Commodity Market Report
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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