Image credit: Freight Investor Services (FIS)

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Commentary

Oil prices rose by more than 1 percent on Wednesday ahead of an OPEC meeting next week at which the producer club is expected to decide some form of supply cut to counter an emerging glut. The shutdown of Britain's largest North Sea oilfield for repairs also supported prices, traders said. U.S. West Texas Intermediate (WTI) crude futures were at $52.24 per barrel at 06:07 GMT, up 68 cents, or 1.3 percent from their last settlement. International Brent crude oil futures were up 78 cents, or 1.3 percent, at $60.99 per barrel.

The Buzzard oilfield, which pumps about 150,000 barrels per day (bpd), has closed temporarily after the discovery of pipe corrosion. As a result, trade sources said three cargoes due to load in December had been cancelled. "The shutdown ... is reducing supply of a North Sea crude that helps set global prices," said Sukrit Vijayakar, director of energy consultancy Trifecta, referring to Buzzards's role in the settlement of Brent futures. Despite Wednesday's rise, oil prices have still lost around 30 percent in value since early October, weighed down by an emerging supply overhang and by widespread weakness in financial markets.

The crude oil price slump since October is so far on par with the 2008 price crash and steeper than that of 2014/2015. "I don’t believe it" could be your response, just like Trumps comments on climate change.

Fuel Oil Market (Nov 26)

The front crack opened at -3.65, strengthening to -3.60, before weakening to -3.90. The Cal 19 was trading between - 10.40 and -10.65 throughout the day


Window Trades
- No cargo trades were reported in the Singapore trading window.

Reflecting expectations of a tighter supply outlook in December, the 380 cSt front-month time spread was also slightly higher on Tuesday at about $11.60 a tonne on Tuesday, from $11.25 a tonne on Monday, the broker sources said.

Economic Events:

* 12am: MBA Mortgage Applications, Nov. 23

* 1:30pm: U.S. Advance Goods Trade Balance, Oct.

* 1:30pm: U.S. Wholesale Inventories, Oct (prelim.)

* 1:30pm: U.S. GDP, 3Q

* 3pm: U.S. New Home Sales, Oct.

* 3pm: U.S. Richmond Fed Manufacturing Index, Nov.

* 3:30pm: EIA weekly U.S. oil inventory report; TopLive blog starts 3:20pm

* Permian Midstream 2018 Takeaway Capacity & Infrastructure Congress, Houston, 1st day of 2

* CERI Breakfast on IMO Rules, Calgary

* Bloomberg NEF APAC summit in Shanghai, final day

* Genscape weekly ARA crude stockpiles report

* EARNINGS: Lukoil PJSC

Singapore 380 cSt

Dec18 - 398.25 / 400.25

Jan19 - 386.75 / 388.75

Feb19 - 378.75 / 380.75

Mar19 - 373.00 / 375.00

Apr19 - 367.75 / 369.75

May19 - 362.25 / 364.25

Q1-19 - 379.50 / 381.50

Q2-19 - 361.75 / 363.75

Q3-19 - 342.50 / 345.00

Q4-19 - 314.25 / 316.75

CAL19 - 353.25 / 356.25

CAL20 - 294.75 / 300.75

Singapore 180 cSt

Dec18 - 402.50 / 404.50

Jan19 - 391.25 / 393.25

Feb19 - 384.50 / 386.50

Mar19 - 379.75 / 381.75

Apr19 - 376.00 / 378.00

May19 - 371.00 / 373.00

Q1-19 - 385.25 / 387.25

Q2-19 - 370.50 / 372.50

Q3-19 - 353.75 / 356.25

Q4-19 - 330.50 / 333.00

CAL19 - 364.25 / 367.25

CAL20 - 315.75 / 321.75

Rotterdam 3.5%

Dec18 - 359.00 / 361.00

Jan19 - 351.50 / 353.50

Feb19 - 346.75 / 348.75

Mar19 - 342.00 / 344.00

Apr19 - 337.25 / 339.25

May19 - 332.50 / 334.50

Q1-19 - 346.75 / 348.75

Q2-19 - 332.75 / 334.75

Q3-19 - 313.75 / 316.25

Q4-19 - 283.00 / 285.50

CAL19 - 323.00 / 326.00

CAL20 - 270.50 / 276.50

0.1% Rott barges Gasoil

Dec18 - 569.01 / 571.01

Jan19 - 561.64 / 563.64

Feb19 - 561.00 / 563.00

Mar19 - 561.42 / 563.42

Apr19 - 561.96 / 563.96

May19 - 563.54 / 565.54

Q1-19 - 561.85 / 563.85

Q2-19 - 563.77 / 565.77

Q3-19 - 570.81 / 573.31

Q4-19 - 576.46 / 579.46

CAL19 - 566.41 / 570.41

CAL20 - 574.42 / 580.42

Sing GO 10ppm

Dec18 - 75.00 / 75.20

Jan19 - 75.40 / 75.60

Feb19 - 75.70 / 75.90

Mar19 - 75.90 / 76.10

Apr19 - 76.02 / 76.22

May19 - 76.09 / 76.29

Q1-19 - 75.57 / 75.97

Q2-19 - 75.82 / 76.22

Q3-19 - 76.67 / 76.97

Q4-19 - 77.42 / 77.82

CAL19 - 76.25 / 76.85

CAL20 - 77.81 / 78.41