Commodity Market Report
Global products market weekly: Margins fall after five consecutive weeks of increase as gasoline cracks weaken
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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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