Singapore Gross Refining margin (GRM) increased significantly by 67% MoM in Mar'19 and averaged at US$4.5/bbl mainly due to improved crack spreads for all the products while Gasoline margin improved the most. US refinery utilization remained flattish and averaged at 87.7% for the month of Mar'19.Arab Light-Arab Heavy differential declined by 18% MoM to US$1.4/bbl whereas INR appreciated by 2.5% MoM at Rs69.5/US$ in the month of Mar'19. On Natural Gas space, LNG prices have softened further by 18% MoM to average US$5.0/mmbtu in Mar'19 owing to lower demand from China and India and rapid rise in new liquefaction capacity. International Gas Union (IGU) has recently come out with LNG report where they highlighted that almost 101mtpa of new liquefaction capacity is under implementation or sanctioned. Further, it expects new liquefaction capacity to outgrow the incremental demand which would put pressure on LNG prices in near to medium term and expects LNG prices to remain weak. Domestically, petroleum products sales declined marginally by 5% MoM and improved by 4% YoY to 17.4mmt in Feb'19 owing to 34% YoY rise in Naphtha, 22% in LDO and 13.8% in LPG....