Commodity Market Report

Global product markets weekly: Refining margins rebound on refinery run cuts

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10 February 2020

Global product markets weekly: Refining margins rebound on refinery run cuts

Report summary

The weekly average of North Sea Dated declined by US$4.31/bbl to US$54.05/bbl. As the epidemic in China showed little signs of stoppage, oil prices continued to trend downwards amid markets’ concerns over oil demand growth slowdown. The extended Chinese New Year holiday in China led to the delay of industrial activities and refinery run cuts in China which aggravated concerns over crude oil demand. The 3.4 million-barrel increase in US commercial crude inventories exerted additional downward pressure on oil prices. Oil prices received some support as OPEC Joint Technical Committee provisionally agreed to recommend the OPEC+ group to cut additional 600 kb/d production in Q2.

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  • Document

    Weekly historical margins 2020Feb10.xls

    XLS 305.00 KB

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    Weekly report 2020Feb10.pdf

    PDF 1.37 MB

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    Global product markets weekly: Refining margins rebound on refinery run cuts

    ZIP 1.46 MB

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