Commodity Market Report
Global products market weekly: Increase in middle distillates supply dampens margin
Report summary
The oil market weakened as US and China deliberated on releasing oil stocks from its strategic petroleum reserves (SPR), in a bid to deflate oil prices. Renewed lockdowns imposed in Europe added to demand concerns of a wider lockdown possibility, which will dampen demand recovery into next year. North Sea Dated crude’s weekly average fell by US$2.81/bbl in the week ended 19 November. Our ex-RVO global composite refining margin fell by US$1.22/bbl to US$3.91/bbl. Middle distillate cracks weakened globally, with rising diesel volumes from the Baltics and India, while China increased jet exports. Weekly margins were at $1.91/bbl above the five-year historical average for the same week.
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