Commodity Market Report

Global product markets weekly: improved US refining margins lead the recovery in composite refining margin

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31 August 2020

Global product markets weekly: improved US refining margins lead the recovery in composite refining margin

Report summary

The North Sea Dated weekly average moved higher to US$45.17/bbl with Hurricane Laura and Tropical Storm Marco disrupting crude oil production and high-level talks on 25 August making positive progress on a US-China trade deal. However, the crude oil price lost strength later in the week as refinery shutdowns on the US Gulf Coast due to Hurricane Laura roughly offset the loss in crude oil production. We expect crude oil production to be back up in the week of 31 August given Hurricane Laura’s projected fast pace should minimise the length of the shutdown. (See our insight: Hurricane Laura and Tropical Storm Marco: Impact on oil production and refineries.) Concerns over weak economic recovery and the demand outlook with rising coronavirus infections across the globe also limited the upside to the price.

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  • Document

    Weekly report 2020Aug31.pdf

    PDF 1.35 MB

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    Weekly historical margins 2020Aug31.xls

    XLS 324.50 KB