Commodity Market Report
Global product markets weekly: composite refining margin improves on strength in gasoline and fuel oil cracks
Report summary
The North Sea Dated weekly average was little changed, edging down to US$44.48/bbl as the demand outlook dampened with weak economic data in Europe and the US, and rising new coronavirus cases. The contango of the M3-M1 spread for North Sea Dated widened to US$0.94/bbl in the week as buying interest from European refiners remained low due to weak refining margins. Genscape reported a week-on-week build in onshore commercial crude inventory in the ARA hub, indicating that ample supply was available in the prompt market. However, the negative pressures were offset after OPEC reiterated the importance of compliance and compensation cuts during its Joint Ministerial Monitoring Committee meeting on 19 August.
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