Commodity Market Report

Global product markets weekly: global refining margin collapses with weakening margins in US and Europe

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18 May 2020

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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  • Document

    Weekly historical margins 2020May18.xls

    XLS 314.00 KB

  • Document

    Weekly report 2020May18.pdf

    PDF 1.35 MB