Commodity Market Report
Global products market weekly: Margins edge higher on crude weakness despite increased product inventories
Report summary
The oil market fell as market expectations of more aggressive interest rate hikes by the US Federal Reserve led to concerns of a slowing demand recovery. Prices in the early week were supported by talks of Russia’s crude production cuts in March but softened as US crude inventories built for another week. North Sea Dated crude’s weekly average dropped by US$2.39/bbl, in the week ended 24 February. Our ex-RVO global composite refining margin strengthened by US$0.35/bbl to US$7.88/bbl, as increases in light and heavy distillates counterbalanced middle distillate weakness. Weekly margins were at US$4.44/bbl above the five-year historical average for the same week.
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