Global product markets weekly: Refinery margins surged on US Gulf Coast winter storm impact

The oil market continued higher, further extending the increases of the previous weeks. North Sea Dated crude’s weekly average rose by US$2.93/bbl to US$64.00 bbl in the week to 19 February – a 13-month high. Global crude oil stocks have drawn substantially in recent weeks as OPEC+ production restraint tightened supply. Freezing temperatures in the US southern states removed a further 2 million b/d of production in the short-term. However, the price rally faltered towards the end of the week as available CDU capacity in the USGC fell 4.7 million b/d according to Wood Mackenzie’s North America Refinery Intelligence service Our global composite refining margin was unchanged at US$2.08/bbl.

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