Global products market weekly: Higher refinery runs ease prompt tightness, margins fall

The oil market rose mid-week, with record high US crude exports and a weaker US dollar supporting crude purchases. Weak economic statistics from China and US weighed on prices early in the week, while a widening of lockdowns in China pointing to weaker forward demand led prices to give back some of the gains towards the end of the week. North Sea Dated crude’s weekly average rose by US$2.74/bbl, in the week ended 28 October. Our ex-RVO global composite refining margin weakened by US$1.12/bbl to US$18.20/bbl, on easing middle distillate cracks from earlier prompt strength due to supply tightness. Weekly margins were at US$14.20/bbl above the five-year historical average for the same week.