Commodity Market Report
Global product markets weekly: Refinery margins continue to recover while crude prices plunge
Report summary
The average Dated Brent crude price fell for the sixth week in a row in the week commencing 12th November. Prices have fallen by nearly $20/bbl from the peak set in early October. The market is faced with oversupply as US crude production continues to increase while product demand growth slows. Saudi Arabia is likely to cut back production but Russia seems less keen to do so. Comments from President Trump indicate that he wants to see lower prices but this could have a negative effect on tight oil production in the longer-term.
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