Image credit: Freight Investor Services (FIS)

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Commentary

Brent crude was up by 26 cents, or 0.3 percent, at $79.66 by 06:11 GMT, after gaining half a percent on Wednesday, and U.S. WTI was up 60 cents, or 0.8 percent, at $71.72 a barrel, after rising nearly 2 percent the previous session. We are slowly squeezing up to the $80 level on Nov Brent. I sit here writing the morning commentary about 10c higher than yesterday. The bulls are back in charge, but my God, they are grounding out this rise. There may also be the factor that we are coming towards a significant technical resistance level a few bucks higher than our current position and people are entering what Sir Alex Ferguson would refer to as 'squeaky bum time', as no one wants to be caught on the wrong side of a significant technical sell with the full force of the financials in this market. Good day.

Fuel Oil Market (Sep 19)

The front crack opened at -11.50, strengthening to -11.35, before weakening to -11.50, closing -11.45. The Cal 19 was valued at -15.65.

Asia's fuel oil paper market was largely steady on Wednesday amid muted trade activity ahead of oil data from the U.S. EIA.

The October 380 cSt barge crack to Brent crude was trading at about minus $11.45 a barrel, slightly up from minus $11.50 a barrel in the previous session, broker sources said.

The front-month crack on Tuesday slipped to a three-session low following an abrupt rise in crude oil prices.

Fuel oil inventories at the Fujairah slipped 1.6 percent, or 130,000 barrels (about 19,000 tonnes), to a two-week low of 7.926 million barrels (1.183 million tonnes) in the weekended Sept. 17.

Economic data/events (Times are London.)

* 9am: Singapore onshore oil-product stockpile data

* API's Monthly Statistical Bulletin

* Russian Urals partial loading program for October (also possible Friday)

* Russian refining maintenance schedule from ministry

Singapore 380 cSt

Oct18 - 453.50 / 455.50

Nov18 - 449.25 / 451.25

Dec18 - 445.00 / 447.00

Jan19 - 440.75 / 442.75

Feb19 - 436.50 / 438.50

Mar19 - 432.50 / 434.50

Q4-18 - 449.25 / 451.25

Q1-19 - 437.00 / 439.00

Q2-19 - 424.25 / 426.75

Q3-19 - 405.50 / 408.00

CAL19 - 408.25 / 411.25

CAL20 - 333.25 / 339.25

Singapore 180 cSt

Oct18 - 460.25 / 462.25

Nov18 - 457.00 / 459.00

Dec18 - 453.75 / 455.75

Jan19 - 450.25 / 452.25

Feb19 - 446.75 / 448.75

Mar19 - 443.00 / 445.00

Q4-18 - 457.00 / 459.00

Q1-19 - 447.50 / 449.50

Q2-19 - 435.75 / 438.25

Q3-19 - 421.50 / 424.00

CAL19 - 422.75 / 425.75

CAL20 - 356.25 / 362.25

Rotterdam 3.5%

Oct18 - 430.00 / 432.00

Nov18 - 426.00 / 428.00

Dec18 - 421.75 / 423.75

Jan19 - 418.75 / 420.75

Feb19 - 416.00 / 418.00

Mar19 - 413.00 / 415.00

Q4-18 - 426.00 / 428.00

Q1-19 - 416.50 / 418.50

Q2-19 - 405.75 / 408.25

Q3-19 - 383.25 / 385.75

CAL19 - 386.00 / 389.00

CAL20 - 317.50 / 323.50