Image credit: Freight Investor Services (FIS)

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Commentary

International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.50 per barrel at 01:44 GMT, down 56 cents, or 0.9 percent from their last close, and U.S. WTI crude futures were at $51.24 per barrel, down 25 cents, or 0.5 percent. Oil producers have been hit by a 30-percent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown. 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. That increase alone is equivalent to the output of major OPEC producer the United Arab Emirates. The surge is largely down to soaring U.S. crude oil production, which has jumped by 2.5 million bpd since early 2016 to a record 11.7 million bpd, making the United States the world's biggest oil producer. As a result, the United States last week exported more crude oil and fuel than it imported for the first time on records going back to 1973, according to data released on Thursday. What a way to end the week, with a real marker that the oil market has totally changed. The U.S. really have been a disruptor in the fabric of the market, be it their political decisions, or the development of their oil industry. Everyone loves the New World Order conspiracy theories, but let's be honest, if they are true, then that group are having a serious disagreement with themselves. Good weekend all.

Fuel Oil Market (Dec 6)

Cash premiums and time spreads of Asia's 380 cSt fuel oil slipped despite sustained physical trade activity in the Singapore window. The 380 cSt fuel oil cash premium slipped to $5.65 a tonne to Singapore quotes, down from $5.95 a tonne in the previous session. Intense buying interest on Monday had boosted the premium to a two-week high of $8.97 a tonne to Singapore quotes. Similarly, the 380 cSt Dec/Jan time spread slipped to $10 per tonne on Thursday, down from $10.75 a tonne in the previous session, according to Refinitiv data in Eikon. This came as Singapore fuel oil inventories climbed for a third straight week to a near sixmonth high in the week ended Dec. 5, lifted higher by steady net import volumes during the week, official data released on Thursday showed.

Economic Events:

* 6pm Baker Hughes U.S. Oil Rig Count, period Dec. 7, prior 887

* 8:30pm CFTC weekly commitments of traders report on various U.S. futures and options contracts

Singapore 380 cSt

Jan19 - 362.75 / 364.75

Feb19 - 358.50 / 360.50

Mar19 - 355.00 / 357.00

Apr19 - 351.25 / 353.25

May19 - 346.75 / 348.75

Jun19 - 342.00 / 344.00

Q1-19 - 358.75 / 360.75

Q2-19 - 346.75 / 348.75

Q3-19 - 330.50 / 333.00

Q4-19 - 306.25 / 308.75

CAL19 - 336.25 / 339.25

CAL20 - 288.75 / 294.75

Singapore 180 cSt

Jan19 - 366.00 / 368.00

Feb19 - 363.25 / 365.25

Mar19 - 361.00 / 363.00

Apr19 - 357.75 / 359.75

May19 - 354.00 / 356.00

Jun19 - 349.75 / 351.75

Q1-19 - 363.50 / 365.50

Q2-19 - 354.00 / 356.00

Q3-19 - 340.00 / 342.50

Q4-19 - 321.50 / 324.00

CAL19 - 345.75 / 348.75

CAL20 - 308.50 / 314.50

Rotterdam 3.5%

Jan19 - 335.00 / 337.00

Feb19 - 332.00 / 334.00

Mar19 - 329.00 / 331.00

Apr19 - 325.75 / 327.75

May19 - 322.50 / 324.50

Jun19 - 318.75 / 320.75

Q1-19 - 332.00 / 334.00

Q2-19 - 322.25 / 324.25

Q3-19 - 306.50 / 309.00

Q4-19 - 279.50 / 282.00

CAL19 - 309.50 / 312.50

CAL20 - 265.00 / 271.00

0.1% Rott barges Gasoil

Jan19 - 540.67 / 542.67

Feb19 - 540.83 / 542.83

Mar19 - 541.17 / 543.17

Apr19 - 542.39 / 544.39

May19 - 544.82 / 546.82

Jun19 - 546.96 / 548.96

Q1-19 - 540.80 / 542.80

Q2-19 - 544.72 / 546.72

Q3-19 - 554.16 / 556.66

Q4-19 - 557.95 / 560.95

CAL19 - 548.97 / 552.97

CAL20 - 566.83 / 572.83

Sing GO 10ppm

Jan19 - 72.08 / 72.28

Feb19 - 72.63 / 72.83

Mar19 - 73.18 / 73.38

Apr19 - 73.55 / 73.75

May19 - 73.88 / 74.08

Jun19 - 73.99 / 74.19

Q1-19 - 72.53 / 72.93

Q2-19 - 73.75 / 74.15

Q3-19 - 74.76 / 75.06

Q4-19 - 75.46 / 75.86

CAL19 - 74.01 / 74.61

CAL20 - 76.21 / 76.81