Commodity Market Report
Global product markets weekly: US margins weaker as crude differentials rose
Report summary
The oil market rose last week, reversing the declines of the prior two weeks. North Sea Dated crude’s weekly average rose by US$1.28/bbl to US$68.78/bbl in the week to 28 May. Data released last week further indicated that the US economy was recovering strongly from the pandemic induced recession. The expectation of higher oil demand fuelled the recovery in oil prices. Further progress was made in the negotiations with Iran to renew the 2015 nuclear deal. The prospect of Iranian crude supplies returning to the global market was overshadowed by the optimism of future oil demand. Our global composite refining margin decreased US$0.24/bbl to US$3.98/bbl. Margins fell strongly in the Mediterranean as demand remained low, particularly in the east of the region.
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