Reported GRMs during the quarter were at zero, lower than our estimate of US$3.8/bbl. Core GRMs were weak at -US$0.9/bbl while inventory loss was at US$0.9/bbl. Benchmark Singapore GRMs are currently at very low levels and marginal recovery was witnessed recently. Improvement in petrol & diesel spreads will be important for stable GRMs. We estimate GRMs at...