Commodity Market Report
Global product markets weekly: weakness in US and Europe weighs on composite refining margin
Report summary
The North Sea Dated continued its uptick and averaged US$33.44/bbl last week on signs of recovering demand, as traffic congestion in some of the world’s capitals returns to pre-coronavirus levels after the easing of lockdown measures. We expected April to show peak oversupply and May signs of recovery (see Macro Oils 1 May 2020 Monthly Update). That trend continues with strong buying interest in the prompt crude market: North Sea Dated averaged at a premium to Brent future front prices last week. Crude storage in the ARA hub from Genscape’s ARA crude storage report dropped by 2.9% on 15 May. However, the resurgent US-China trade tension added headwinds to the price rally. Talks to restart production in Libya dampened the oil price recovery.
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