Commodity market report
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Global product markets weekly update: Margins underperform on strong recovery of crude prices

Global product markets weekly update: Margins underperform on strong recovery of crude prices

Report summary

For the week commencing 15th May, the majority of gross refinery margins weakened, with only some margin configurations on the USGC showing week-on-week gains. Most margin markers unwound the previous week’s recovery. Global crude prices strengthened, with Dated Brent gaining over $3/bbl and returning to a weekly average of over $50/bbl for the first time in three weeks. This followed comments ahead of the OPEC meeting by Saudi Arabia's energy minister, that a production cut could be extended by a further nine months.

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 22MAY17.pdf PDF - 774.41 KB
  • Weekly historical margins 20170522.xls XLS - 271.50 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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