Commodity Market Report
Global product markets weekly: Asian margins tighten on expectations of lower Chinese exports
Report summary
The oil market rose for a sixth consecutive week. North Sea Dated crude’s weekly average increased by US$0.65/bbl to US$76.02/bbl in the week to 2 July. Prices remained supported into the end of the week, despite the OPEC+ meeting concluding on Friday without a deal, with negotiations due to continue this week. The prospect of lower global crude oil inventories in 2H 2021 has been further supported by the recent US refinery run rate increases. Meanwhile the likelihood of Iranian crude returning to the global market has taken a few steps backward in the last two weeks. The spread of the Delta variant of Covid-19 remains a downside risk to oil demand, particularly in Asia. Our ex- RVO global composite refining margin remained almost unchanged US$1.07/bbl for a third week, and just above the four-month low. Margins in the US and Europe declined as refinery production has risen sharply in recent weeks, while margins in Singapore and the Middle East broadly increased.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Global lead short-term outlook March 2024
The increase in LME stocks in March has been a bearish optic but data do not point to a sudden deterioration in lead's fundamentals.
$5,000
Commodity Market Report
Global product markets short-term outlook May 2024
Monthly global commodity market reports and global product-by-product supply-demand balance with stock forecasts and net trade forecasts.
$1,900
Commodity Market Report
Global bulk steel alloys short-term outlook April 2024
Wood Mackenzie's latest short-term view on chromium, manganese and silicon markets.
$5,000