Commodity Market Report

Global product markets weekly: Refining margins improves amid stronger middle distillates and fuel oil cracks

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06 January 2020

Global product markets weekly: Refining margins improves amid stronger middle distillates and fuel oil cracks

Report summary

The weekly average of North Sea Dated declined by US$1.38/bbl to US$67.20/bbl. Oil prices retreated following reports that Russia had the intention to discuss exiting OPEC+ cut in 2020. The prices surged by more than 3% on Friday after a US airstrike killed Iran military leader Soleimani in Iraq. The heightened tensions between the US and Iran posed further upside risk to oil prices due to potential supply disruptions depending on Iran’s response. The 11.5 million barrels drawdown in the US commercial crude inventories versus a downbeat US factory gauge provided mixed signals for oil prices.

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    Weekly historical margins 2020Jan06.xls

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    Weekly report 2020Jan06.pdf

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