Global products market weekly: Margins edge higher as crude slumps on weak demand sentiment
The oil market plunged towards the second half of the week with eroding confidence around demand due to higher US crude stocks, record US crude production, and concerns over the broader Chinese property sector recovery offsetting near-term pick up in Chinese retail sales and industrial activity. North Sea Dated crude’s weekly average fell by US$2.13/bbl, in the week ended 13 November. Our ex-RVO global composite refining margin were broadly stable at US$5.07/bbl, with weak crude prices easing squeeze on product cracks amid uncertainty in demand. Weekly margins were at US$2.23/bbl above the five-year historical average for the same week (excluding 2022).