Global product markets weekly: Global composite margin hits 10-month high

 The oil market continued higher, further extending the increases of the previous weeks. North Sea Dated crude’s weekly average rose by US$1.70/bbl to US$65.70/bbl in the week to 26 February – the highest level since the start of 2020. Tighter global crude supplies were accentuated by the curtailed production following the southern US freeze-off. Fears of inflationary pressures from fiscal stimulus packages dominated price moves in financial markets, but oil prices were largely unaffected by the US dollar, bond and equity market’s volatility. This week’s OPEC+ meeting on 4 March will likely set the direction for outright prices in the weeks ahead, as they decide on how to unwind the existing production cuts. Our global composite refining margin was unchanged at US$2.08/bbl.