Commodity Market Report
Global product markets weekly: Global margins rebound after five weeks of declines
Report summary
The oil market rose to new post-pandemic highs last week, as the US looked set to agree a US$900 billion economic stimulus package. The US dollar index fell to 18-month lows and US equities made fresh record highs. The North Sea Dated weekly average rose by US$1.13/bbl, the seventh successive weekly increase, to US$50.41bbl. The price increase was in stark contrast to the short-term fundamentals of oil demand in the western hemisphere, where lockdown restrictions continued to increase, further reducing demand, particularly for transportation fuels. Our global composite refining margin rose by US$0.75/bbl to US$1.18/bbl, having fallen for the previous five weeks.
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