Commodity Market Report
Global products market weekly: Margins fall for third consecutive week as middle distillate tightness eases
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Report summary
The oil market rose on the back of positive news around China easing inbound travel and quarantine measures, offsetting declines from a rise in US inventories and earlier concerns over oil demand as lockdowns in China intensified with increase in covid cases. North Sea Dated crude’s weekly average increased by US$1.33/bbl, in the week ended 11 November. Our ex-RVO global composite refining margin weakened by US$2.80/bbl to US$13.45/bbl, as global middle distillate cracks trends lower. Weekly margins were at US$10.22/bbl above the five-year historical average for the same week.
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