Global product markets weekly: composite refining margin falls on weak gasoline and middle distillate cracks in Europe and US

North Sea Dated was little changed and averaged US$33.42/bbl last week, as the market has already priced in all the headlines and bullish support was limited. Optimism that the Trump administration is unlikely to escalate US-China tensions after the presidential press conference last Friday lifted the crude price, compensating the loss during the week. The June/July intermonth spread for dated-to-frontline (DFL) swaps narrowed, indicating strong buying interest in the prompt crude market. However, high floating storage struggled to clear in the region, dampening the crude price recovery.