Commodity Market Report

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

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14 February 2021

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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This report contains:

  • Document

    Weekly Historical Margins 2021Feb15

    XLS 702.00 KB

  • Document

    Weekly Report 2021Feb15

    PDF 1.39 MB