Singapore Market Commentary (with evening update)

Wed 22 Jun 2011, 06:41 GMT

Singapore Market Commentary (with evening update)

Evening Price Update

Cargoes trading ended softer this afternoon, especially the Gasoil grade, which plunged sharply by about USD2.10/BBL. Fueloil cargo fell by about USD1-2/MT. One deal each was reported at end of market close.

NYMEX Crude price and ICE Brent futures are showing slightly weak now. Meantime, our bunker indication is revised downward only for the MDO/MGO, amid average demand.

Morning Commentary

NYMEX Crude price closed firmer last night to settle its Aug value at USD94.17/BBL. Yet, ICE Brent futures concluded weak instead with much more volume of contracts traded. With this, it may have probably dragged down the Papers market. Both Fueloil and Gasoil papers were valued with negative gains today by about USD5.50/MT and USD2.40/BBL respectively.

Meantime, our bunker indication is revised downward for all grades.

MGO Singapore Singapore (SG)


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