Oil Price Digest 18-Oct-16
Crude Oil ended the day marginally lower on Monday. WTI closed at $ 49.94 / bbl and Brent closed at $ 51.52 / bbl. The market appears to have got tired of the story of OPEC production cuts with nothing happening on the ground that would suggest its implementations. The markets may have settled even lower had not the EIA advised that US shale oil production was expected to fall by 30,000 barrels per day.
Naphtha continues to perform well as the market sees exports from India for the rest of the year reducing in addition to reduced exports from the Med and Europe reported yesterday. With the cracker turnaround season coming to an end by November, the market appears to be extremely well supported.
The crack seems to firmed up in the prompt to around -$ 1.4 / bbl (Nov)
The gasoline market is staying firm with ongoing refinery maintenance and sudden pockets of demand. The crack appears unchanged to marginally lower at around $ 11 /bbl.
The middle distillate market seems to have some push in store in the midst of ample supplies as there were reports of a player finally hiring a VLCC for moving product to the Mediterranean. Presently though, the crack continues to remain at around $ 12 /bbl for November.
The regradeis pretty much constant for the day.
Fuel Oil strenthened in the Asian markets yesterday as the 180 CST Fuel Oil Crack for November is quoting at around -$ 4.20 / bbl
About this blog
This blogpost 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.