<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">In March 2017, domestic GRMs are estimated to increase to
~US$8.6/bbl against ~US$8.2/bbl last month. This is mainly driven by prevailing
drop in crude oil prices that would partially benefit local refineries (as
already maintaining inventories). Furnace oil (FO) cracking margins are
expected to fall owing to normalizing seasonal demand from thermal power
generation while MS/HSD are estimated to support GRMs. ATRL and NRL (ex-lube)
margins are estimated to clock in at US$7.8/bbl and US$5.4/bbl.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We remain cautious in approaching this sector as prevailing
stock prices inherit risk of volatile nature of GRMs exposed to global dynamics
of crude oil prices swing.</span>...
