Crude prices rise higher on Friday as persistent buying to insure against OPEC action pushed markets higher.
Brent settled higher by 37 cents / bbl at $ 46.86 /bbl. WTI too rose by 27 cents to settle at $ 45.69 / bbl.
Crude oil is trading approximately 35 cents higher today morning
Oil prices today are totally dependent on this OPEC story. The rig count in the US rose by 19 this week, a number that would hitherto send bulls running for cover.
Naphtha showed considerable strength in the prompt even as Unipec resumed issue of supply tenders which it had not been doing for some time.
The December crack continues to hover around $ 2.00 /bbl .
Gasoline prices seemed too seem to be stable with the December crack continuing to stay above $11 / bbl.
The gasoil crack for December was marignally lower around $ 11.55 /bbl. Winson Oil has continued its buying spree. It has bought just over 4 million barrels of gasoil for December loading after 7 million in Noveber.
Jet crack values appeared to be marginally higher.
The regrade in January now is at value of $ 1.43 /bbl
Fuel oil stocks rose by close to 500 KT, a build of over 15% and the largest build since May 2016.
The fuel oil crack on Monday appears to be largely unchanged from Friday with December showing a value of -$ 1.38 /bbl. However, beyond December there appears to be a mild weakening of the structure in anticipation that the stocks will come into their own.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.