High oil prices have started to affect the outlook on demand, albeit marginally. Crude oil prices are expected to cool off a bit (sans political events). Fundamentals for cyclicals are still looking up Singapore GRMs were stable at US$ 6.6/bbl in May'18 (0.7% MoM), while petrochem product cracks held strong. As price hikes resume, we expect OMC retail margins to normalise by end-Jun'18. We remain positive on cyclical businesses (Reliance Industries & Indian Oil) and gas utilities (GAIL & Petronet LNG)....