Commodity Market Report
Global products market weekly: Margins dipped as short-covering activities slowed, oil eased
Report summary
The oil market dipped early in the week with concerns of slowing oil demand as China increased lockdown measures with cases Covid rising. Oil prices rose mid-week with sentiment turning bullish after the IEA released analysis of an expected tight market without Russian supply. Meanwhile negotiations between Russia-Ukraine stalled. North Sea Dated crude’s weekly average declined by US$16.83/bbl, in the week ended 18 March. Our ex-RVO global composite refining margin increased US$7.98/bbl to US$15.88/bbl, overwhelmingly led by the global increase in diesel cracks. Weekly margins were at US$12.64/bbl above the five-year historical average for the same week.
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