Commodity Market Report
Global product markets weekly: Product storage draws improve global margins
Report summary
The oil market was weak, with declines in crude prices largely exceeding that of product prices. The North Sea Dated weekly average slumped by US$3.47/bbl to US$37.71/bbl. Oil demand weakness again rose to the fore, as all major European countries tightened lockdown measures in an effort to contain the spread of Covid-19, while hopes of a US stimulus package being agreed before next week’s presidential election came to nothing. Market talk also focussed on the possibility of OPEC+ reigning back their proposed output increases in January, but so far there is no concrete evidence that this will happen.
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