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Commentary

Brent closed last night up $0.02 to $79.30 and WTI closed with no change at $71.49. What has the week brought us? Another splendid week for all those involved in the OPEC agreement and those who work for a bullish oil fund. Brent is up another 2.5% week-on-week. However, if yesterday is anything to go by, then $80 per bbl perhaps is still set as a psychological barrier. When it reached $80 per bbl yesterday (which it did several times), the market reacted in the same way one does when they are testing if a bath is too hot: dip a toe, don't like it, let it cool down. The reporters' new favourite word is 'looming'. Looming sanctions, looming sulphur cap, looming North Korea summit, so much looming they should start up their own textile business. Let's see where things are going to go, I'm sure we will test the $80 handle today at some point, I suppose it is now up to the very funds who put us up here in the first place to maintain their position. Watch the rig count later. Have a good weekend. Fuel Oil Market (May 17)

The front crack opened at -11.50, strengthening to - 11.30, weakening to -11.45, before closing at -11.20. The Cal 19 was valued at -17.55.

Discounts for the front-month barges 380 cSt fuel oil crack to Brent crude continued to reflect the bullish market sentiment on Thursday. Fuel oil prices in the Singapore market have climbed since April on narrower supplies of finished grade fuel oil and blendstock material. The June 380 cSt fuel oil crack to Brent crude was trading at a discount of about $11.30 a barrel, from about minus $11.65 a barrel around the same time in the previous session, broker-sources said. Meanwhile, the 380 cSt fuel oil for June-July time spread was trading slightly lower on Thursday at about $3.15 a tonne, the sources said. Singapore fuel oil inventories slipped 2.4 percent, or 452,000 barrels (about 67,000 tonnes), to a two-week low of 18.673 million barrels (2.787 million tonnes) in the week ended May 16.

Economic Data and Events: (Times are London.)

* 6pm: Baker Hughes rig count

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

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

Singapore 380 cSt

Jun18 - 448.00 / 450.00

Jul18 - 444.75 / 446.75

Aug18 - 441.50 / 443.50

Sep18 - 437.75 / 439.75

Oct18 - 434.50 / 436.50

Nov18 - 430.75 / 432.75

Q3-18 - 441.25 / 443.25

Q4-18 - 430.50 / 432.50

Q1-19 - 417.75 / 420.25

Q2-19 - 401.50 / 404.00

CAL19 - 377.50 / 380.50

CAL20 - 312.00 / 317.00

Singapore 180 cSt

Jun18 - 458.25 / 460.25

Jul18 - 455.50 / 457.50

Aug18 - 452.25 / 454.25

Sep18 - 448.75 / 450.75

Oct18 - 445.75 / 447.75

Nov18 - 442.25 / 444.25

Q3-18 - 452.00 / 454.00

Q4-18 - 442.00 / 444.00

Q1-19 - 428.75 / 431.25

Q2-19 - 412.75 / 415.25

CAL19 - 392.00 / 395.00

CAL20 - 336.00 / 341.00

Rotterdam Barges

Jun18 - 434.00 / 436.00

Jul18 - 430.75 / 432.75

Aug18 - 427.00 / 429.00

Sep18 - 422.50 / 424.50

Oct18 - 417.75 / 419.75

Nov18 - 413.25 / 415.25

Q3-18 - 426.75 / 428.75

Q4-18 - 413.75 / 415.75

Q1-19 - 400.25 / 402.75

Q2-19 - 383.25 / 385.75

CAL19 - 356.00 / 359.00

CAL20 - 279.25 / 284.25