Commodity Market Report
Global product markets weekly: Global refining margins retreated amid weak gasoline cracks
Report summary
The North Sea Dated weekly average increased by US$0.59/bbl to US$60.16/bbl. After new tariffs between China and the US kicked in, oil prices fell during the first half of the week as sentiment around economic growth continued to weaken amid a low manufacturing index reading in the US. The EIA report boosted market sentiments for a second week as the US crude oil stock declined. Again, China and the US agreed to resume trade talks in October, reversing some pessimism in the market. We are wary of the volatility brought by Sino-US trade conflicts.
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