Commodity Market Report
Global product markets weekly: Refining margins narrow on easing supply concerns and higher refinery runs
Report summary
Oil prices strengthened as global freight rates continued to reduce since record mid-month highs. Atlantic basin and west African crudes were both boosted, and the reduction in VLCC freight rates to Asia is expected to make long-haul cargoes economic again. The North Sea Dated weekly average increased by US$1.45/bbl to US$60.72/bbl. Oil prices rose as markets were eyeing a potential trade deal following President Trump’s positive comments over the progress of trade talks between the US and China. Crude oil prices received another boost on Wednesday on the surprising drawdown of 1.7 million barrels in US crude inventories. US crude inventories declined due to slight recovery of refinery intake and higher net exports. The US rig count saw the first increase in five weeks with the largest increase coming from the Eagle Ford.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Middle East product markets short-term outlook April 2024
This monthly update incorporates price forecasts/differentials, crude runs, refining margins and supply-demand balances through to end-2025.
$1,900
Commodity Market Report
Latin America and the Caribbean product markets short-term outlook April 2024
This monthly update incorporates crude runs, yields, and product-by-product supply-demand balances through to end-2025 for Latin America.
$1,900
Commodity Market Report
Global products market weekly: Refining margins fall, as east-west freight costs ease
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050