We present below a couple of extracts from daily and weekly technical charts (source Reuters) of the first Brent future.
They reflect uncertainty over direction of market with nearly equal tugs in both directions. Normally, once this impasse is broken, one sees a huge move in the direction of the break.
Singapore markets were closed yesterday. The February crack is valued at around $1.90 / bbl and March at $ 0.90 / bbl.
The February crack is still at $ 12.75 cents /bbl.
The gasoil crack for February is marginally higher $11.75 /bbl. The Regrade remains at – $ 0.20 /bbl.
Fuel Oil seems to have continued its downward slide. February is valued at – $ 3.60 /bbl and March at -$ 3.90/bbl. There could be a drop in demand for Fuel Oil post the Chinese New Year.
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