Commodity Market Report
Global product markets weekly: composite refining margin weakens amid sluggish demand and high product stocks
Report summary
The North Sea Dated weekly average edged higher to US$43.89/bbl as concerns over a second wave of lockdowns following significant rises in infections eased on hopes of a coronavirus vaccine. The expectation of more economic stimulus packages from the US and Europe provided some support to the crude oil price in the week. The market has priced in the looser production cuts before the OPEC+ meeting, while compensation plans for non-compliant June volumes strengthened the price. However, China’s disappointing economic data and deteriorating US-China tensions limited the upside.
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