Commodity Market Report
Global product markets weekly: global composite margin falls on weakening gasoline and diesel/gasoil cracks
Report summary
Oil prices were rangebound in the week and the North Sea Dated weekly average moved up by US$0.21/bbl to US$40.56/bbl, thanks to a week-on-week stock draw reported by the EIA. The demand outlook weakened amid reimposed localised lockdown measures with a resurgence of coronavirus infections in Europe, weighing on sentiment. The potential return of Libyan exports following the agreement to lift a blockade on oil exports and production on 18 September will bolster oversupply concerns and so pressured oil prices in the week. We expect that a return to pre-blockade production levels of over 1 million b/d could take more than a year given the prospect of technical issues around restarting of fields and facilities.
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