Commodity Market Report
Global products market weekly: Low complexity refiners marginal as cracks continue to slide
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Report summary
The oil market weakened at the start of the week as crude production in Libya increased after nine oil wells started production post-maintenance. Downward crude demand revision by IEA for 2024 also put downward pressure on prices. However, a sharper decline than expected in EIA crude oil inventory coupled with wildfires in the oil sands producing region of Canada provided some support to crude prices towards the end of the week. North Sea Dated crude’s weekly average decreased by US$1.44/bbl, in the week ended 17th May. Our ex-RVO global composite refining margins contracted by US$0.86/bbl to US$5.42/bbl owing to a decline in gasoline cracks in Europe and Asia. Weekly margins were at US$0.15/bbl above the five-year historical average for the same week (excluding 2022).
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