Image credit: Freight Investor Services (FIS)

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Commentary

Brent crude oil futures were at $59.68 per barrel at 07:42 GMT, up 17 cents, or 0.3 percent, from their last close, and U.S. WTI crude futures were at 51.41, down 4 cents. As the week ends, we can reflect on the fact that crude oil has lost around a third of its value since the start of October. Imagine if that was you and you lost within a couple of months a third of your income, you'd be pretty peeved, and struggling to think how to plug gaps made by such a fall. I'm sure the Saudi Finance minister or Putin are thinking the same. As for economies heavily reliant on crude, it's tighten belts or policy change, and I guess the start of next month will show us the direction they wish to take. Good weekend to all.

Fuel Oil Market (Nov 29)

The front crack opened at -5.15, weakening to -5.40, before strengthening to -5.00, closing -5.10. The Cal 19 was valued at -11.45.

Asia's fuel oil market softened as concerns over constricted near-term supplies eased amid expectations of steady arbitrage arrivals over the next few weeks.

The December 380 cSt barge fuel oil crack to Brent crude was trading at about minus $5.50 a barrel on Thursday, down from a discount of $4.54 a barrel earlier in the day, the brokers said.

On Wednesday, the front-month crack settled at minus $4.54 a barrel and was down from a more than two-year high of minus $3.45 a barrel on Nov. 23.

Singapore fuel oil inventories climbed for the second straight week to a more than four-month high in the week ended Nov. 28, although net imports declined to a three-week low. Total fuel oil flows into East Asia for November rebounded firmly from October's two-year low, closing at about 7.25 million tonnes, the highest since January 2017.

Economic Events:

* G-20 Leaders' Summit, Buenos Aires, with leaders including Russia's Vladimir Putin, Canada's Justin Trudeau and Mexico's Enrique Pena Nieto to attend. U.S. President Donald Trump and Chinese President Xi Jinping tentatively agree to discuss trade. 1st day of 2 .

* 6:00pm Baker Hughes rig count.

* EIA Monthly Crude Oil and Natural Gas Production report.

* ICE weekly commitments of traders report for Brent, gasoil, ~1:30pm ET (~6:30 pm London).

* CFTC weekly commitments of traders report on various U.S. futures and options contracts, 3:30pm.

Singapore 380 cSt

Dec18 - 382.25 / 384.25

Jan19 - 372.00 / 374.00

Feb19 - 365.75 / 367.75

Mar19 - 360.50 / 362.50

Apr19 - 355.50 / 357.50

May19 - 350.25 / 352.25

Q1-19 - 366.25 / 368.25

Q2-19 - 351.00 / 353.00

Q3-19 - 332.75 / 335.25

Q4-19 - 308.25 / 310.75

CAL19 - 336.75 / 339.75

CAL20 - 286.75 / 292.75

Singapore 180 cSt

Dec18 - 385.50 / 387.50

Jan19 - 376.25 / 378.25

Feb19 - 371.00 / 373.00

Mar19 - 367.00 / 369.00

Apr19 - 362.75 / 364.75

May19 - 358.25 / 360.25

Q1-19 - 371.50 / 373.50

Q2-19 - 358.75 / 360.75

Q3-19 - 343.75 / 346.25

Q4-19 - 324.25 / 326.75

CAL19 - 346.75 / 349.75

CAL20 - 309.75 / 315.75

Rotterdam 3.5%

Dec18 - 347.00 / 349.00

Jan19 - 339.75 / 341.75

Feb19 - 335.50 / 337.50

Mar19 - 331.50 / 333.50

Apr19 - 327.75 / 329.75

May19 - 323.75 / 325.75

Q1-19 - 335.75 / 337.75

Q2-19 - 324.00 / 326.00

Q3-19 - 307.00 / 309.50

Q4-19 - 279.50 / 282.00

CAL19 - 308.75 / 311.75

CAL20 - 263.75 / 269.75

0.1% Rott barges Gasoil

Dec18 - 543.78 / 545.78

Jan19 - 541.67 / 543.67

Feb19 - 542.24 / 544.24

Mar19 - 544.17 / 546.17

Apr19 - 545.36 / 547.36

May19 - 547.39 / 549.39

Q1-19 - 543.36 / 545.36

Q2-19 - 547.46 / 549.46

Q3-19 - 555.36 / 557.86

Q4-19 - 562.46 / 565.46

CAL19 - 550.60 / 554.60

CAL20 - 569.59 / 575.59

Sing GO 10ppm

Dec18 - 72.42 / 72.62

Jan19 - 72.82 / 73.02

Feb19 - 73.24 / 73.44

Mar19 - 73.59 / 73.79

Apr19 - 73.86 / 74.06

May19 - 74.08 / 74.28

Q1-19 - 73.11 / 73.51

Q2-19 - 73.97 / 74.37

Q3-19 - 74.93 / 75.23

Q4-19 - 75.78 / 76.18

CAL19 - 74.34 / 74.94

CAL20 - 75.90 / 76.50