Commodity Market Report
Global product markets weekly: Refining margins improve as HSFO cracks gained globally
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Report summary
The weekly average of North Sea Dated decreased by US$1.62/bbl to US$62.26/bbl. Oil prices rose briefly following news that Libya was forced to cut its oil production as Khalifa Haftar started oil ports and pipeline blockades from 17 January. We expect the oil port blockades to put 1 million b/d production at risk and have a limited impact on oil prices for now. Oil prices came down quickly as market participants dismissed the supply disruption in Libya amid ample global supplies. Concerns over demand growth in China due to the wide-spread coronaviruses then exerted downward pressure on oil prices. Global markets reacted downward as the virus impact worsened by end-week.
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