Commodity Market Report
Global product markets weekly: composite refining margin strengthens on improved transport fuel cracks
Report summary
The North Sea Dated weekly average moved up slightly to US$43.04/bbl as OPEC members showed higher compliance with pledged production cuts. Total OPEC crude production hit a record low in June, registering total compliance of 113% over 86% in May. The premium of North Sea Dated over ICE Brent front line widened, signalling supply tightness in the prompt crude market with the ramp-up of crude runs in Europe. In contrast, concerns over a second wave of lockdowns with rising coronavirus cases limited the recovery and kept crude prices rangebound in the week.
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