Commodity Market Report
Global product markets weekly: global crude run cut supports composite refining margin
Report summary
The weekly average of North Sea Dated dropped by US$3.76/bbl to US$19.23/bbl as oversupply concerns persisted. The most pressure is on the prompt month, which reflects the peak of the oversupply when demand losses are the largest and OPEC+ extra volumes from March are still in the market, some unsold. Market sentiment was bearish last week as coordinated supply reductions from OPEC+ have not yet started to have an effect in the physical market. Some concerns surfacing over the risk of non-compliance also weighed on prices as pressure on crude storage continued.
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