Commodity Market Report
Global product markets weekly: Global refining margins decline amid weak middle distillates cracks
Report summary
The weekly average of North Sea Dated increased by US$1.45/bbl to US$66.45/bbl. Oil prices stabilized following OPEC+ decision last Friday on deepening production cut by 0.5 million b/d until March 2020. Some losses occurred after EIA reported a 0.8 million-barrel increase in commercial crude stocks. The loss was quickly erased following news that President Trump signed off the phase-one trade deal with China before a new round of US tariffs hit on Chinese goods.
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