Brent crude oil price increased for the second month consecutively by 2% MoM to average US$80.5/bbl in Oct'18 mainly driven by weaker sentiments ahead of the economic sanctions on Iran by US. However, OPEC production increased by 1.5% MoM to 33.3mbpd on the back of higher production from Libya and Saudi Arabia. Non-OPEC production also grew by 1.7% MoM to 59.8mbpd for the month of Sept'18 led by North Sea, Asia and Brazil. US Crude oil inventory stood at 419mn bbls in Oct'18 on lower demand. US refinery utilization declined further by 4.7% MoM in Oct'18 to 89.1%. Also, Singapore Gross refining margin (GRM) declined by 13% MoM to US$5.2/bbl in Oct'18 mainly led by lower crack spreads from Gasoline and Naphtha, partially offset by stronger gasoil and FO crack spreads. Gross Marketing margin have improved by nearly Rs1.3/ltr on petrol and Rs0.8/ltr on diesel from the lows of early Oct'18. Arab Light-Heavy differential improved as much as 20% MoM to US$2.5/bbl whereas INR depreciated further and made a new record high of Rs73.6/US$ in Oct'18. On Natural Gas space, LNG prices have softened after three months by 9% MoM to US$10.2/mmbtu owing to lower demand across countries like China, Japan, US and India. We...