Global product markets weekly: Global Composite margin soared to 11-month high

The oil market recovered some of the recent losses last week. North Sea Dated crude’s weekly average rose by US$0.27/bbl to US$63.10/bbl in the week to 2 April but remained more than US$5.00/bbl below the high levels set in the week to 12 March. Crude prices ended last week close to the high end of the weekly range after OPEC+ agreed to slowly ease production restraint over the coming months. The commitment to continue reviewing these production increases on a monthly basis was seen as broadly supportive of oil prices. Our global composite refining margin rose US$1.22/bbl to US$4.19/bbl, the highest weekly average since April 2020. Gasoline cracks led the weekly increase, boosting FCC margins, as values rose in every region.