With the US closed for Martin Luther King Day yesterday, crude was generally moving within a narrow band. Brent moved up 41 cents to settle at $ 55.86 / bbl. While WTI did not record a settle, it was generally in sync. with Brent.
Yesterday saw Saudi Arabia talking extensively about how it is firm on maintaining production at a lower level.
The first directional data we will get will be the API data on Wednesday
With the Ruwais refinery now expected to resume full operations as early as tomorrow, supply concerns eased up considerably.
The Naphtha crack for February is now valued at $1.15 / bbl.
The Gasoline crack continues to remain steady although it eased up slightly in the prompt. The February crack is valued at $ 13.4/bbl today.
The gasoil crack firmed up to $11.60 /bbl. Traders attributed this to refinery outages in India and the Middle East. The Regrade continues to be valued at $ 0.60 /bbl
BP continued to be an aggressive buying in the Platts window keeping the prompt demand for supplies constant. The February crack continues to valued at -$0.75 to – $0.80/bbl and the March crack slightly lower at -$ 1.50 /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.
Disclaimer : All the views are the author’s personal views. These do not constitute an advice to buy or sell any commodity