Commodity Market Report
Global products market weekly: Margins fall with rising product inventories in the West
Report summary
The oil market was volatile in the week as supply concerns competed against recession fears. Concerns of tightness in supply were driven by supply disruptions in Libya and Ecuador, OPEC+ members reported to have little available spare capacity, and Norwegian workers planning a strike next week. North Sea Dated crude’s weekly average increased by US$3.15/bbl, in the week ended 1 July. Our ex-RVO global composite refining margin fell by US$6.64/bbl to US$26.65/bbl. Global refining complex weakened, with a plunge across jet, diesel and gasoil cracks overshadowing losses in other products. Weekly margins were at US$23.11/bbl above the five-year historical average for the same week.
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