Singapore Market Commentary (with evening update)

Wed 28 Dec 2011, 05:05 GMT

Singapore Market Commentary (with evening update)

Evening Price Update

Fueloil cargo closed stronger by USD 3.00-5.00/MT, backed by two deals on screen. However, no deals were done for Gasoil, which lost some of its earlier gains to close about USD 0.30/BBL higher.

Our bunker indication remains unchanged, except for MGO/MDO, which is revised lower.

Morning Commentary

NYMEX Crude price and ICE Brent futures for Feb closed firm last night by gaining USD1.66/BBL and USD1.31/BBL respectively. Thus, it drove up the Papers' market today. Fueloil paper opened higher by USD4.50/MT and Gasoil paper was pegged with an incremental of USD0.95/bbl.

This will probably stimulate all delivered prices upward later in the day. Meantime, our bunker indication is revised upward for all grades.

MGO Singapore Singapore (SG)


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