Commodity Market Report
Global product markets weekly: Refining margins remain negative despite middle distillates cracks strengthening
Report summary
The weekly average of North Sea Dated increased by US$1.36/bbl to US$67.81/bbl. Oil prices received a boost as concerns over demand growth slowdown eased following the “phase-one” US-China trade deal and the upbeat Chinese economic data. The 1.1 million-barrel dip in US commercial crude stock provided additional support to the prices. Our global composite refining margin recovered by US$0.75/bbl to -US$0.28/bbl as middle distillates cracks strengthened across the globe. The composite was US$2.92/bbl below the five-year low.
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