Crude oil futures traded in a very jittery manner yesterday. After giving up the weekends levels and trading to a low of $ 50.29/bbl, Brent reovered well to close just 43 cents lower at $ 50.92 / bbl. WTI lost 72 cents to settle at $ 47.68 /bbl.
Today, crude oil prices are 70 cents higher on the back of API data which showed a drop of 531 KB against an expected build of 3.5 MB. Products too drew more than expected. Gasoline drew 3.8 MB while distillates drew 4.0 MB.
Should these be confirmed by DOE data today, the fall of the last few days may well be treated as a ‘correction’ before another climb.
Naphtha prices eased marginally today as ample supplies continued to weight the market down. The MOPJ crack for March is valued at $ 1.1 / bbl. and April at $ 1.0 /bbl. The Singapore crack for March is valued at – $ 0.6 /bbl whereas April is at -$ 0.8 /bbl.
Gasoline cracks are a touch firmer today. The mild contango in prices persists though
The April crack is valued at $ 10.75 /bbl.
180 CST Fuel Oil
Fuel Oil continues to stay depressed today. The March crack is valued at -$ 4.05/bbl and April around -$ 3.9/bbl.
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Disclaimer : All the views are the author’s personal views. These do not constitute an advice to buy or sell any commodity