Commodity Market Report

Global products market weekly: Margins spike on US winter storm, oil hits seven year high

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Bullish oil prices are being exacerbated by continued geopolitical tensions surrounding the Ukraine crisis and in the Middle East, and a winter storm in the US that disrupted some production in the Permian Basin. Although OPEC+ agreed to stick to a planned 400 kb/d output increase in March, latest data showed Iraq pumped well below its January quota adding to the market sentiment that a few members of the group are struggling to raise output to meet existing targets, despite the high price environment. A further draw in US crude and distillate inventories added to the price support. North Sea Dated crude’s weekly average increased by US$2.23/bbl, in the week ending 4 February 2022. Our ex-RVO global composite refining margin increased by US$1.06/bbl to US$5.55/bbl as both light and middle distillate cracks spiked in line with higher crude prices. Weekly margins were US$2.25/bbl above the five-year historical average for the same week.

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    Weekly Historical Margins 2022Feb07.xls

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    Weekly Report 2022Feb07.pdf

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