Commodity Market Report

Global product markets weekly: Margins strengthen as crude retreats

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16 July 2018

Global product markets weekly: Margins strengthen as crude retreats

Report summary

For the week commencing 09 July, despite a larger than expected draw in the US, average weekly crude prices fell as Libyan crude exports resumed and the Trump Administration announced a potential tapping of the Strategic Petroleum Reserve. The Brent-WTI spread remained narrow as Syncrude production remains disrupted and strong US runs have pressured Cushing stocks. Our global composite refinery margin increased slightly, strengthening by a further US$0.90/bbl. Despite this improvement, the margin remains well below the 2017 levels.

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    Weekly historical margins_16JUL18.xls

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    Global product markets weekly: Margins strengthen as crude retreats

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