Commodity Market Report
Global product markets weekly: Product price increases outpaced strong crude demand
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Report summary
The oil market rose last week, extending the increases of the previous week. North Sea Dated crude’s weekly average rose by US$1.17/bbl to US$69.95/bbl in the week to 4 June. Economic data released last week in the US and Europe further reinforced opinions that oil demand will continue to rise in the Western economies. Crude oil supply is also expected to tighten in the coming months as OPEC+ last week reaffirmed their commitment to production restraint through to the end of July. The prospect of Iranian crude possibly returning to the global market eased and the lockdown restrictions in parts of Southeast Asia failed to restrain the upward price momentum. Our global composite refining margin decreased US$0.24/bbl to US$3.98/bbl. Margins fell strongly in the Mediterranean as demand remained low, particularly in the east of the region.
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