Commodity Market Report
Global product markets weekly: Refinery margins recover, but high crude prices continue
Report summary
Following three weeks of globally weaker refinery margins, the week commencing 15 January saw the reversal of this trend as margins improved across all regions. Uncertainty in the crude market remains as last week saw crude markers in the US and Middle East improving whilst Dated Brent weakened. Dated Brent eased from its three-year high, however, the market remains cautious to any supply disruptions in Nigeria, Libya and Iran and further upside risk prevails. The Brent-WTI differential narrowed to average US$5.60/bbl, an eight-week low reflecting a weaker Brent market as refiners prepare for seasonal maintenance. Crude draw downs in the US continued and a further 6.8 Mbbls left inventory last week. Since early November, 45 Mbbls of crude oil has been drawn from inventory in the US.
Table of contents
- Executive summary
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Middle East product markets short-term outlook October 2023
This monthly update incorporates price forecasts/differentials, crude runs, refining margins and supply-demand balances through to end-2025.
$1,900
Commodity Market Report
Russia and the Caspian product markets short-term outlook October 2023
This monthly update incorporates crude runs and product-by-product supply-demand balances through to end-2025 for Russia and the Caspian.
$1,900
Commodity Market Report
Asia product markets short-term outlook October 2023
Monthly update incorporating price forecasts and differentials, crude runs, refining margins and product-by-product supply-demand balances.
$1,900