In its weekly report last afternoon in the US, the API stated that Crude Oil inventories had fallen by 4.6 million barrels.
While this may appear bullish for crude oil prices, the API also reported a build of 4.1 million barrels in gasoline stocks and 1.8 million barrels in distillate stocks.
This picture does not augur very well for crude prices.
The Naphtha physical market was quiet due to a holiday in Korea. Paper cracks were weaker as a result.
The June Japan Naphtha- Dubai crack is valued at -$1.2 /bbl.
In the meanwhile, the costs of lifting Qatari Naphtha are likely to rise in the wake of the cutting off of diplomatic relations by most of the AG with Qatar.
Gasoline cracks are marginally stronger today with the June crack being valued at $11.50 /bbl.
Gasoil markets continued to ease notwithstanding demand for physical cargos from India. The June crack is valued at $ 9.8 /bbl. The regrade has once more returned to negative territory. June is valued at -$0.15 /bbl.
Fuel Oil cracks were unchanged to marginally weaker although the Platts window saw increased supplier offers.
The June 180 cst crack is valued at -$ 1.2 / bbl/ The visco spread is at $ 1.35 / bbl
About this blog
This blog post attempts to give a top level summary of the Singapore market goings on to a person who seeks to obtain a directional sense of the market on a daily basis.