Commodity Market Report
Global products market weekly: Distillate cracks soar on record risk premiums
Report summary
The oil market fell on the back of bearish fundamentals as concerns of a broadening of China’s lockdown triggered fears its demand will weaken further. Talks around US Federal interest rate hikes for May to dampen inflation also affected prices, while US crude inventories increased more than expected. North Sea Dated crude’s weekly average declined by US$2.71/bbl, in the week ended 30 April. Our ex-RVO global composite refining margin increased by US$4.14/bbl to US$29.78/bbl, as middle distillate cracks surged with escalating risk premiums. Weekly margins were at US$25.92/bbl above the five-year historical average for the same week.
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