Commodity Market Report
Global product markets weekly: improved middle distillate cracks strengthen composite refining margin
Report summary
Oil prices were rangebound in the week and the North Sea Dated weekly average edged slightly lower to $43.59/bbl. Escalating US-China tensions following the closure of the Chinese consulate in Houston outweighed the support from the EU’s economic stimulus package. Firm exports from Iraq’s Southern oil terminals so far in July imply the country is some way from complying with its pledged cuts, weighing on the price. The M3-M1 spread for North Sea Dated flipped into contango with tepid buying interest in the prompt crude market.
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