Commodity Market Report
Global product markets weekly update: Margins strengthen as crude prices flatten
Report summary
The dated Brent price was little changed in the week commencing 25th March. Prices were high enough to prompt another tweet from President Trump which had a brief negative effect. However, the market soon shrugged off his words and prices rose again on Friday. Optimism surrounding trade between the USA and China was balanced by weak economic signals and the growing potential for a recession. The global composite refinery margin increased last week, climbing to $4.60/bbl. Support came from falling, or stable, crude costs and stronger crack spreads for gasoline. Margins normally rise at this time of year due to seasonal demand and specification changes for gasoline. However, the increase in the composite margin lagged behind the seasonal norm and the composite fell outside of the five-year range. Margins are forecast to strengthen in coming weeks but remain below the seasonal average.
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