Commodity Market Report
Global products market weekly: Margins squeezed by bearish road fuel fundamentals and against stronger crude
Report summary
The oil market increased midweek on a narrow rise in US inflation data which could support a smaller US Federal interest rate hike. However, concerns over overall weak oil demand ahead of US summer driving season capped gains. North Sea Dated crude’s weekly average surged by US$1.92/bbl, in the week ended 16 April. Our ex-RVO global composite refining margin declined by US$0.90/bbl to US$6.90/bbl, the lowest since early December 2022 on concerns of weak demand leading to a surplus in global products. Weekly margins remained only US$0.2/bbl above the five-year historical average, the lowest in 2023, US$9.95/bbl below the same week in 2022.
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