Commodity Market Report
Global product markets weekly: global refining margin falls as middle distillate and fuel oil cracks weaken
Report summary
Oil markets had the most tumultuous week, overwhelmed by concerns about a swelling global supply glut and a shortage of oil storage. The weekly average of North Sea Dated fell by US$3.25/bbl to US$15.98/bbl, its lowest level since May 1999. However, oil prices rebounded later in the week, on the support of potential US military action against Iran and the tentative talk of more supply cuts from oil-producing nations. The approval of an additional US$484 billion bill by the US and a trillion-euro emergency fund agreed by EU leaders on Thursday could soothe market concerns over a deep global recession.
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