Name: Global product markets weekly: crude price drop helps refiners
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Author: Wood Mackenzie

Commodity Market Report 23 July 2018

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Crude prices fell sharply in the week commencing 16th July. The average dated Brent price was $3.90/bbl lower, the steepest weekly decline since October 2016. The weakness came from increasing supply and growing US crude stocks. Libyan exports continue to recover and production cuts by OPEC/non-OPEC countries were eased. The Brent-WTI differential narrowed despite weekly EIA figures showing a 6 million barrel stock build in the US. Brent values were undermined by the end of a Norwegian oil workers strike and increased Libyan output.</div>
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