Commodity Market Report
Global product markets weekly: composite refining margins increase on stronger gasoline and fuel oil cracks
Report summary
The North Sea Dated weekly average slid by US$2.67/bbl to US$42.50/bbl given the stronger US dollar and lacklustre oil demand. EIA reported a week-on-week decline of 2.64 million b/d in US total oil demand, hitting the lowest since June. The sharp drop in major US equity indexes later in the week weakened market sentiment, weighing on the oil price. The contango of the M3-M1 spread for North Sea Dated widened, indicating tepid buying interest from Europe and Asia Pacific with weak refining margins in the prompt crude market. However, strong Chinese manufacturing data and OPEC+ closely complying with pledged production cuts provided some support to the oil price.
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