GRM: Singapore complex GRM was USD 7.3/bbl (-12% QoQ, +9.3% YoY) in 3QFY18. Strong margins in Gasoil and Naphtha have partially negated the weakness in Gasoline and LPG margins. Crude prices: Brent has jumped 22% QoQ and 20% YoY to USD 61.5/bbl in 3QFY18 owing to continuation of supply cuts by OPEC and non-OPEC countries (excluding the US). We expect inventory gains to downstream companies.