Commodity Market Report
Global products market weekly: Gasoline cracks strengthen on tightened supply from European refinery strikes
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Report summary
The oil market fell through the week as recession fears resurfaced on the back of indications that the US Federal reserve will raise interest rates by 1%, higher than current market expectations. Weakness in China trade data for January and February also weighed on hopes of demand recovery. Prices were briefly supported mid-week by a fall in US crude inventories. North Sea Dated crude’s weekly average were lower by US$0.37/bbl, in the week ended 10 March. Our ex-RVO global composite refining margin weakened by US$0.76/bbl to US$8.10/bbl, on middle distillate losses. Weekly margins were at US$2.75/bbl above the five-year historical average for the same week.
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