Commodity Market Report
Global product markets weekly: US gasoline thirst drove global margins over the five-year average
Report summary
The oil market fell for a second week. North Sea Dated crude’s weekly average dropped US$1.57/bbl to US$70.99/bbl in the week to 13 August. Concerns increased that global oil demand will be slower than recent expectations as the Covid-19 Delta variant continues to spread. In particular, the strict measures imposed by the Chinese government to contain the virus is likely to result in supply bottlenecks globally. A firmer US dollar also pressured prices last week. The likelihood of tighter US monetary policy increased as producer price inflation continued to trend higher. Our ex-RVO global composite refining margin rose US$0.31/bbl to US$4.78/bbl, the seventh consecutive weekly increase, and the highest weekly average since October 2019.
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