After trading in the positive zone till New York opening, Brent finally settled settled 36 cents lower at $ 51.60 / bbl. WTI settled at $ 49.23 /bbl., 39 cents lower.
The early positivity was based on optimism that OPEC would extend supply cuts. However, later during the day, not only did any such thing not happen, Russia also stated that in the absence of any agreement on the same, it expects its output to rise to record levels in the second half of 2017.
In the meanwhile, speculators cut their net long positions in ICE Brent Futures and options contracts by 9811 lots to 427,433 lots as of April 18.
Naphtha physical demand continues to remain strong. The crack levels however do not seem to have improved in sync with continuous demand. The Japan Naphtha Dubai May is around – $ 0.1 /bbl. Singapore Naphtha – Dubai crack is at -$1.7 for May
Gasoline cracks cracks continued their easing today. The May crack is valued at $ 11.90 /bbl today. The May-June spread is valued at 45 cents / bbl.
Gasoil cracks have inched further higher. The May crack is valued at $11.95/bbl. The regrade continues to perform dismally as it fell to -$ 0.50 /bbl for May.
180 CST Fuel Oil
Fuel Oil cracks continued to rise even as demand in the window appeared to have slowed down. The value of the May crack is -$ 3.45 / 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