Commodity Market Report
Global product markets weekly: Atlantic-basin cracks rose across the barrel
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Report summary
The oil market fell sharply last week. The US$5/bbl decline at the start of the week was partially offset by higher closing prices over the remainder of the week. North Sea Dated crude’s weekly average fell US$4.07/bbl to US$71.82/bbl in the week to 23 July, the lowest for six weeks. The oil price decline was inline with moves in the broader financial markets, amidst fears that the spread of Covid-19 Delta variant will lead to further tightening of lockdown restrictions globally and consequently oil demand may be slower to recover than previously anticipated. Our ex-RVO global composite refining margin rose US$0.85/bbl to US$3.26/bbl, extending four consecutive weekly increases. US and European margins continue to drive global margins, with positive cracks across the barrel.
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