Commodity market report

Global product markets weekly: Refinery margins soar in the wake of Harvey

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Report summary

For the week commencing 28th August almost all of our benchmark gross refinery margins strengthened following the widespread disruption in the aftermath of Hurricane Harvey. US domestic crude prices weakened while Dated Brent increased to its strongest level since late May. The WTI Brent differential widened to almost $6/bbl last week. This is the steepest discount since July 2015 as the market expects a domestic crude stock build following USGC refinery outages. Brent prices were supported by lower US crude production on the USGC. At its peak 430 kb/d of US Gulf crude production was offline but as of 3 September shut ins had reduced to 100 kb/d. In the slide pack available in the Downloads section weekly changes in prices and refinery margins are presented for six key pricing points around the globe: Northwest Europe Mediterranean US Gulf Coast New York Harbour Middle East Gulf Singapore

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    Weekly Report 4SEPT17.pdf

    PDF 1.42 MB

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    Weekly historical margins 4SEPT17.xls

    XLS 280.50 KB

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