Image credit: Freight Investor Services (FIS)

---

Commentary

Brent crude futures were up 16 cents at $79.19 per barrel at 06:58 GMT, after rising 1.3 percent in the previous session, and U.S. WTI crude futures were up 20 cents, or 0.29 percent, at $70.05 a barrel, having climbed 1.4 percent the day before. I'm sure you won't remember this period of news as the tugging war between U.S. sanctions on Iran and U.S. stockpiles - you definitely won't remember it like Firmino will remember his poke in the eye on this 150th appearance for Liverpool. So Saudi Arabia are happy with crude around $70-80. Well, yesssss, I'd be happy with a salary of GBP300-400k; an obvious statement in a market increasing showing cartel-like behaviour from its more traditional players. We are up again this morning; this is despite an API prediction of a build in U.S. stock levels of 1.2 million barrels. With the rather small volume going, in dispersed at usual big trading times, it seems that our technical analysis is similar to the market. We have highlighted a market move of another pullback, before moving to challenge the highs of the year. As we sit below the $80 level, this still looks on the cards - a poke in the eye for any end users. Good day.

Fuel Oil Market (Sep 18)

The barge crack discount to Brent crude fell today following an abrupt jump in crude oil prices. Trading around -11.55 on the close down from a settlement of minus $11.35 on Monday. Oil prices firmed after Saudi Arabia indicated it was comfortable with a higher price range ahead of a meeting between major producing countries in Algeria. O/R "Oil prices have gone up after Saudi Arabia said it was comfortable with Brent oil above $80 a barrel,"

WINDOW TRADES - Three cargo trades were reported in the Singapore trading window, totalling 40,000 tonnes of 180 cSt high-sulphur fuel oil (HSFO) and 20,000 tonnes of 380 cSt HSFO.

- Trafigura sold both 180 cSt HSFO cargoes to Mercuria at $450 per tonne each.

- PetroChina bought the 380 cSt HSFO cargo from Vitol at a $5 per tonne premium to the average of October 380 cSt quotes.

Economic data/events (Times are London.)

* noon: MBA Mortgage Applications, Sept. 14.

* 1:30pm: U.S. Current Account Balance, 2Q.

* 1:30pm: U.S. Housing Starts, Aug..

* 3:30pm: EIA weekly U.S. oil inventory report; TopLive blog starts 3:20pm.

* Mexican President-elect's energy adviser Fluvio Ruiz Alarcon speaks at Rice University's Center for Energy Studies in Houston .

* Genscape weekly ARA crude stockpiles report.

** See OIL WEEKLY AGENDA for this week's events.

Singapore 380 cSt

Oct18 - 446.50 / 448.50

Nov18 - 442.75 / 444.75

Dec18 - 439.00 / 441.00

Jan19 - 435.25 / 437.25

Feb19 - 431.50 / 433.50

Mar19 - 428.00 / 430.00

Q4-18 - 442.75 / 444.75

Q1-19 - 431.25 / 433.25

Q2-19 - 420.25 / 422.75

Q3-19 - 401.25 / 403.75

CAL19 - 402.00 / 405.00

CAL20 - 327.00 / 333.00

Singapore 180 cSt

Oct18 - 453.25 / 455.25

Nov18 - 450.50 / 452.50

Dec18 - 447.75 / 449.75

Jan19 - 445.00 / 447.00

Feb19 - 441.75 / 443.75

Mar19 - 438.50 / 440.50

Q4-18 - 450.50 / 452.50

Q1-19 - 441.75 / 443.75

Q2-19 - 431.75 / 434.25

Q3-19 - 417.25 / 419.75

CAL19 - 416.50 / 419.50

CAL20 - 350.00 / 356.00

Rotterdam 3.5%

Oct18 - 425.25 / 427.25

Nov18 - 421.00 / 423.00

Dec18 - 417.00 / 419.00

Jan19 - 414.25 / 416.25

Feb19 - 411.75 / 413.75

Mar19 - 409.00 / 411.00

Q4-18 - 421.00 / 423.00

Q1-19 - 411.50 / 413.50

Q2-19 - 401.25 / 403.75

Q3-19 - 379.75 / 382.25

CAL19 - 380.00 / 383.00

CAL20 - 310.50 / 316.50