Commodity Market Report
Global products market weekly: Margins firm as gasoline cracks price above distillates
Report summary
The oil market gained by over US$2/bbl at the start of the week, but outright prices ended the week flat signalling slightly weaker sentiment. Prices rallied as US crude oil inventories remained flat and a higher-than-expected increase in China’s industrial output. Exports from Sudan were impacted owing to pipeline issues, while both Saudi and Iraq exports were reported lower. However, a further increase was restricted as the US FED kept its interest rate unchanged, while market sentiment focused on expectations of higher Russian crude supply amid a surge in Ukraine drone attacks on Russian refineries. North Sea Dated crude’s weekly average increased by US$1.46/bbl, in the week ended 22 March. Our ex-RVO global composite refining margins decreased by US$0.23/bbl to US$8.25/bbl, despite gains in gasoline cracks across all the markets as distillates eased and freight rates rose. Weekly margins were US$3.43/bbl above the five-year historical average for the same week (excluding 2022).
Table of contents
- Executive summary
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Global products market weekly: Margins firm as Atlantic basin distillate cracks spike to offset Red Sea tensions
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050
Commodity Market Report
Global products market weekly: Gasoline leads the way as distillates cracks weaken
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050
Commodity Market Report
Global products market weekly: Distillate markets ease despite ongoing global maintenance
Weekly review of global refining margins across NW Europe, the Med, US Gulf Coast, New York Harbour, Singapore and the Middle East Gulf.
$1,050