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