Commodity Market Report
Global product markets weekly: Refining margins decline as jet and diesel cracks weaken globally
Report summary
The weekly average of North Sea Dated decreased by US$3.90/bbl to US$58.36/bbl. Libya oil ports and pipeline blockades remained in place which caused Libyan oil production to fall below 300kb/d. However, market participants dismissed the upside risks to prices brought by the supply disruption in Libya. Oil prices dipped as the China-originated coronavirus outbreak sparked markets’ concerns over oil demand, especially for jet fuel (more analysis on the potential impact of the outbreak could be found in our latest Insight). The 3.5 million-barrel increase in US commercial crude inventories exerted additional downward pressure on oil prices.
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