Commodity Market Report

Global product markets weekly: US hurricane outages drive global margins to 18 month highs

Get this report

$1,050

You can pay by card or invoice

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.
 

- FAQs about online orders
- Find out more about subscriptions

06 September 2021

Global product markets weekly: US hurricane outages drive global margins to 18 month highs

Report summary

The oil market fell rebounded last week following disruptions to US offshore production and refining operations caused by Hurricane Ida. North Sea Dated crude’s weekly average rose US$2.13/bbl to US$72.83/bbl, the highest value in 4 weeks. The disruption to US oil supply lent support to prices through the week, offsetting the decision by OPEC+ to proceed with a 400kb/d supply increase for October. There remains over 93% of US Gulf Coast offshore production offline. Concerns also remain around global demand growth given rising Covid cases and slowing industrial activity in the US and China, limiting the upside to prices. Our ex-RVO global composite refining margin rose US$0.09/bbl to US$5.34/bbl, the highest weekly margin since March 2020. The weekly margins were US$0.31/bbl above the five-year historical average.

Table of contents

  • No table of contents specified

Tables and charts

No table or charts specified

What's included

This report contains:

  • Document

    Weekly Report 2021Sep06.pdf

    PDF 1.40 MB

  • Document

    Weekly Historical Margins 2021Sep06.xls

    XLS 366.50 KB