Commodity Market Report
Global product markets weekly: Global refining margin fell on weakness in transport demand
Report summary
The weekly average of North Sea Dated rebounded by US$4.33/bbl to US$22.99/bbl as oversupply concerns eased after the OPEC+ group agreed with a deal to cut production by close to ten million b/d in May and June. Moreover, the price was supported by the optimism that G20 meeting on Friday could bring more nations into a worldwide deal to cut five more million b/d (though the UK market was closed for a public holiday). The announced plans to purchase crude for their reserves by India, South Korea and China supported the price, albeit small compared to the demand destruction from the coronavirus pandemic. By the end of the weekend, the OPEC+ deal finalized a 9.7 million b/d cut after Mexico’s held out for a 100,000 b/d cut instead of 400,000 b/d.
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