Good news for crude bulls helped prices up for a third straight day. Brent rose by 54 cents / bbl to settle at $ 52.96 / bbl. WTI rose by 84 cents to settle at $ 50.35 /bbl. Brent prices may have been affected due to its impending expiry today.
The drivers for the move were primarily news that Russia has reduced its production by 100 kbd more to a total of 200 kbd and that Iraq too has shown some reduction in production by 300 kbd as compared to December. This brings it in line with its commitment.
Further, Kuwait has also joined the call to extend the cuts.
The Naphtha physical crack further improved in the face of strong demand in the prompt. However, the paper market has eased out a little.
Gasoline cracks are a touch firmer today. April is valued at $ 11.95 /bbl. The May – June spread too has firmed up and is valued at 50 cents.
The Gasoil crack eased marginally . The crack for April is valued at $ 11.4 / bbl. The April regrade is unchanged to a touch firmer. The regrade for May is still valued at flat ($ 0.0 / bbl).
180 CST Fuel Oil
Fuel Oil cracks are a touch weaker today notwithstanding a draw of 6% in Singapore stocks to 25,414 KB. The stock levels are still higher than last years for the current time. Today, the April crack is valued -$ 4.10/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