Global product markets weekly: Global composite refining margin collapsed amid lower HSFO cracks

The oil market was trading sideways. The North Sea Dated weekly average increased slightly by US$0.10/bbl to US$62.52/bbl. Sluggish Chinese economic data are no longer news. Oil prices are closely linked to any development of the trade talks between the US and China. Prices pared losses after President Trump warned substantial tariffs would be raised if no deal is made. Prices rose slightly following the American Petroleum Institute’s estimate of the 540kb/d crude inventory drawdown. The gains were quickly erased after EIA reported a 2.2million-barrel increase in the US crude inventory.