Commodity Market Report
Global products market weekly: Demand weighs on crude and products despite surprise cuts from Saudi
Report summary
The oil market was rattled early in the week by the outcome of OPEC+ meeting where Saudi Arabia surprised the market by making an addition 1 million b/d cut to crude production. OPEC+ members pledged to extend production cuts to 2024, providing modest support to prices, which is typically bearish for refining margins. A bearish outlook on demand counteracted price gains as crude stocks in China hit a record high and inflation indices were low. North Sea Dated crude’s weekly average increased by US$1.96/bbl, in the week ended 9 June. Our ex-RVO global composite refining margin increased by US$0.88/bbl to US$7.86/bbl, supported by increases in global middle distillate cracks and stronger US gasoline cracks. Weekly margins were at US$2.91/bbl above the five-year historical average for the same week (excluding 2022).
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Global products market weekly: Soft demand over holidays weighs on crude and products outlook
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050
Commodity Market Report
Global products market weekly: Refining margins find their summer floor, as diesel gathers support as gasoline falters
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050
Commodity Market Report
Global products market weekly: Middle distillates continue to slide as inflationary concerns persist
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050
