There is very little new information that the market got. Brent peaked to $ 57.31 before retreating to the level it settled. In the meanwhile, OPEC keeps pointing towards their January compliance and vaguely hinting about extending and even expanding the extent of the cut to keep prices supported.
The fear of tight supplies of Naphtha going beyond March receded completely as fresh supplies kept entering the market. The March MOPJ crack is valued at $ 1.15 / bbl value. The Singapore crack for March is valued at flat.
The gasoline crack too lost ground in tandem with naphtha. The March crack sank further to $ 11.55/bbl.
Gasoil prices were marginally lower, supported largely by demand in the prompt market.
The March crack is valued at $12.5 / bbl with the regrade at -$0.45 /bbl.
The Platts window continued to see aggressive selling. However, they affected Fuel Oil cracks only marginally. The March crack dipped to -$ 3.7/bbl and April around -$ 4.0 /bbl.
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Disclaimer : All the views are the author’s personal views. These do not constitute an advice to buy or sell any commodity