Commodity Market Report
Global product markets weekly: Global refining margin weakened further amid lower gasoline and middle distillate cracks
Report summary
The North Sea Dated weekly average increased by US$1.18/bbl to US$63.71/bbl. Oil prices declined amid cautious sentiments toward the “phase one” deal after Chinese officials expressed their concerns around President Trump’s comments of no rollback on tariffs. Prices gained following signals of the extension of OPEC+ production cut into mid-2020, and signs of a new round of trade talks between China and the US. The 1.4-million-barrel increase in crude inventories reported by EIA was largely within markets’ expectations.
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