Commodity Market Report
Global products market weekly: Margins fall for third consecutive week as middle distillate tightness eases
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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