Global product markets weekly: composite refining margin slides on sluggish oil demand

The North Sea Dated weekly average moved up by US$1.88/bbl to US44.71/bbl following more promising US economic data and weakening US dollar. Iraq planned to deepen oil production cuts in August and September to compensate for its overproductions in previous months, supporting oil prices. However, the strength in oil price eased later in the week with lack of progress on the US stimulus talks and escalating US-China trade tensions after President Trump issued two executive orders to ban Chinese social media apps from operating in the US. The M3-M1 spread for North Sea Dated remained at a contango structure, indicating tepid buying interest in the prompt crude market.