Global products market weekly: Margins rise as refinery maintenance keeps supply under pressure

The oil market weakened through start of the week over the delay in the timing of rate cuts by the Fed amid sustained US inflation. Prices were further pressured by data showing non-OPEC exports and OPEC+ crude production in February were both above January levels. However, prices gained at the end of the week as IEA revised its oil demand upward by 110kbd from last month, and US IEA crude inventories declined as refineries ramped up their run rates. North Sea Datedcrude’s weekly average declined by US$0.85/bbl, in the week ended 15thMarch. Our ex-RVO global composite refining margins increased by US$1.02/bbl to US$8.55/bbl, owing to strength in Naphtha and heavy distillates cracks. Weekly margins were at US$4.28/bbl above the five-year historical average for the same week (excluding 2022).