Commodity Market Report
Global product markets weekly: Tighter crude and weaker product demand weigh on margins globally
Report summary
The oil market consolidated recent gains, trading broadly within the previous week’s range. North Sea Dated crude’s weekly average rose by US$0.18/bbl to US$55.42/bbl in the week to 22 January. Concerns increased that Asian demand would fall below expectations as coronavirus cases rose. Authorities in China urged people not to travel during the upcoming Lunar New Year. Meanwhile, medium term optimism improved, as the proposed US stimulus package and vaccination progress in the major economies lifted financial markets. Our global composite refining margin fell by US$0.56/bbl to US$2.05/bbl, the first weekly decrease following three consecutive increases.
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