Commodity Market Report
Global product markets weekly: Fuel oil cracks pressured margins
Report summary
The oil market fell last week, accelerating the decline from the highs of the previous two weeks. North Sea Dated crude’s weekly average fell by US$1.29/bbl to US$67.50/bbl in the week to 21 May. The catalyst for the fall in prices came from apparent progress in the negotiations to remove economic sanctions on Iran, following comments from ambassadors and the Iranian President. Fears also grew that oil demand in Asia will be pressured by the rise on Covid-19 cases in the region, particularly in India, where lockdown restrictions have been further extended. Our global composite refining margin decreased US$0.24/bbl to US$3.98/bbl. Margins fell strongly in the Mediterranean as demand remained low, particularly in the east of the region.
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