Commodity Market Report
Global product markets weekly: Refining margins mixed as oil prices weakened
Report summary
Risk premiums on oil prices erased. The North Sea Dated weekly average decreased by US$2.47/bbl to US$62.85/bbl, close to its level prior to the Abqaiq and Khurais attacks. Oil prices have been declining since Tuesday after President Trump gave a ‘nationalist’ speech at the United Nations General Assembly, raising fears over escalations of trade conflicts. Oil prices fell further following news that Aramco has restored its production capacity faster than expected. Processing capacity at Abqaiq recovered to 4.9 million b/d while production at Khurais reached 1.3 million b/d.
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