Commodity Market Report
Global product markets weekly: global refining margin collapses with weakening margins in US and Europe
Report summary
The North Sea Dated weekly average climbed by US$4.98/bbl to US$27.86/bbl as output curbs and recovering demand following the coronavirus pandemic drain the global oil surplus. Saudi Arabia, Kuwait and the UAE pledged to deepen crude production cuts beyond their June quota under the OPEC+ deal. The spread between North Sea Dated and Brent future front line narrowed to an average of US$1/bbl, signalling strength in the prompt crude market. Norway cut its largest crude grade Johan Sverdrup loadings for May and June to balance the global market. However, concerns over a possible second wave of outbreaks in countries relaxing restrictions weighed on sentiment.
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