Commodity Market Report
Global products market weekly: Crude weakness supports refining margins
Report summary
The oil market rose early in the week with OPEC+ countering reports it would increase production at its next meeting, relieving pressure from a weak China outlook due to rising COVID cases. Prices fell subsequently with the price cap on Russian crude discussed at a level higher than currently traded, leading to expectations of higher crude supply in the market. North Sea Dated crude’s weekly average were down by US$7.57/bbl, in the week ended 26 November. Our ex-RVO global composite refining margin rose by US$1.02/bbl to US$12.80/bbl, as increases in Asia cracks outweighed losses in US and Europe. Weekly margins were at US$10.15/bbl above the five-year historical average for the same week.
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