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

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.