Global products market weekly: Increases in product cracks outpaces strength in crude as diesel surged
The oil market saw steady increases through the week as market pins hope on more from China’s stimulus policies to boost oil demand recovery, while strong US gasoline demand also provided support. Tightened supply from cuts in OPEC+ output counteracted underlying concerns from continued weak macroeconomic data. North Sea Dated crude’s weekly average rose by US$3.80/bbl, in the week ended 29 July. Our ex-RVO global composite refining margin increased by US$3.81/bbl to US$13.90/bbl, on strengthening global distillate cracks. Weekly margins were at US$4.74/bbl above the five-year historical average for the same week (excluding 2022).