After volatile month of Jun'19, Brent Crude oil price remained flattish in July'19 to average at US$64/bbl and is now hovering around US$59/bbl. OPEC production also remained flattish at 30mbpd as lower production from Iran and Saudi Arabia continues. Non-OPEC production grew marginally by 0.6% MoM to 62.3mbpd for the month of Jun'19 owing to higher production from U.S. U.S Crude oil inventory declined 5.7% MoM at 449mn bbls for the month of July'19. Singapore Gross Refining margin (GRM) improved significantly to average at US$6.9/bbl from US$3.2/bbl in Jun'19 owing to improved crack spreads of all petroleum products in the range of 17%-24% on MoM basis. Gasoline crack spreads improved significantly to US$7/bbl from US$2.2/bbl in Jun'19. U.S Refinery utilization remained flattish at 93.8% for the month of July'19. Arab Light-Arab Heavy differential also remained flattish at US$2.0/bbl whereas INR improved MoM to average at Rs68.8/US$ in the month of July'19. On Natural Gas space, LNG prices remained flattish to average at US$4.2/mmbtu in July'19 owing to subdued demand from Japan and rapid rise in new...