Image credit: Freight Investor Services (FIS)

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Commentary

International Brent crude oil futures were at $61.04 per barrel at 05:31 GMT, down 52 cents, or 0.8 percent from their last close, and U.S. WTI crude futures were at $52.38 per barrel, down 51 cents, or 1 percent. The market is currently being weighed down by weak global financial markets, which saw stock markets tumble, and this seemingly everlasting wait for OPEC to meet and decide what they are going to do about the market. The oil-rich nations must be looking at predictions of the market falling to lows of $30 through gritted teeth. They really rely on oil for so much of their economy, and anything below $70 starts to make things very difficult. For them, it's the classic oil producing conundrum: do we cut production and accept a smaller market share, or do we protect our market share but risk dwindling prices? Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption. Buckle up for today; it's probably going to be as fun as riding the helter skelter in Blackpool after a few too many beers. Spreads are moving, arbs are closing, and we could have leaked news at any time. Good luck everyone.

Economic Events:

* 8:00am Singapore Total Weekly Fuel Stockpiles

* 1:30pm: U.S. Trade Balance for Oct., est. -$55b (prior -$54b)

* 1:30pm: U.S. Initial Jobless Claims for Dec. 1, est. 225k (prior 234k)

* 2:45pm: Bloomberg Consumer Comfort for Dec. 2 (prior 60.6)

* 4pm: DOE weekly oil data

* Today, no exact timing:

** Russian refining maintenance schedule from ministry

** Federal Energy Policy Summit, final day

Singapore 380 cSt

Jan19 - 378.50 / 380.50

Feb19 - 373.50 / 375.50

Mar19 - 369.75 / 371.75

Apr19 - 365.50 / 367.50

May19 - 361.00 / 363.00

Jun19 - 355.50 / 357.50

Q1-19 - 374.00 / 376.00

Q2-19 - 359.50 / 361.50

Q3-19 - 342.00 / 344.50

Q4-19 - 316.00 / 318.50

CAL19 - 350.25 / 353.25

CAL20 - 298.50 / 304.50

Singapore 180 cSt

Jan19 - 381.75 / 383.75

Feb19 - 378.25 / 380.25

Mar19 - 375.75 / 377.75

Apr19 - 372.00 / 374.00

May19 - 368.25 / 370.25

Jun19 - 363.25 / 365.25

Q1-19 - 378.50 / 380.50

Q2-19 - 366.50 / 368.50

Q3-19 - 351.25 / 353.75

Q4-19 - 331.00 / 333.50

CAL19 - 359.25 / 362.25

CAL20 - 319.00 / 325.00

Rotterdam 3.5%

Jan19 - 349.00 / 351.00

Feb19 - 345.25 / 347.25

Mar19 - 341.50 / 343.50

Apr19 - 338.00 / 340.00

May19 - 334.00 / 336.00

Jun19 - 330.00 / 332.00

Q1-19 - 345.25 / 347.25

Q2-19 - 333.75 / 335.75

Q3-19 - 316.75 / 319.25

Q4-19 - 288.25 / 290.75

CAL19 - 321.75 / 324.75

CAL20 - 274.00 / 280.00

0.1% Rott barges Gasoil

Jan19 - 553.26 / 555.26

Feb19 - 553.83 / 555.83

Mar19 - 554.33 / 556.33

Apr19 - 555.50 / 557.50

May19 - 557.64 / 559.64

Jun19 - 559.71 / 561.71

Q1-19 - 553.81 / 555.81

Q2-19 - 557.62 / 559.62

Q3-19 - 565.91 / 568.41

Q4-19 - 574.02 / 577.02

CAL19 - 562.40 / 566.40

CAL20 - 591.00 / 597.00

Sing GO 10ppm

Jan19 - 73.36 / 73.56

Feb19 - 73.83 / 74.03

Mar19 - 74.27 / 74.47

Apr19 - 74.60 / 74.80

May19 - 74.76 / 74.96

Jun19 - 74.92 / 75.12

Q1-19 - 73.72 / 74.12

Q2-19 - 74.55 / 74.95

Q3-19 - 75.27 / 75.57

Q4-19 - 75.79 / 76.19

CAL19 - 74.72 / 75.32

CAL20 - 76.18 / 76.78