Commodity Market Report
Global products market weekly: Increased volatility on cracks as product market tighten
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Report summary
The oil market gained at start of the week amid tensions in Middle East as Israel rejected a ceasefire deal and this was coupled with OPEC forecast of higher global oil demand in 2024 and 2025. However, this was partially offset by higher US crude oil inventories than market consensus and the decision by the Fed to keep US interest rates unchanged. North Sea Dated crude’s weekly average increased by US$3.19/bbl, in the week ended 16th February. Our ex-RVO global composite refining margins decreased marginally to US$10/bbl, as the rise in middle distillates cracks was offset by the decline in fuel oil cracks. Weekly margins were at US$6.37/bbl above the five-year historical average for the same week (excluding 2022).
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