Commodity Market Report
Global product markets weekly: Margin weakened with stronger crude prices
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Report summary
The dated Brent North Sea price jumped by $2.24/bbl week on week to a weekly average of $73.1/bbl. Escalating geopolitical tensions in Mideast regions have spurred speculations on the potential disruption on oil supplies, which contributed to a surge in both Brent and Dubai prices. The JMMC meeting on 19th May re-affirmed its continuation of oil balancing act, providing more support to the oil prices in the near term. Though the US ban on Huawei has further worsened the trade conflicts between the two largest economies, setting a cap on oil demand and its prices.
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