Image credit: Freight Investor Services (FIS)

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Commentary

Brent crude oil futures were at $77.40 per barrel at 06:57 GMT, up 26 cents, or 0.3 percent, from their last close, and U.S. WTI crude futures were up 32 cents, or 0.5 percent, at $69.83 a barrel. Remaining OPEC members are making hay while the sun shines, as it rains heavily in Iran and Venezuela. I'm sure they can't believe their luck with the situation. I'm sure there was a point when we were sitting at around $71 a barrel that you thought that the bulls were all wrong, and the new norm would be sub $70, but alas not. My technical analyst thinks we are on the way over a longer period to test the highs of the year. Check back in a few months' time for an 'I told you so' message. Good day.

Fuel Oil Market (Aug 29)

The front crack opened at -10.50, strengthening to -10.15, before weakening to -10.30. The Cal 19 was valued at -14.85.

The front-month 380 cSt barge crack to Brent crude edged slightly higher on Wednesday, snapping nine straight sessions of declines.

The September 380 cSt barge crack to Brent crude climbed to about $10.08 a barrel, up from a near three-month low of minus $10.64 a barrel on Tuesday.

Expectations of higher arbitrage inflows and easing supply constraints in the Singapore trading and storage hub have weighed on market sentiment over the past weeks.

Fuel oil inventories at the Fujairah Oil Industry Zone (FOIZ) plummeted 17 percent to a near five-month low of 7.399 million barrels (about 1.104 million tonnes) in the week ended Aug 27.

Economic data/events (Times are London.)

* 9am: Singapore onshore oil-product stockpile data

* North Sea Forties, Ekofisk programs for October

* Russian refining maintenance schedule from ministry

* ONS conference, Stavanger, final day

* EARNINGS: PetroChina

Singapore 380 cSt

Sep18 - 447.25 / 449.25

Oct18 - 442.00 / 444.00

Nov18 - 438.00 / 440.00

Dec18 - 434.50 / 436.50

Jan19 - 431.00 / 433.00

Feb19 - 427.50 / 429.50

Q4-18 - 438.25 / 440.25

Q1-19 - 428.00 / 430.00

Q2-19 - 418.50 / 421.00

Q3-19 - 403.50 / 406.00

CAL19 - 404.75 / 407.75

CAL20 - 339.25 / 345.25

Singapore 180 cSt

Sep18 - 454.50 / 456.50

Oct18 - 450.50 / 452.50

Nov18 - 447.00 / 449.00

Dec18 - 443.50 / 445.50

Jan19 - 441.00 / 443.00

Feb19 - 438.00 / 440.00

Q4-18 - 447.00 / 449.00

Q1-19 - 438.50 / 440.50

Q2-19 - 431.00 / 433.50

Q3-19 - 418.50 / 421.00

CAL19 - 419.50 / 422.50

CAL20 - 362.50 / 368.50

Rotterdam 3.5%

Sep18 - 426.75 / 428.75

Oct18 - 421.75 / 423.75

Nov18 - 417.50 / 419.50

Dec18 - 414.00 / 416.00

Jan19 - 411.75 / 413.75

Feb19 - 409.50 / 411.50

Q4-18 - 417.75 / 419.75

Q1-19 - 409.00 / 411.00

Q2-19 - 400.25 / 402.75

Q3-19 - 381.75 / 384.25

CAL19 - 381.50 / 384.50

CAL20 - 322.75 / 328.75