Commodity Market Report
Global product markets weekly: global refining margin retreats on weaker middle distillate cracks
Report summary
The weekly average of North Sea Dated moved up by US$0.80/bbl to US$16.78/bb as the historical production cuts led by Saudi Arabia and Russia starts to ease the concerns of oversupply weighting on the market due to the coronavirus. Oil price was further supported by the production cut plan announced by Norway, which aims to stabilise the market with direct intervention. Moreover, demand outlooks improved as more nations have plans to move towards lifting the lockdown measures in May. Inter-month spread for North Sea forward narrowed to average US$2.33/bbl for the week, indicating early signs of rebalancing in the market.
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