Commodity Market Report
Global product markets weekly: Refining margins recovered amid strong gasoline cracks
Report summary
The weekly average of North Sea Dated inched up by US$0.78/bbl to US$64.44/bbl, thanks to the positive signals of the US-China trade deal early last week. However, the higher-than-expected stock build reported by EIA and the expectation that OPEC+ members will not further cut production quotas in the upcoming Vienna meeting pressured the price. Downside risk to prices remains as President Trump signed the Hong Kong Human Rights and Democracy Act of 2019 which exacerbated the relationship between the US and China. Markets are watching closely for any concrete countermeasures that will be taken by Beijing during the trade negotiation.
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