Commodity Market Report
Global product markets weekly: Increased US Gulf Coast margins fail to offset global decline
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Report summary
The oil market moved sharply higher last week, reflecting strength in the global financial markets, as optimism grew that vaccines would be available in the months ahead, to fight the pandemic. The North Sea Dated weekly average rose by US$3.40/bbl to US$46.25bbl, the highest since the first week of March. However, the short-term outlook for oil demand in the western hemisphere remains at further risk. Confidence grew that OPEC+ will rein back their proposals for output increases at the start of next year, when they meet on December 1. Anything less than a rollover of existing cuts will be bearish for prices in the short-term.
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