Commodity Market Report
Global products market weekly: Boost in refinery supply weakens cracks as demand stalls
Report summary
The oil market trended lower in the week as a surge in covid cases in China clouded the demand outlook while the US dollar strengthened further. Mid-week support on prices came from geopolitical tensions and supply disruptions, including the temporary suspension of the southern Druzhba pipeline supply to Central Europe and a tanker strike off the coast of Oman. North Sea Dated crude’s weekly average fell by US$3.95/bbl, in the week ended 18 November. Our ex-RVO global composite refining margin weakened by US$1.61/bbl to US$11.83/bbl, as diesel and gasoline cracks continue to trend lower in the West. Weekly margins were at US$9.10/bbl above the five-year historical average for the same week.
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