Commodity Market Report
Global product markets weekly: Global refining margin declines as gasoline and jet cracks weaken
Report summary
The weekly average of North Sea Dated declined by US$8.06/bbl to US$25.51/bbl, the lowest level since April 2003. The oil market is reflecting a significant decline in oil demand as more border controls and travel restrictions were announced over the week globally. As the planned JTC meeting on 18 March was scrapped due to travel restrictions, the hope of an immediate halt of the price war dragged down oil prices lower. Meanwhile, Saudi Aramco continued to state its commitment to grow market share when it suggested it would sustain 12.3 million b/d of sales through May. The 2-million-barrel increase in commercial crude inventories in the US also weighed on the prices.
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