After several months of softening, Brent Crude oil price surged 7.8% MoM to US$78.9/bbl on the back of tight supply scenario. OPEC production remained flattish in Sept'18 at 32.8mbpd owing to higher production from Libya and Saudi Arabia which was offset by lower volume from Venezuela and Iran. Production loss from Iran post economic sanctions from US would be a key thing to watch which may have a significant impact on crude oil price. Further, Non-OPEC production also remained flattish for the second consecutive month at 59.2mbpd in Aug'18. US Crude oil inventory declined 2.8% MoM in 398mn bbls Sept'18 reflecting strong demand scenario. US refinery utilization declined 3.9% MoM in Sept'18 to 93.5%. Also, Singapore Gross refining margin (GRM) declined by 12% MoM to US$6.0/bbl in Sep'18 on the back of lower crack spreads of Gasoline and Jet Kero, partially offset by higher crack spread of Naphtha, Gasoil and FO. We expect crude oil price and GRM to remain robust in near term as winter season is around the corner when we see spurt in demand. On Natural Gas space, LNG prices have moved higher 8% MoM to US$11.2/mmbtu led by incremental growth from China and Japan. We expect Spot LNG prices to remain tight...