Commodity Market Report
Global product markets weekly: Global refining margin rebounds on sharp run cuts
Report summary
It was another volatile week for oil markets. The weekly average of North Sea Dated declined by US$4.27/bbl to US$18.66/bbl. Plunging oil demand has led to poor refining margins and sharp refinery run cuts globally, dragging down oil prices to the 20-year low. In the latter part of the week, oil prices saw support following news that China has stepped up purchasing crudes for its reserves. A drastic rebound was registered after Saudi Arabia called for an emergency meeting of OPEC+ and other producing countries on 9 April, signaling a potential output cut deal to re-balance the oil markets.
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