Commodity Market Report
Global product markets weekly: Refinery run rate increases outpace the demand recovery
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Report summary
The oil market continued higher, extending the increases of the previous week. North Sea Dated crude’s weekly average rose by US$2.92/bbl to US$61.07/bbl in the week to 12 February, the highest price since January 2020. Net speculative length in the futures markets has increased 35% (US$5 billion) to US$19 billion, since the start of the year. Optimism increased that oil demand would soon begin to rise as new Covid-19 cases dropped in Europe and US. However, last week OPEC and the IEA both revised down their demand estimates for 2021. Our global composite refining margin was unchanged at US$2.08/bbl.
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