Image credit: Freight Investor Services (FIS)

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Commentary

International benchmark Brent crude oil futures hit their lowest since December 2017 at $61.52 per barrel, before recovering to $62.10 by 04:30 GMT. That was still 50 cents, or 0.8 percent, below their last close, and U.S. WTI crude futures slumped by more than 2 percent, to $53.35 a barrel, after coming within 5 cents of an October 2017 low reached earlier in the week. It's Friday and the U.S. are still recovering from their Thanksgiving turkey dinner hangovers, and it looks like the rest of the world has taken this as an excuse to take a Friday off. Everyone loves a long weekend. Oil prices have plunged by around 30 percent since their last peaks in early October, and we are yet to experience the OPEC Effect of their upcoming December meeting. There was always an inevitable pullback in prices - $82 Brent with all the bears shouting at the top of their voices about fundamentals, weak demand, and a wavering world economy. Here we sit at basically the year lows and its looks like OPEC is going to cut production. It can't really afford to have prices crash like in 2015, and now it will do everything in its power to drag this up to more acceptable levels, I would presume. Have a lovely weekend all.

Fuel Oil Market (Nov 22)

The front crack opened at -3.95, weakening to -4.20 across the day. The Cal 19 was valued at -10.95.

Cash premiums for Asia's mainstay 380 cSt high-sulphur fuel oil slipped to a near one-month low on Thursday, as rising supplies helped ease concerns of tight availability of finished grades of the fuel.

However, traders said further downside risk would be limited due to a tighter supply outlook in December amid expectations of lower arbitrage volumes on the last month of the year.

Premiums for 380 cSt cargoes slipped to $7.82 a tonne to Singapore quotes on Thursday, from $8.33 in the previous session, and their lowest since Oct. 25.

Onshore fuel oil inventories jumped 2.082 million barrels (about 311,000 tonnes) to 17.903 million barrels, or 2.672 million tonnes, in the week to Nov. 21.

Economic Events:

* 2:45pm: U.S. Markit Manufacturing PMI, Nov.

* ~6:30 pm: ICE weekly commitments of traders report for Brent, gasoil

* CFTC commitments of traders report delayed to Monday, Nov. 26, due to U.S. holiday

Singapore 380 cSt

Dec18 - 409.25 / 411.25

Jan19 - 398.50 / 400.50

Feb19 - 389.75 / 391.75

Mar19 - 383.50 / 385.50

Apr19 - 377.75 / 379.75

May19 - 372.00 / 374.00

Q1-19 - 390.75 / 392.75

Q2-19 - 372.25 / 374.25

Q3-19 - 352.50 / 355.00

Q4-19 - 323.00 / 325.50

CAL19 - 358.00 / 361.00

CAL20 - 299.50 / 305.50

Singapore 180 cSt

Dec18 - 413.75 / 415.75

Jan19 - 403.25 / 405.25

Feb19 - 395.75 / 397.75

Mar19 - 390.50 / 392.50

Apr19 - 386.25 / 388.25

May19 - 381.00 / 383.00

Q1-19 - 396.50 / 398.50

Q2-19 - 381.25 / 383.25

Q3-19 - 364.00 / 366.50

Q4-19 - 339.50 / 342.00

CAL19 - 369.00 / 372.00

CAL20 - 320.50 / 326.50

Rotterdam 3.5%

Dec18 - 369.25 / 371.25

Jan19 - 362.00 / 364.00

Feb19 - 357.25 / 359.25

Mar19 - 352.50 / 354.50

Apr19 - 348.00 / 350.00

May19 - 343.25 / 345.25

Q1-19 - 357.25 / 359.25

Q2-19 - 343.00 / 345.00

Q3-19 - 324.00 / 326.50

Q4-19 - 292.75 / 295.25

CAL19 - 327.75 / 330.75

CAL20 - 275.75 / 281.75

0.1% Rott barges Gasoil

Dec18 - 580.15 / 582.15

Jan19 - 573.39 / 575.39

Feb19 - 572.91 / 574.91

Mar19 - 573.75 / 575.75

Apr19 - 574.75 / 576.75

May19 - 576.37 / 578.37

Q1-19 - 573.85 / 575.85

Q2-19 - 576.55 / 578.55

Q3-19 - 584.05 / 586.55

Q4-19 - 591.83 / 594.83

CAL19 - 580.76 / 584.76

CAL20 - 588.22 / 594.22

Sing GO 10ppm

Dec18 - 77.08 / 77.28

Jan19 - 77.43 / 77.63

Feb19 - 77.67 / 77.87

Mar19 - 77.85 / 78.05

Apr19 - 77.96 / 78.16

May19 - 78.04 / 78.24

Q1-19 - 77.55 / 77.95

Q2-19 - 77.80 / 78.20

Q3-19 - 78.65 / 78.95

Q4-19 - 79.40 / 79.80

CAL19 - 78.24 / 78.84

CAL20 - 79.80 / 80.40