Commodity Market Report
Global products market weekly: Cracks retreat further on rising refinery supply, firm oil prices
Report summary
The oil market firmed with lower US crude oil stocks and higher US refinery activity, but macroeconomic pressures from a stronger dollar as US Federal Reserve continues to increase interest rates capped gains. Investor confidence of an improvement in China’s zero-Covid measures provided support later in the week. North Sea Dated crude’s weekly average rose by US$2.74/bbl, in the week ended 4 November. Our ex-RVO global composite refining margin weakened by US$1.81/bbl to US$16.24/bbl, as US gasoline and Europe middle distillate cracks weakened on rising refinery supply. Weekly margins were at US$12.22/bbl above the five-year historical average for the same week.
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