Singapore Market Commentary (with evening update)

Mon 18 May 2009, 07:36 GMT

Singapore Market Commentary (with evening update)

Evening Price Update

Cargoes trading was much active today and closed soft in the end, especially the Gasoil cargo which plunged by about USD2.50/BBL. Fueloil cargo notably concluded weaker as well by USD6.00/MT.

Delivered prices were offer lower today, but not anymore when WTI Access trading is firming up now. Meantime, our bunker indication remains unchanged, except the MDO/MGO which was adjusted downward, amid average demand so far.

Morning Commentary

NYMEX Crude price fell sharply on closing last Friday to conclude at USD56.34 a barrel. WTI Access trading is showing steady to marginal dip this morning.

Dragged down by the weakened of Crude sentiments, Fueloil paper opened much weak by about USD11.00/MT while Gasoil paper plunged by USD3.00/BBL today. This will probably stimulate lower delivered prices, if cargo trading were to ride along the same trend this afternoon. Meantime, our bunker indication is revised downward for all grades.

MGO Singapore Singapore (SG)


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