Commodity Market Report
Global product markets weekly: Higher crude costs and stocks weigh on refinery margins
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Report summary
For the week commencing 11 June, weekly average crude price trends diverged. The weekly average Dated Brent price was unchanged from the previous week. This compares to the US and Middle Eastern benchmark crude prices which strengthened between US$0.50-$1.00/bbl. US crudes were supported by a 4.1 mbbl draw in commercial stocks, the largest since late March, which is partly a result of stronger domestic crude runs. US crude runs have almost recovered to a pre-Hurricane Harvey high. The Brent-WTI Cushing differential narrowed slightly but remains at a wide level of almost US$8/bbl.
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