Commodity Market Report
Global products market weekly: Margins slide on flat demand and returning supply post maintenance
Report summary
The oil market edged lower in the week on news of delays in OPEC+ meeting due to differing views on output cuts where African countries leaned towards higher output. Meanwhile, US crude inventories and production continued to climb ahead of Thanksgiving holidays. North Sea Dated crude’s weekly average fell by US$0.76/bbl. Our ex-RVO global composite refining margin fell by US$0.54/bbl to US$4.66/bbl with weaker EU and Asia gasoline cracks and softening US jet cracks. Weekly margins were at US$1.90/bbl above the five-year historical average for the same week (excluding 2022).
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