Global products market weekly: French strikes rumble on tightening European balances
The oil market continued to rise this week on reduced Kurdistan crude production and exports through the northern pipeline via Turkey amid an ongoing dispute involving pipeline usage for Kurdish crude. Lower US inflation data, declining risks of contagion from the banking collapse and a draw in US crude inventories supported higher prices as well. North Sea Dated crude’s weekly average rose by US$3.60/bbl, in the week ended 31 March. Our ex-RVO global composite refining margin weakened by US$0.15/bbl to US$10.61/bbl, as ample supply of middle distillate continued to weigh on cracks. Weekly margins were at US$4.16/bbl above the five-year historical average for the same week, but US$4.01/bbl lower than the same week in 2022.