Oil prices were settled in the negative zone for the first time in two weeks amid thin trading as Europe was closed. Both Brent and WTI futures settled 53 cents lower at $ 55.36 / bbl and $ 52.65 /bbl respectively.
The drop was primarily attributed to reports by the EIA that shale oil production in May would increase by 123 kbpd, the largest monthly increase in two years.
There would also be an element of price correction and profit taking at these levels.
Technically, Brent has moved out of the rising channel.
Markets would be looking to the API data tonight for direction.
Gasoline cracks have improved a bit today. The May crack is valued at $ 12.1 /bbl today as compared to $ 11.8 yesterday. The May-June spread is steady at 30 cents / bbl.
Gasoil cracks continue to stay steady. The value of the May is $11.80/bbl. The regrade too is steady at -$ 0.20 /bbl for May today.
180 CST Fuel Oil
Fuel oil cracks are marginally stronger today The 180 cst Fuel Oil – Dubai crack for May is valued at -$ 4.0
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