Commodity market report
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Global product markets weekly: Refinery re-starts stifles strength in refining margins.


Global product markets weekly: Refinery re-starts stifles strength in refining margins.

Report summary

For the week commencing 7th August our benchmark gross refining margins weakened globally for all but our Dubai benchmarks in the Middle East and simple configurations in Singapore. Major benchmark values slummed on Thursday and levelled off to Friday but the week average remained mostly flat versus the prior week, moving only 2-3 ยข/bbl. Market sources said Russia may increase production capacity when its accord with OPEC expires and a report showed high OPEC production in July. Crude oil markets remained bearish on concerns over oversupply, though this was slightly alleviated by an inventory drawdown in the US.  

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

What's included?

This report includes 2 file(s)

  • Weekly Report 14AUG17.pdf PDF - 1.44 MB
  • Weekly historical margins 14AUG17.xls XLS - 278.50 KB

Description

The short-term outlook for the refining sector is influenced by many factors: crude oil price, demand developments, new projects, refinery maintenance and refinery closures to name a few. The relationship between regions trading in crude and refined products requires a global perspective to understand how each region will be affected.

This weekly outlook report provides a regional update of historical pricing and margin performance. This report also predicts supply and demand trends, and forecasts prices for crude oil and refined products for the next 12 to 24 months.

The weekly short term outlook report is based on in-depth research about product supply and demand and helps refiners, traders and buyers determine product trading strategies and how to best optimise assets.

With over 20 years of experience in the refining industry, Wood Mackenzie is a trusted global leader with a reputation for producing consistently reliable information. Our senior analysts are based in the markets they analyse. They use detailed research data to forecast, benchmark and recognise trends that will help both new and existing participants identify opportunities and avoid risks.

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