Image credit: Freight Investor Services (FIS)

---

Commentary

International benchmark Brent crude gained 6 cents, or 0.1 percent, to $58.82 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel, and U.S. crude futures had risen 20 cents, or 0.4 percent, to $50.49 per barrel by 07:37 GMT. The market ended the previous session down 2.5 percent at $50.29 a barrel, after marking its lowest since early October last year. It's nice after all the pandering to silly little reasons for oil price rises and falls we get back to good old supply and demand. Now that all the tensions with Iran and North Korea have abated, people have looked around and gone "By Jove, look at all this oil". The warning signs have been there under the surface, lurking, ready to surprise you, because you have been distracted by the glitzy headline of potential war or America sanctioning the world. Two big meetings are coming up that will set much of the sentiment for the world economy and world oil supply: G20 this weekend and OPEC the week after. U.S. crude inventories for the week to Nov. 23 added 3.6 million barrels to the most in a year at 450 million barrels, exceeding expectations, the EIA reported yesterday; so OPEC are really going to have to pull their finger out to support prices, which are now seemingly in freefall.

Fuel Oil Market (Nov 28)

Asia's front-month visco spread, the price differential between the 180 cSt and 380 cSt fuel oil grades, fell to a near three-year low on Wednesday amid a growing supply imbalance between the two grades of the fuel. Supplies of 180 cSt fuel oil have been on the rise in recent months, weighing on prices of the lower viscosity fuel, while relatively tight availabilities of finished grade 380 cSt fuel oil has pushed prices of the mainstay bunker fuel higher. Higher 180 cSt fuel oil exports from India's Bharat Petroleum Corp Ltd since August following an extended shutdown of a 6,000- tonnes per day hydrocracker at its Mumbai refinery that could last until December have contributed to the rise in 180 cSt fuel oil supplies. The December viscosity spread was at $3 a tonne on Wednesday, down from $4.50 per tonne in the previous session and its lowest since January 2016, Refinitiv data in Eikon showed.

Crack trades lower despite brent coming off -4.35

Economic Events:

* 1:30pm: U.S. Personal Income, Oct.

* 1:30pm: U.S. Initial Jobless Claims, Nov. 24

* 1:30pm: U.S. Continuing Claims, Nov. 17

* 2:45pm: Bloomberg Consumer Comfort, Nov. 25

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

* 7pm: FOMC Meeting Minutes

* Singapore onshore oil-product stockpile data

* North Sea benchmark crude loading programs for January

* Russian refining maintenance schedule from ministry

* OPEC Economic Commission Board meets in Vienna

* TopLive OPEC Q&A with Bloomberg oil strategist Julian Lee, who will be answering questions submitted by clients ahead of the OPEC and OPEC/non-OPEC meetings to be held in Vienna next week

Singapore 380 cSt

Dec18 - 372.00 / 374.00

Jan19 - 361.75 / 363.75

Feb19 - 355.75 / 357.75

Mar19 - 350.75 / 352.75

Apr19 - 346.00 / 348.00

May19 - 341.00 / 343.00

Q1-19 - 356.25 / 358.25

Q2-19 - 341.75 / 343.75

Q3-19 - 324.50 / 327.00

Q4-19 - 299.00 / 301.50

CAL19 - 335.00 / 338.00

CAL20 - 282.25 / 288.25

Singapore 180 cSt

Dec18 - 375.75 / 377.75

Jan19 - 366.75 / 368.75

Feb19 - 361.25 / 363.25

Mar19 - 357.75 / 359.75

Apr19 - 353.50 / 355.50

May19 - 349.25 / 351.25

Q1-19 - 361.75 / 363.75

Q2-19 - 349.50 / 351.50

Q3-19 - 335.50 / 338.00

Q4-19 - 315.00 / 317.50

CAL19 - 345.00 / 348.00

CAL20 - 303.25 / 309.25

Rotterdam 3.5%

Dec18 - 336.50 / 338.50

Jan19 - 329.75 / 331.75

Feb19 - 326.00 / 328.00

Mar19 - 322.00 / 324.00

Apr19 - 318.25 / 320.25

May19 - 314.25 / 316.25

Q1-19 - 325.75 / 327.75

Q2-19 - 313.25 / 315.25

Q3-19 - 296.75 / 299.25

Q4-19 - 268.75 / 271.25

CAL19 - 304.50 / 307.50

CAL20 - 258.00 / 264.00

0.1% Rott barges Gasoil

Dec18 - 541.79 / 543.79

Jan19 - 538.74 / 540.74

Feb19 - 539.15 / 541.15

Mar19 - 540.83 / 542.83

Apr19 - 542.00 / 544.00

May19 - 544.14 / 546.14

Q1-19 - 540.24 / 542.24

Q2-19 - 544.17 / 546.17

Q3-19 - 552.20 / 554.70

Q4-19 - 561.04 / 564.04

CAL19 - 547.85 / 551.85

CAL20 - 569.93 / 575.93

Sing GO 10ppm

Dec18 - 72.18 / 72.38

Jan19 - 72.54 / 72.74

Feb19 - 72.89 / 73.09

Mar19 - 73.22 / 73.42

Apr19 - 91.22 / 91.42

May19 - 91.29 / 91.49

Q1-19 - 72.79 / 73.19

Q2-19 - 73.32 / 73.72

Q3-19 - 74.17 / 74.47

Q4-19 - 74.92 / 75.32

CAL19 - 73.68 / 74.28

CAL20 - 75.24 / 75.84