Commodity Market Report
Global products market weekly: Margins fall on ample supply as summer demand proves soft
Report summary
The oil market fell on concerns over further US interest rate hikes as inflation indicators continued to rise even as oil demand recovery lags. Weak demand fundamentals outweighed risk to supply disruptions from Russia’s mutiny earlier in the week. North Sea Dated crude’s weekly average decreased by US$1.03/bbl, in the week ended 30 June. Our ex-RVO global composite refining margin decreased by US$0.53/bbl to US$8.60/bbl, amid global declines in light and middle distillate cracks. Weekly margins were at US$3.51/bbl above the five-year historical average for the same week (excluding 2022).
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