Commodity Market Report

Global product markets weekly: Refining margins rebound on strong product cracks

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27 May 2019

Global product markets weekly: Refining margins rebound on strong product cracks

Report summary

It was a bumpy week. On 23 May, WTI futures plunged by more than 5%, closed at $58.24/bbl. On the same day, Brent futures displayed a similar degree of decline, closed at $67.76/bbl. The bearish sentiment on oil demand led by escalating US-China trade war was being priced in the futures. Markets reacted to triggers such as unexpected crude stock build in US and slowing down of manufacturing activities in Japan, EU and Germany. The meeting between China and Iran foreign ministers last weekend also spurred speculation that China may have resumed Iranian oil purchase as crude supply is likely higher than market’s expectation.

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This report contains:

  • Document

    Weekly report 2019May27.pdf

    PDF 1.34 MB

  • Document

    Weekly historical margins 2019May27.xls

    XLS 282.00 KB

  • Document

    Global product markets weekly: Refining margins rebound on strong product cracks

    ZIP 1.43 MB

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