Gong Xi Fat Cai!
Best wishes for the Chinese New Year. With Singapore shut today for New Year festivities, data on products is restricted to fridays levels.
The market attributed this drop to the Baker Hughes report of rig count which stated that 15 more rigs had been added.
On another note, OPEC production is expected to fall by 900 Kbpd in January as per a report by Petrologistics. This according to them, suggests a high level of compliance with production cuts.
We leave it to the reader to judge for himself whether an actual cut of 900 kbd against a planned cut of 1600 kbd reflects high compliance.
With Singapore closed, there is not much news on the product today. The February was valued at around $1.70 / bbl and March at $ 0.85 / bbl around 50 cents higher.
The February crack is slowly easing at $ 12.75 cents /bbl.
The gasoil crack for February is unchanged $11.70 /bbl. The Regrade too remains at – $ 0.20 /bbl.
Fuel Oil appears to have remained unchanged as well. However ,this could well be because of the holiday. The February is at – $ 3.20 /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