Commodity Market Report

Global product markets weekly: Refining margins retreated outside the US amid softened product cracks

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14 October 2019

Global product markets weekly: Refining margins retreated outside the US amid softened product cracks

Report summary

The North Sea Dated Brent weekly average went up by US$0.50/bbl to US$59.66/bbl. While markets were indecisive on the price direction in the first half of the week, oil prices jumped on 10 October amid rising optimism over US-China trade talks in the hopes of a partial truce. Market sentiments were also cheered up by OPEC Secretary General Barkindo’s comment on the potential need for deeper OPEC output cut in 2020. On 11 October, oil prices increased amid heightened tensions in the Middle East after Iran reported one of its oil tankers, in the Red Sea, was hit with two missiles. Later it was less clear if the attack occurred.

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    Weekly historical margins 2019Oct14.xls

    XLS 289.00 KB

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    Weekly report 2019Oct14.pdf

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    Global product markets weekly: Refining margins retreated outside the US amid softened product cracks

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