Image credit: Freight Investor Services (FIS)

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Commentary

Brent crude oil futures were at $74.63 per barrel at 04:22 GMT, down 18 cents, or 0.2 percent, from their last close and WTI crude futures were at $67.90 per barrel, up 4 cents from their last settlement, buoyed by the decline in U.S. crude inventories. In a market first for oil, Texas has exported more oil than it imported for the first time in its history. This may not be too surprising to people that have been paying close attention to the market, but it does represent a significant milestone in the changing dynamics of the world's oil markets. Handbags between the U.S. and China continue, with the Americans imposing new tariffs today, and looking towards a list of around $200 billion worth of new imports that could face fresh duties. We have slowly slid off the highest levels we have seen in a few weeks as the fresh tariffs came into effect this morning, and technically it doesn't look like we will make any new fresh bullish moves until after a corrective phase. Good day.

Fuel Oil Market (Aug 22)

The front crack opened at -9.60, weakening to -9.90, before strengthening to -9.80, closing -9.75. The Cal 19 was valued at -14.55.

Economic data/events (Times are London.)

* 7:30am: China's General Administration of Customs releases July commodity & energy trade data (final); note that data has been only partial since March

* 9am: Singapore onshore oil-product stockpile data

* Today: Russian refining maintenance schedule from ministry

Singapore 380 cSt

Sep18 - 434.50 / 436.50

Oct18 - 429.00 / 431.00

Nov18 - 425.25 / 427.25

Dec18 - 422.25 / 424.25

Jan19 - 419.00 / 421.00

Feb19 - 415.75 / 417.75

Q4-18 - 425.50 / 427.50

Q1-19 - 416.25 / 418.25

Q2-19 - 407.00 / 409.50

Q3-19 - 392.00 / 394.50

CAL19 - 393.50 / 396.50

CAL20 - 328.25 / 334.25

Singapore 180 cSt

Sep18 - 443.00 / 445.00

Oct18 - 438.25 / 440.25

Nov18 - 435.50 / 437.50

Dec18 - 432.75 / 434.75

Jan19 - 429.25 / 431.25

Feb19 - 426.25 / 428.25

Q4-18 - 435.50 / 437.50

Q1-19 - 427.00 / 429.00

Q2-19 - 419.50 / 422.00

Q3-19 - 407.00 / 409.50

CAL19 - 408.50 / 411.50

CAL20 - 351.50 / 357.50

Rotterdam 3.5%

Sep18 - 414.00 / 416.00

Oct18 - 408.75 / 410.75

Nov18 - 404.75 / 406.75

Dec18 - 401.25 / 403.25

Jan19 - 399.25 / 401.25

Feb19 - 396.75 / 398.75

Q4-18 - 405.00 / 407.00

Q1-19 - 397.00 / 399.00

Q2-19 - 388.25 / 390.75

Q3-19 - 369.25 / 371.75

CAL19 - 370.50 / 373.50

CAL20 - 315.00 / 321.00