Brent Crude oil price rose further 7.2% MoM in April'19 to average US$71.2/bbl on the back of the news of US decision to withdraw the waiver to purchase crude from Iran. OPEC production remained flattish MoM to 30.3mbpd (Lowest since 2016) in April'19 as lower production from Saudi Arabia and Iran was offset by increased production from Libya in Apr'19. Non-OPEC production remained flattish MoM to 61.9mbpd for the month of Mar'19. US Crude oil inventory improved by 3.3% MoM at 461mn bbls for the month of April'19 reflecting demand slowdown. Singapore Gross Refining margin (GRM) declined slightly by 6% MoM to average at US$4.2/bbl for the month of April'19 owing to lower crack spreads for Jet Kero and Gasoil partially offset by higher Gasoline crack spreads. US refinery utilization improved marginally by 1% Mom to average at 88.6% for the month of April'19. Arab LightArab Heavy differential improved significantly by 22% MoM to US$1.7/bbl whereas INR remained flattish MoM to average at Rs69.4/US$ in the month of April'19. On Natural Gas space, LNG prices continue to soften further by 5% MoM to average US$4.8/mmbtu in April'19 on the back of lower demand from China and Japan and rising concern on demand growth. Chinese demand declined to 4.1mmt in Mar'19 compared to 4.4mmt in Feb'19. Domestically, petroleum products sales increased by...