Oil prices continued to correct as markets assimilated the EIA report over the weekend. Brent settled 47 cents lower at $ 54.89 / bbl. WTI corrected by much less; just 24 cents to settle at $ 52.41 /bbl respectively.
Post the trading session the American Petroleum Institute reported startlingly that gasoline inventories built by 1.4 million barrels. While crude oil drew by 840 Kb, this was less than expected. Distillate stocks drew by 1.8 Million Barrels. Imports were up by 100 kbpd. Crude runs were up by 334 kbpd.
If we take this data as indicative of the census (both API and DOE report by sampling 90% of the population, it would seem that the situation in the US at least is not in the least bit any cause for concern.
Unless the DOE data shows something drastically different, this report should cause a severe dent in the bullish case.
Gasoline cracks continue to improve. The May crack is valued at $ 12.2 /bbl today. The May-June spread is steady at 30 cents / bbl.
Gasoil cracks continue to stay steady. The value of the May is $11.80/bbl. However, the regrade improved to -$ 0.10 /bbl for May today.
180 CST Fuel Oil
Fuel oil cracks continued to strengthen buoyed by lower crude oil prices. The 180 cst Fuel Oil – Dubai crack for May is valued at -$ 3.7
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