Commodity Market Report
Global product markets weekly: improved transport fuel cracks strengthen global composite margin
Report summary
The North Sea Dated weekly average dropped by US$0.62/bbl to US$39.94/bbl due to the weakening demand outlook with rising coronavirus infections around the world. Oil prices collapsed later in the week with bearish sentiments as the US failed to agree a new fiscal stimulus package worth US$ 2.2 trillion and US President Donald Trump tested positive for coronavirus. According to a survey conducted by Reuters, OPEC output rose by 160 kb/d in September over August, driven predominately by Libya and Iran, weighing on oil prices. The contango of M3-M1 intermonth spread for North Sea Dated forward deepened in the week, indicating oversupply in the prompt market.
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