Commodity Market Report
Global product markets weekly: Margins rose for a third week, led by light product cracks
Report summary
The oil market remained within the previous week’s trading range in the week to January 1. Short-term demand is stronger than the lows last year but subject to downward risk. Supporting prices has been the focus on the Covid vaccines, as more countries began deploying these. Further uncertainty stalled the price rally, ahead of the OPEC+ meeting on 4 January to agree February’s production levels. The North Sea Dated weekly average rose by US$0.16/bbl to US$50.45bbl. Our global composite refining margin rose by US$0.59/bbl to US$2.57/bbl, the third consecutive weekly increase.
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