Recent trends in downstream margins indicate a rapidly deteriorating demand scenario, with benchmark Singapore GRMs (SG GRMs) dipping sharply over the past few weeks. SG GRMs have declined to US$3.9/bbl levels over Apr’23 (last week’s average: US$2.8/bbl) and, as per our rough estimates, OMC GRMs for Apr’23 are averaging US$3.1-4.9/bbl.