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By the Oil Desk at Freight Investor Services Ltd.

Brent closed last night up $0.31 to $55.47 and WTI closed at $49.89, up $0.59. What has the week bought us? Well if you're long Bitcoin then I'm pretty sure Jamie Dimon isn't on your Christmas card list, but what about the oil market? It's all looking rather rosy, isn't it? Crude is up nearly 2pct on the week and since the end of June we are up about 13%. Demand is up as well, apparently. Global stocks are reducing. The dollar is weaker. Beautiful. Let's all sit round a campfire, sing 'Kumbayah, my Lord' and talk about how the next mission is to save the Northern Hairy Nosed Wombat. Look, by now you know my opinion of this market so I'm going to go brave. If this market touches $60 per bbl by the time APPEC comes, I will run the length of Boat Quay wearing one of those Victorian swimming costumes and a rubber hat. OK? I think the market has become skewed owing to the effects of the devastating hurricanes that have hit the US refining complex recently. I don't see this reason as to think the market has suddenly switched to all things bullish. US production will continue to increase, the refining sector will come back on line (and by the looks of it sooner rather than later owing to some proactive planning) and the US dollar will inevitably come back. There is a strong argument, however, that the complex of the oil market is changing; indeed Dec17/18 Brent is now backwardated (+0.06 at time of writing) and we haven't seen this for quite a while, BUT we saw a similar pattern occur in the front 3 Brent spreads exactly this time last month. If, and only if, this backwardated pattern holds for the next month, then I'll dust off the swimming cossie and never take it off, until then I shall remain Grizzly.

Economic Data/Events: (UK times)

* 1:30pm: U.S.

** Empire manufacturing for Sept.

** Retail sales advance m/m for Aug.

* 2:15pm: U.S. industrial production m/m for Aug.

* 3pm: U.S. University of Michigan sentiment for Sept..

* 6pm: U.S. Baker Hughes weekly oil, gas rig counts

* 8:30pm: U.S. CFTC weekly Commitments of Traders report on futures and options contracts

Singapore 380 cSt

Oct17 - 325.25 / 327.25

Nov17 - 322.75 / 324.75

Dec17 - 320.25 / 322.25

Jan18 - 318.00 / 320.00

Feb18 - 316.25 / 318.25

Mar18 - 315.25 / 317.25

Q4-17 - 322.75 / 324.75

Q1-18 - 317.00 / 319.00

Q2-18 - 314.25 / 316.75

Q3-18 - 312.00 / 314.50

CAL18 - 314.25 / 317.75

CAL19 - 305.50 / 310.50

CAL20 - 287.50 / 294.50

Singapore 180 cSt

Oct17 - 330.25 / 332.25

Nov17 - 328.50 / 330.50

Dec17 - 326.50 / 328.50

Jan18 - 324.00 / 326.00

Feb18 - 322.75 / 324.75

Mar18 - 322.00 / 324.00

Q4-17 - 328.50 / 330.50

Q1-18 - 323.50 / 325.50

Q2-18 - 320.75 / 323.25

Q3-18 - 319.75 / 322.25

CAL18 - 321.50 / 325.00

CAL19 - 314.25 / 319.25

CAL20 - 296.50 / 303.50

Rotterdam 380 cSt

Oct17 309.50 / 311.50

Nov17 304.75 / 306.75

Dec17 300.75 / 302.75

Jan18 300.50 / 302.50

Feb18 300.50 / 302.50

Mar18 300.25 / 302.25

Q4-17 305.00 / 307.00

Q1-18 301.25 / 303.25

Q2-18 300.75 / 303.25

Q3-18 299.75 / 302.25

CAL18 298.50 / 302.00

CAL19 288.75 / 293.75

CAL20 271.00 / 278.00

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Founded in 2002, Freight Investor Services is a specialist in dry bulk and commodity derivatives, including cargo freight, iron ore, fertilizer and bunker fuel. The company has offices in London, Dubai, Singapore and Shanghai.

For further details about fuel oil swaps or to discuss trading opportunities, please contact Andrew Cullen, Client Relations & Development Manager, on +44 207 090 1126, or email AndrewC@freightinvestor.com.