Commodity Market Report
Global product markets weekly: margins mixed as gasoline firms and fuel oil falls
Report summary
North Sea Dated rose for the eighth consecutive week during the week commencing 18 February 2019, rising approximately $3.30/bbl to average $66.70/bbl. The OPEC+ agreement has been quite effective so far, with 90% compliance in January and key members stressing their commitment to the deal. Additionally, global demand concerns have slightly eased over the past few weeks, as the US and China have recently shown relative progress in their prolonged trade negotiations. Another factor on the supply side is the continued tightness to the heavy/sour crude market. Alberta production cuts have kept WCS discounts to WTI tempered, and the volatile situation in Venezuela has put a substantial amount of heavy crude cargoes at risk. Additionally, temporary US waivers on buying Iranian crude are set to expire in just a few months.
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