22 Feb 2017
oil-barrel

Crude Oil

Crude had another positive day yesterday. Brent rose by 48 cents to close at $56.66 /bbl,  The April WTI future, which became the front month today settles at $ 54.33 /bbl.

 

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 market will get their first indication of stock movements tonight.
In other news, Platts announced that it will add one more crude to the  basket which go into making the assessment for Dated Brent.  The Troll grade, produced by Norway would be added to the basket from January 1, 2018.

Naphtha

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.

Gasoline 

The gasoline crack too lost ground in tandem with naphtha.  The March crack sank further to  $ 11.55/bbl.

Middle Distillates

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.

Fuel Oil

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.

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

 

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