Global products market weekly: Margins rise as middle distillates regain momentum, oil price swings

The oil market received a mid-week boost after news that Kazakhstan’s CPC blend crude loadings were stopped due to storm damage. Negotiations on the Iran nuclear deal continued to provide downside pressure to prices, as EU progress explores alternatives to Russian energy supplies. Houthi attacks on oil facilities in Saudi Arabia lifted prices at the end of the week. North Sea Dated crude’s weekly average rose by US$12.53/bbl, in the week ended 25 March. Our ex-RVO global composite refining margin increased by US$4.14/bbl to US$16.31/bbl, backed by strength in middle distillate cracks. Weekly margins were at US$12.69/bbl above the five-year historical average for the same week.