Reported GRMs during the quarter were at US$2.2/bbl, below our estimate of US$4/bbl. Core GRMs were at US$1.2/bbl while inventory gain was US$1/bbl. Benchmark Singapore GRMs, while recovering from Q2 levels of US$0.1/bbl, still remained low at US$1.2/bbl in Q3FY21. Improvement in petrol & diesel cracks will be important for stable GRMs. Taking into account some improvement in demand for petroleum products, we expect GRMs at...