Global products market weekly: Distillates lead the way as gasoline cracks weaken
The oil market continued to increase this week, with news that Saudi Arabia would be extending its production cut through September keeping oil supply restricted and offsetting concerns around global inventories and economic data. North Sea Dated crude’s weekly average gained by US$2.34 /bbl, in the week ended 4th August. Our ex-RVO global composite refining margin rose by US$ 2.17/bbl to US$ 16.04/bbl, driven by strong gains in distillate cracks offsetting slight losses in gasoline cracks. Weekly margins were at US$ 11.38/bbl above the five-year historical average for the same week (excluding 2022).