Commodity Market Report
Global products market weekly: Margins hold firm as Omicron fears subside
Report summary
The oil market strengthened on lower US crude inventories and as pipeline problems in Libya limited output, while transport fuel demand remained robust despite a rise in global Omicron cases. The market widely expected OPEC+ to increase February supply by a further 400kb/d at its meeting on 4 January which supported bullish demand sentiment. North Sea Dated crude’s weekly average was higher by US$4.08/bbl, in the week ended 31 December Our ex-RVO global composite refining margin increased by US$0.54/bbl to US$4.82/bbl, with higher margins across all regions as transport fuels demand remained positive ahead of the holiday season, while the weaker market sentiment capped crude prices. Weekly margins remained US$2.66/bbl above the five-year historical average for the same week.
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