Commodity Market Report
Global products market weekly: Margins fall after five consecutive weeks of increase as gasoline cracks weaken
Report summary
The oil market fell early in the week with uncertainty around demand from the US debt ceiling talks and concerns around OPEC+ production outlook leading to a mixed picture on supply. China posted a weak manufacturing PMI data at 48.8 for May, adding to further downside to prices. North Sea Dated crude’s weekly average declined by US$2.12/bbl, in the week ended 2 June. Our ex-RVO global composite refining margin decreased by US$0.29/bbl to US$7.06/bbl, weighed down by weakness in global gasoline cracks. Weekly margins were at US$2.88/bbl above the five-year historical average (excluding 2022) for the same week.
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