Image credit: Freight Investor Services (FIS)

---

Commentary

Brent crude oil futures were at $76.14 per barrel at 0625 GMT, down 7 cents from their last close. U.S. WTI crude futures were down 11 cents at $68.76 per barrel. Don't panic, we are back in after a long Bank Holiday in the U.K. - although it seems we should have stayed on holiday as there's been little activity in the East on physical this morning. In a convenient news release, OPEC countries involved in the cut agreement have cut supplies 9% more than required, and add this to a compliance level of 120% for June and 147% for May, and you can produce the world's best PR line for OPEC's upcoming meeting on the 22nd September. On the flip side, Venezuela is doing a terrible job of just about everything at the moment, giving other oil producers reason to wring their hands. The state is now sitting on nearly 1,000,000% inflation, and has to issue a new currency with 5 fewer zeros - phew, that will make things better. Other good news to go with your Tuesday morning coffee is that the U.S. have ground out a deal with Mexico, and now only needs approval by Canada to keep NAFTA intact. Upwards is the trend of the day, it seems. Good day

Fuel Oil Market (Aug 23)

The front crack opened at -9.95, strengthening to -9.80, before weakening to -10.30. The Cal 19 was valued at -14.75.

The front-month 380 cSt barge crack to Brent crude dropped for a seventh straight session on Friday amid higher crude prices and an improved supply outlook for September.

The September 380 cSt barge crack to Brent crude slipped to about minus $10.05 a barrel on Friday, broker sources said. The front-month 380 cSt crack discount was last wider on June 20.

This came as crude oil prices climbed higher on Friday, supported by signs that U.S. sanctions on Iran are already reducing global crude supply.

Russian exports of fuel oil in July climbed 5 percent from June to 2.865 million tonnes, the latest data from the Energy Ministry showed.

Economic data/events (Times are London.)

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

* Angolan final loading program for October

* Russian crude loading program for September

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

* ICE Brent October options expire

* ONS conference, Stavanger, 2nd day of 4. Speakers include officials from ABB, Equinor, Total, Saudi Energy Consultants, Aker BP, Wintershall, Lundin

* Gazprom PJSC board meeting to discuss international sanctions

Singapore 380 cSt

Sep18 - 439.00 / 441.00

Oct18 - 433.75 / 435.75

Nov18 - 430.25 / 432.25

Dec18 - 427.25 / 429.25

Jan19 - 424.25 / 426.25

Feb19 - 421.25 / 423.25

Q4-18 - 430.25 / 432.25

Q1-19 - 421.00 / 423.00

Q2-19 - 411.50 / 414.00

Q3-19 - 396.00 / 398.50

CAL19 - 401.25 / 404.25

CAL20 - 335.75 / 341.75

Singapore 180 cSt

Sep18 - 446.25 / 448.25

Oct18 - 442.25 / 444.25

Nov18 - 439.25 / 441.25

Dec18 - 436.25 / 438.25

Jan19 - 434.25 / 436.25

Feb19 - 431.75 / 433.75

Q4-18 - 439.25 / 441.25

Q1-19 - 431.50 / 433.50

Q2-19 - 424.00 / 426.50

Q3-19 - 411.00 / 413.50

CAL19 - 416.00 / 419.00

CAL20 - 359.00 / 365.00

Rotterdam 3.5%

Sep18 - 419.25 / 421.25

Oct18 - 414.25 / 416.25

Nov18 - 410.25 / 412.25

Dec18 - 406.75 / 408.75

Jan19 - 404.50 / 406.50

Feb19 - 402.25 / 404.25

Q4-18 - 410.25 / 412.25

Q1-19 - 402.25 / 404.25

Q2-19 - 393.50 / 396.00

Q3-19 - 375.00 / 377.50

CAL19 - 378.00 / 381.00

CAL20 - 322.50 / 328.50