Commodity Market Report
Global product markets weekly: improved transport fuel cracks strengthen refining margins in the US and Europe
Report summary
The North Sea Dated weekly average edged higher by US$1.12/bbl to US$40.72/bbl as market participants focused on supply disruption from a strike in Norway and shut-ins in US Gulf of Mexico due to Hurricane Delta. Although production at the 470,000 b/d Johan Sverdrup field has continued as normal so far, the output of 140,000 b/d at the other six fields in Norway has been temporarily shut-in from Monday 5 October. We expect the Norwegian strike to only briefly affect crude production. Oil prices were further supported later in the week as renewed hopes for US fiscal stimulus negotiations outweighed rising global coronavirus cases.
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