Singapore Benchmark refining margins trade above US$ 20/bbl
News: Benchmark Singapore GRMs, during the week, have risen to ~ US 25/bbl. Additionally, petrol & diesel product cracks remain at elevated level.
Views: Indian refiners mainly benefit from higher petrol & diesel product cracks as petrol & diesel together form 55-60% of refining slate. Higher GRMs will benefit standalone refineries and refining segment of OMCs.