Commodity Market Report
Global product markets weekly: composite refining margin falls with weakening gasoline and jet fuel cracks
Report summary
The North Sea Dated weekly average stood firm above US$40/bbl in the week and edged up to US$42.27/bbl on the continuing impact of the OPEC+ production cuts and wider signs of demand recovery. The improvement in economic sentiment in the eurozone intensified with a gain to 75.7 points in June from 67.5 in May, signalling further economic recovery and improving demand outlook. The M1/M2 intermonth spread remained backwardated, indicating tight supply in the prompt crude market with demand recovery in Europe. However, fears that rising infection cases would dampen demand and a potential restart of Libyan crude production limited the upside.
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