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Commodity Market Report

Global products market weekly: Gasoline cracks strengthen on tightened supply from European refinery strikes

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13 March 2023

Global products market weekly: Gasoline cracks strengthen on tightened supply from European refinery strikes

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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This report contains:

  • Document

    Weekly Historical Margins 2023Mar13.xls

    XLS 379.00 KB

  • Document

    Weekly Report 2023Mar13.pdf

    PDF 1.24 MB