Commodity Market Report
Global product markets weekly: Refinery run rate increases outpace the demand recovery
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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