Commodity Market Report
Global product markets weekly: global refining margin declines as middle distillate and fuel oil cracks weaken
Report summary
The weekly average of North Sea Dated surged by US$6.10/bbl to US$22.88/bbl as the demand outlook improved with containment measures being eased and reduced supply from OPEC+ since 1 May is expected to alleviate the supply glut. The price was further supported on Thursday after Saudi Arabia increased its official selling price, signalling its compliance with the pledged supply cuts. The inter-month spread for North Sea forward continued narrowing to average US$1.13/bbl for the week, indicating an improved oil fundamental outlook.
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