Global products market weekly: Crude prices in demand weakness, easing squeeze on product cracks
The oil market slumped midweek as fears of demand weakness mounted with China releasing weaker consumer price index, lower exports of goods and services and US Federal Reserve citing more might need to be done to manage inflation. This is against easing concerns of potential supply disruptions from Middle East war tensions and tightness around production cuts reiterated from Saudi and Russia. North Sea Dated crude’s weekly average fell by US$4.59/bbl, in the week ended 10 November. Our ex-RVO global composite refining margins rose by US$0.09/bbl to US$4.95/bbl, fuelled by gains in middle distillate and gasoline cracks. Weekly margins were at US$1.62/bbl above the five-year historical average for the same week (excluding 2022).