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

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.