Commodity Market Report
Global product markets weekly: weaker transport fuel cracks pressure global composite margins
Report summary
The oil market was volatile, and the North Sea Dated weekly average edged higher by US$0.12/bbl to US$41.18/bbl with fresh hopes for an agreement on the US stimulus bill increasing investors’ optimism. Russian president Vladimir Putin indicated Russia would be prepared to extend current production cuts to meet sluggish demand, supporting oil prices later in the week. The contango of the M3-M1 spread for North Sea Dated narrowed, indicating an easing of oversupply in the prompt market. However, any upsides were limited as concerns about oil demand from renewed lockdown measures remained in the background.
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