / 447.00

Oct18 - 441.25 / 443.25

Nov18 - 438.50 / 440.50

Dec18 - 435.75 / 437.75

Jan19 - 433.50 / 435.50

Feb19 - 430.75 / 432.75

Q4-18 - 438.50 / 440.50

Q1-19 - 430.50 / 432.50

Q2-19 - 422.50 / 425.00

Q3-19 - 406.50 / 409.00

CAL19 - 407.75 / 410.75

CAL20 - 342.25 / 348.25

Rotterdam 3.5%

Sep18 - 415.75 / 417.75

Oct18 - 411.25 / 413.25

Nov18 - 407.50 / 409.50

Dec18 - 404.25 / 406.25

Jan19 - 402.00 / 404.00

Feb19 - 399.75 / 401.75

Q4-18 - 407.75 / 409.75

Q1-19 - 399.50 / 401.50

Q2-19 - 390.50 / 393.00

Q3-19 - 369.50 / 372.00

CAL19 - 370.75 / 373.75

CAL20 - 306.25 / 312.25