Singapore Market Commentary (with evening update)

Thu 8 Apr 2010, 06:22 GMT

Singapore Market Commentary (with evening update)

Evening Price Update

Fueloil cargo closed flat with little change and well supported by four deals traded. Gasoil cargo dipped by about a dollar a barrel with a deal done being reported.

Again, quoting levels for the Intermediate Fuel Oil was selling almost on a par with yesterday, if not lower. WTI Access trading is showing weak all day since this morning. Meantime, our bunker indication is revised downward for only the MDO/MGO amid average demand.

Morning Commentary

NYMEX Crude price closed weaker last night to conclude at USD85.88 a barrel and WTI Access trading is showing negative gains this morning.

With weakening of Crude sentiment overnight, Fueloil paper opened softer by USD3.00/MT while Gasoil paper was talked lower by almost USD0.50/BBL today. This will likely drag down delivered prices if Cagoes trading can prove to be following the same trend this afternoon. Meantime, our bunker indication is revised marginally downward for all grades.

MGO Singapore Singapore (SG)


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