Commodity Market Report

Global products market weekly: Gasoline cracks strengthen on US outages ahead of summer driving season

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The oil market rose early in the week with an unexpected sharp draw in both US crude and gasoline inventories moving into the peak summer driving season. A warning from Saudi Arabia’s energy minister of short-sellers betting on oil prices falling also led to speculations around further OPEC+ output cuts in the upcoming meeting, supporting prices. North Sea Dated crude’s weekly average rose by US$0.81/bbl, in the week ended 26 May. Our ex-RVO global composite refining margin increased by US$0.28/bbl to US$7.25/bbl, with strength in naphtha and gasoline cracks due to refinery outages at secondary units in the US. Weekly margins were at US$2.92/bbl above the five-year historical average for the same week (excluding 2022).

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