Global products market weekly: Gasoline leads the way as distillates cracks weaken

The oil market remained supported at the start of the week by escalating geopolitical tensions and continued pipeline issues in Sudan, which has halved its crude production. However, the strength was short-lived as prices came under pressure owing to higher US crude inventories and a resolution by the UN Security Council for a ceasefire in Gaza, creating uncertainty around the ongoing war and Houthis attacks. Therefore, the North Sea Dated crude’s weekly average remained range bound in the week ended 29 March. Our ex-RVO global composite refining margins narrowed by US$0. 48/bbl to US$7.79/bbl, owing to a decline in middle distillates cracks across all the markets. Weekly margins were at US$2.26/bbl above the five-year historical average for the same week (excluding 2022).