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Global product markets weekly: Unplanned refinery outages in Europe support refinery margins

Global product markets weekly: Unplanned refinery outages in Europe support refinery margins

Report summary

For the week commencing 31 July, our benchmark gross refinery margins strengthened for most configurations, except on the USAC. Crude prices increased across all the key regional benchmarks. Dated Brent strengthened by more than $2/bbl with a weekly average of over $50/bbl for the first time since w/c 22 May 2017. Last week US crude stocks fell below 2016 levels for the first time this year. This follows stronger US crude runs and fewer crude imports to the US.

In the slide pack, available in the Downloads section, weekly changes in prices and refinery margins are presented for six key pricing points around the globe:
  • Northwest Europe
  • Mediterranean
  • US Gulf Coast
  • New York Harbour
  • Middle East Gulf
  • Singapore

What's included?

This report includes 2 file(s)

  • Weekly Report 7AUG17.pdf PDF - 1.35 MB
  • Weekly historical margins 7AUG17.xls XLS - 278.00 KB


The short-term outlook for the refining sector is influenced by many factors: crude oil price, demand developments, new projects, refinery maintenance and refinery closures to name a few. The relationship between regions trading in crude and refined products requires a global perspective to understand how each region will be affected.

This weekly outlook report provides a regional update of historical pricing and margin performance. This report also predicts supply and demand trends, and forecasts prices for crude oil and refined products for the next 12 to 24 months.

The weekly short term outlook report is based on in-depth research about product supply and demand and helps refiners, traders and buyers determine product trading strategies and how to best optimise assets.

With over 20 years of experience in the refining industry, Wood Mackenzie is a trusted global leader with a reputation for producing consistently reliable information. Our senior analysts are based in the markets they analyse. They use detailed research data to forecast, benchmark and recognise trends that will help both new and existing participants identify opportunities and avoid risks.

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