Commodity Market Report
Global products market weekly: Falling oil prices lift product cracks, lifting margins higher
Report summary
The oil market fell with central banks focusing on controlling inflation, raising concerns of a recession which could exacerbate weakness in demand, converting demand erosion to demand destruction. North Sea Dated crude’s weekly average declined by US$7.87/bbl, in the week ended 24 June. Our ex-RVO global composite refining margin strengthened by US$4.24/bbl to US$33.09/bbl. Product cracks across the barrel saw significant gains amid a sharp decrease in oil prices. Weekly margins were at US$30.09/bbl above the five-year historical average for the same week.
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