Commodity Market Report
Global product markets weekly: Global refining margin improves as gasoline cracks strengthen in Singapore and the US
Report summary
The weekly average of North Sea Dated recovered by US$1.06/bbl to US$55.11/bbl. Markets sought for cues on the potential peak of China COVID-19 outbreak. Oil prices rebounded following consecutive days of declining new infection cases in China. After OPEC cut its 2020 oil demand growth forecast by 230kb/d due to the coronavirus outbreak, markets’ hopes of further OPEC production cuts emerged, lending support to the price recovery. However, the cautious optimism on oil prices was partially offset by the 7.5 million-barrel jump in the US commercial crude inventories.
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