Global product markets weekly: Stronger US Gulf Coast margins, but weaker again in Europe and Asia

The oil market rose for the sixth consecutive week, as the Covid-19 vaccination program begun in Canada and the UK, and approval for use in the US became imminent. The European Central bank extended its asset purchase program by €500 billion to €1.85 trillion, further boosting potential demand in Q1 2021.The North Sea Dated weekly average rose by US$1.62/bbl to US$49.28/bbl, the highest since the first week of March. However, the short-term outlook for oil demand in the western hemisphere remains at further risk, as lockdown restrictions remained in many countries, and US restrictions tighten further in the weeks ahead as coronavirus cases continue to rise. The weekly EIA data recorded a US crude oil stock build of 15.2 million bbls, but was largely ignored, as focus remained on next year’s potential demand increases.