Singapore Gross Refining margin (GRM) declined 29% MoM to average at US$3.0/bbl for the month of May'19 owing to lower crack spreads from Naphtha and Gasoline partially offset by Jet Kero and Gasoil. US refinery utilization improved slightly by 1.7% MoM to average at 90.1% for the month of May'19. Arab Light-Arab Heavy differential remained flat MoM at US$1.7/bbl whereas INR also remained flat MoM to average at Rs69.8/US$ in the month of May'19. On Natural Gas space, LNG prices rose marginally by 1% MoM to average at US$4.9/mmbtu in May'19 on the back of lower demand from China and Japan and rapid rise in new liquefaction capacity. Domestically, petroleum products sales declined by 5.5% MoM and improved 0.4% YoY to 17.8mmt in April'19 mainly due to 16% MoM dip in LPG, 14.1% in Petrol and 9% in ATF. PNGRB has finally issued the long awaited tariff orders for their HVJ/DVPL, Mumbai regional network and First phase of JHDBPL pipeline. While tariff orders were below street expectations of 12%-14%, it was in-line to our estimates. The tariff orders cover an estimated 92% of overall volumes of GAIL. We remain positive on structural...