Crude Oil

Crude Oil continued to rise higher in the wake of the Saudi announcement. Brent rose past the psychological $50 /bbl mark to settle at $50.20 /bbl, up 1.60 cents. WTI rose by $1.55 cents to settle at $45.89 /bbl.

Prices were further boosted this morning in the wake of what is apparently bullish API data.

API Data

The American Petroleum Institute, in its report late last afternoon reported a surprisingly huge draw of 10.23 million barrels to bring stocks down to 487 million barrels. This was against a market expectation of around 3 million barrels.

However, gasoline stocks rose by 1.9 million barrels while distillate stocks showed a miniscule draw of 0.1 million barrels.

While the crude draw is certainly bullish, the build in gasoline stocks is mildly perplexing. The market will be looking to the DOE data for confirmation.


Naphtha cracks continue to weaken with the strong rise in crude prices not being matched by a similar rise for the product due to the lack of demand.

The August crack is now at $0.15/bbl.


The gasoline crack continued to fall in the front beleaguered by the higher crude prices. However, the paper cracks are more or less stable with the value for the August crack remaining unchanged at $ 10.90 /bbl.


Distillate cracks have risen with aggressive buying in the window by Hin Leong and Winson Oil.

The August gasoil crack is significantly higher at $ 13.25 /bbl. The regrade is marginally -$0.60 / bbl.

Fuel Oil

Fuel Oil cracks are still weaker today.

The 180 cst August crack is lower at -$0.65 /bbl. The visco spread is unchanged at $0.95 /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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