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