Commodity Market Report
Global products market weekly: Volatility extends as markets contend with impact of Omicron and OPEC+’s decision
Report summary
The oil price fell due to the large degree of uncertainty surrounding the new variant Omicron, leading to heightened market uncertainty and increased volatility. OPEC+’s decision to stick to its output increases against market expectations and its subsequent open stance on production adjustments in the near-term added volatility to prices. North Sea Dated crude’s weekly average declined by US$8.40/bbl, in the week ended 3 December. Our ex-RVO global composite refining margin rose by US$0.23/bbl to US$3.22/bbl. Margins recovered marginally with product cracks regaining lost grounds after digesting news around Omicron. Weekly margins were US$0.88/bbl above the five-year historical average for the same week.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Global products market weekly: Refining margins ease as crude continues to climb on geopolitical tensions
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050
Commodity Market Report
Global products market weekly: Gasoline leads the way as distillates cracks weaken
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050
Commodity Market Report
Global products market weekly: Margins firm as gasoline cracks price above distillates
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050
