Global product markets weekly: Gasoline weakness remains but margins recover

For the week commencing 12 March, refinery margins strengthened in each of the key refining centres. This is with gasoline supporting the western margins while distillates drove the eastern margin. Weekly stock levels for gasoline, middle distillates and residual fuel oil in the US, NW Europe, Japan, Singapore and the Middle East are expected to have drawn down. This is primarily due to a 6 mbbl draw in US gasoline stocks and a 1.7 mbbl draw of middle distillates with over 1.3 mbbls being drawn from the East.