Commodity Market Report
Global products market weekly: Diesel strength propels refining margins to four-month highs
Report summary
The oil market fell early in the week with news of more US SPR releases, in addition to China indicating an indefinite delay to the release of macroeconomic indicators, both sending bearish signals. Prices recovered subsequently as China contemplated relaxing quarantine measures for inbound travelers, signaling a possible relaxation of the zero-Covid policy. North Sea Dated crude’s weekly average declined by US$3.76/bbl, in the week ended 21 October. Our ex-RVO global composite refining margin strengthened by US$0.11/bbl to US$19.32/bbl, the highest since the end of June. Weekly margins were US$15.43/bbl above the five-year historical average for the same week.
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