Commodity Market Report

Global product markets weekly: Global refining margin improves from strengths in LPG and HSFO

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02 March 2020

Global product markets weekly: Global refining margin improves from strengths in LPG and HSFO

Report summary

Oil market tumbled on fears of a potential global pandemic. The weekly average of North Sea Dated plunged by US$4.72/bbl to US$53.96/bbl, the lowest level since December 2018. After new infection cases of COVID-19 outside China spiked over the week, concerns rose in the oil market about a potential collapse in oil demand growth. More than 50 countries reported infection cases, with South Korea, Italy, Japan, and Iran hard hit. OPEC is discussing significant additional production cuts as oil prices fall further. The market is focused on the rate of COVID-19 new cases and the upcoming OPEC+ meeting on 5-6 March.

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  • Document

    Weekly historical margins 2020Mar02.xls

    XLS 307.00 KB

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    Weekly report 2020Mar02.pdf

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    Global product markets weekly: Global refining margin improves from strengths in LPG and HSFO

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