Commodity Market Report

Global product markets weekly: Margins eased as light products lost steam

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19 April 2021

Global product markets weekly: Margins eased as light products lost steam

Report summary

The oil market moved higher last week as the strong mid-week gains were maintained. North Sea Dated crude’s weekly average rose by US$2.58/bbl to US$64.20/bbl in the week to 16 April – a four-week high. Strong economic indicators from China and the US improved the demand outlook. Additionally, upward revisions to 2021 global oil demand by both OPEC and the IEA supported the price move, although the bulk of the demand increases were focused on H2 2021. The geopolitical risk premium also increased last week, following attacks on Saudi Arabian oil facilities and an Iranian nuclear enrichment site. Our global composite refining margin weekly average fell US$0.42/bbl, from a one-year high, to US$4.47/bbl. Light product cracks declined in all regions, with the sharpest falls recorded in naphtha.

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    Weekly Historical Margins 2021Apr19.xls

    XLS 347.50 KB

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    Weekly Report 2021Apr19.pdf

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