Commodity Market Report

Global product markets weekly: Asian refinery margins in free-fall

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02 July 2018

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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  • Document

    Weekly Report 2JUL18.pdf

    PDF 1.34 MB

  • Document

    Weekly historical margins_2JUL18.xls

    XLS 246.00 KB

  • Document

    Global product markets weekly: Asian refinery margins in free-fall

    ZIP 1.41 MB

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