Commodity Market Report
Global products market weekly: Distillate markets ease despite ongoing global maintenance
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Report summary
The oil market eased at start of this week as Israel and its allies contained the Iran drone attack. Additionally, the rise in US IEA crude inventories further pressured crude prices. However, prices increased towards end of the week as US reimposed sanctions on Venezuelan crude oil. Geopolitical tensions also escalated towards the end of the week awaiting Israel's response to the recent Iranian attack, causing prices to rise. North Sea Dated crude's weekly average decreased by US$1.94/bbl, in the week ended 19th April. Our ex-RVO global composite refining margins increased by US$0.26/bbl to US$6.20/bbl, owing to recovery in light and heavy distillates cracks across regions as outright crude prices declined. Weekly margins were at US$2.17/bbl above the five-year historical average for the same week (excluding 2022).
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