Global product markets weekly: US refinery margins return to 5-year highs

For the week commencing 22 January, refinery margins were higher in the west but were flat-to-lower in the east. The international crude market experienced another weekly increase in prices, with the exception of Urals crude in the Med. The Dated Brent market has strengthened by US$15/bbl in the last 12 months and last week set another weekly record for 2018. having averaged just below US$70/bbl. Prices continued to be supported by recent comments from OPEC and Russian oil ministers acknowledging the success and need to maintain current production cut compliance. US crude stock draws were maintained and the Brent-WTI differential eased to a 22-week low of US$4.90/bbl.