We present below a chart of crude stocks in the US
A quick visual glance suggests that stocks are at least 170 million barrels above the 2011-15 average. Hence coming near that figure in the next few weeks appears to be optimistic.
The market awaits the API data to be released late this evening in New York.
Strong buying interest continues for July naphtha cargoes. BAPCO was seen selling a rare spot naphtha cargo for 2H July lifting. Most of BAPCOs supplies are termed up.
The June Japan Naphtha- Dubai crack is marginally stronger at -$1.05 /bbl.
Gasoline cracks too are firm on the back of expectations of strong demand during the driving season.
The June 92 Ron-Dubai crack is valued at $11.30 /bbl
Distillate cracks are marginally lower today as the market began to consider the impact of the advent of the monsoon in India.
The June Gasoil-Dubai crack is valued at $10.50 /bbl with the regrade at $0.45 /bbl
The fuel oil market is marginally stronger today. While the extended cut means that availability of fuel oil will be reduced, there appear to be ample stocks being held in floating storage around Singapore. The June 180 cst crack is slightly strong at -$ 2.95 / bbl. The visco spread is at $ 1.15 /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