Commodity Market Report
Global product markets weekly: Asian refinery margins in free-fall
Report summary
For the week commencing 25 June, weekly average crude prices strengthened as the market digested the news of an unplanned outage in Canada and greater Us pressure on Iran. Syncrude Canada is one of the largest crude producers from the Canadian oil sands and following a power outage has resulted in fewer volumes being transported to Cushing. This, along with the largest weekly draw in US crude stocks since August 2016 caused a sharp narrowing of the Brent-WTI spread, which averaged just below US$2.50/bbl. The US is mounting pressure on Iranian crude buyers to stop importing crude from Iran after 4 November 2018, which increases the risk of lower oil production by year-end.
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