Image credit: Freight Investor Services (FIS)

---

Commentary

Front-month Brent crude oil futures were at $72.27 a barrel at 08:00 GMT, up 21 cents, or 0.3 percent, from their last close, and U.S. WTI crude futures were at $61.95 per barrel, up 28 cents, or 0.4 percent, from their previous settlement. The market this morning has rebounded off the lows following the EIA data yesterday. But what has changed? Not much really. Nothing particularly interesting. Yes, the U.S. elections, but no real surprises there. The sanctions and exemptions are still the same. Okay, the world economy is looking a bit rocky, but that's hardly a reason to be bullish. With the recent fall in prices, the OPEC rumour mill has started already floating the idea of further cuts to try and sure up markets. It must be a record game of Chinese whispers, sending out little messages via the news and market and seeing what comes around the other way. "We might cut production some more to prevent oversupply", might come back around as "We are a cartel and we might look to manipulate the market, shhhhh". I joke, its understandable that they want higher prices as much as those end users want lower prices; but they do need to be careful of the U.S. industry, as they will not be reined in by any OPEC agreement to cut - they will simply be encouraged.

Fuel Oil Market (Nov 7)

The front crack opened at -5.85, weakening to -5.90, before strengthening to -5.70. The Cal 19 was valued at -12.25.

The front-month 380 cSt high-sulphur fuel oil barge crack firmed on Wednesday, bringing its discount to Brent crude to the narrowest in more than 15 months amid weaker crude prices and a persistent shortage of fuel oil supplies.

While fuel oil arbitrage volumes into Singapore were expected to improve in November in comparison to October, most arrivals are due for arrival in the latter end of the month, the sources said, keeping prompt prices elevated for now.

The December 380 cSt fuel oil crack to Brent crude was trading at about minus $5.80 a barrel on Wednesday, compared with a discount of $6.15 a barrel on Tuesday, broker sources said.

Economic Events:

* Singapore onshore oil-product stockpile data

* Russian refining maintenance schedule from ministry

* BTC Azeri loading program for December

* FOMC interest-rate decision

* Earnings: Cheniere Energy Inc.

Singapore 380 cSt

Dec18 - 463.00 / 465.00

Jan19 - 452.25 / 454.25

Feb19 - 444.25 / 446.25

Mar19 - 438.25 / 440.25

Apr19 - 432.50 / 434.50

May19 - 426.50 / 428.50

Q1-19 - 445.00 / 447.00

Q2-19 - 426.25 / 428.25

Q3-19 - 404.25 / 406.75

Q4-19 - 372.50 / 375.00

CAL19 - 413.00 / 416.00

CAL20 - 346.50 / 352.50

Singapore 180 cSt

Dec18 - 469.00 / 471.00

Jan19 - 459.50 / 461.50

Feb19 - 452.25 / 454.25

Mar19 - 447.00 / 449.00

Apr19 - 441.50 / 443.50

May19 - 435.75 / 437.75

Q1-19 - 453.00 / 455.00

Q2-19 - 435.75 / 437.75

Q3-19 - 416.25 / 418.75

Q4-19 - 390.50 / 393.00

CAL19 - 425.00 / 428.00

CAL20 - 367.75 / 373.75

Rotterdam 3.5%

Dec18 - 423.75 / 425.75

Jan19 - 416.75 / 418.75

Feb19 - 411.25 / 413.25

Mar19 - 406.25 / 408.25

Apr19 - 401.50 / 403.50

May19 - 396.50 / 398.50

Q1-19 - 411.50 / 413.50

Q2-19 - 396.75 / 398.75

Q3-19 - 375.50 / 378.00

Q4-19 - 341.50 / 344.00

CAL19 - 382.25 / 385.25

CAL20 - 325.75 / 331.75

0.1% Rott barges Gasoil

Dec18 - 663.84 / 665.84

Jan19 - 662.80 / 664.80

Feb19 - 660.93 / 662.93

Mar19 - 659.31 / 661.31

Apr19 - 658.43 / 660.43

May19 - 657.91 / 659.91

Q1-19 - 661.01 / 663.01

Q2-19 - 658.14 / 660.14

Q3-19 - 661.51 / 664.01

Q4-19 - 657.20 / 660.20

CAL19 - 658.65 / 662.65

CAL20 - 647.47 / 653.47

Sing GO 10ppm

Dec18 - 90.20 / 90.40

Jan19 - 90.15 / 90.35

Feb19 - 90.05 / 90.25

Mar19 - 90.00 / 90.20

Apr19 - 89.99 / 90.19

May19 - 89.96 / 90.16

Q1-19 - 89.97 / 90.37

Q2-19 - 89.89 / 90.29

Q3-19 - 90.28 / 90.58

Q4-19 - 90.60 / 91.00

CAL19 - 90.07 / 90.67

CAL20 - 89.79 / 90.79