Commodity Market Report
Global product markets weekly: global composite margins fall with concerns over renewed Covid-19 restrictions
Report summary
The North Sea Dated weekly average inched up by US$0.34/bbl to US$41.06/bbl with bullish Chinese import data and high compliance from OPEC+. China's crude oil imports increased by 5.5% month-on-month in September from a four-month low of 11.23 million b/d in August. However, the return of production capacity in the USGC and Libya and a weakening demand outlook with rising coronavirus cases pressured oil prices in the week. We assume the deal between the GNA and LNA will hold, and that a firmer agreement on the distribution of oil revenues takes shape by the end of 2020.
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