Commodity Market Report
Global product markets weekly: reduced diesel/gasoil cracks weaken global composite margin
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Report summary
A highly volatile oil market saw the North Sea Dated weekly average edge higher by US$0.94/bbl to US$40.35/bbl. Oil prices rose as several US Gulf of Mexico offshore operators reported shutting-in production due to Hurricane Sally while OPEC+ pushed back compensation deadlines for members that exceeded their crude production quotas in May-July. Also, a weakening demand outlook with rising coronavirus infections capped the strength in oil prices. OPEC and IEA both revised down their demand forecasts in the week due to extended localised lockdown measures. The M3-M1 time spread for North Sea Dated forward widened, indicating that oversupply persisted with sluggish demand in the prompt market.
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