Global products market weekly: Margins slip as middle and heavy distillates soften

The oil market trended lower along with financial markets, as concerns of a recession took over the headlines. Talks of EU sanctions re-emerged late week, bolstering prices. However, a step up in China’s mobility restrictions in Beijing and rising retail fuel prices continue to weigh on the demand outlook. North Sea Dated crude’s weekly average fell by US$2.74/bbl, in the week ended 13 May. Our ex-RVO global composite refining margin increased by US$1.37/bbl to US$31.16/bbl. Margins were supported by rise in global gasoline cracks. Weekly margins were at US$28.07/bbl above the five-year historical average for the same week.