Commodity Market Report
Global product markets weekly: composite refining margin recovers on improved gasoline and fuel oil cracks
Report summary
The North Sea Dated weekly average rose by US$4.49/bbl to US$37.91/bbl last week amid optimism that OPEC and its allies would extend their production cut agreement beyond June to accelerate the re-balancing of the market although concerns over compliance dampened the price recovery. The M1-M3 spread for North Sea Dated narrowed with improved demand from Europe in the prompt crude market. Moreover, strong buying interest from Asian refiners supported North Sea crude prices. On 6 June, OPEC+ agreed to extend the 9.7 million b/d reduction for one more month.
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