Petro-Monitor – April 2012: Centrum

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Petro-Monitor – April 2012

m  After climbing to over US$125/bbl in the month of March, crude prices eased and averaged US$120.8/bbl in April and are currently hovering around US$120/bbl. Crude prices are holding up as the demand is moving up on a MoM basis with crude production averaging 88.6mbpd during the month of April.

m  With the warmest winter in the US, the US Henry Hub natural gas prices remained lackluster and averaged lower at US$1.9/mmbtu during the month of April but now is tenuously holding up at about US$2.1/mmbtu.

m  The uptick in Gasoline-Crude and Diesel-Crude cracks led to a jump in GRMs for the month of April. Reuters Singapore complex GRMs thus averaged at US$7.8/bbl. Complex refiners were at an advantage due to the expansion in Sweet-Sour differentials.

m  The WTI-WTS Sweet-Sour spreads expanded further during the month of April and averaged US$6.6/bbl (March average – US$5.0/bbl) thus benefitting complex GRMs. However, Arab light-heavy spreads declined marginally to US$3.5/bbl in the month of April against US$3.7/bbl in the month of March.

Source: Bloomberg , Reuters (for GRMs)

Current  price and spreads as on 30 April 2012

Dubai Fateh crude  used for  calculation of product spreads.