Cyclical business fundamentals worsened in Q1FY20 Singapore GRMs remained depressed at US$ 3.5/bbl (+8% QoQ, 43% YoY), while petrochemical cracks likely declined ~15% QoQ. We see earnings pressure for RIL and OMCs aggravated by softer light-heavy crude spreads. Higher oil prices (+8% QoQ) offer some respite to upstream PSUs. Lower spot LNG prices (27% QoQ) could lift margins and drive robust earnings for CGD companies, but raise uncertainty over GAIL and PLNG's earnings....