Commodity Market Report
Global products market weekly: Margins uplift as confidence around crude weakens
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Report summary
The oil market fell sharply amid a lack of confidence on OPEC+ supply cuts to help to rebalance the market on the back of weak demand indicators. North Sea Dated weekly average fell by US$4.81/bbl in the week ended 11 December. Our ex-RVO global composite refining margins rose by US$0.69/bbl to US$5.18/bbl with strength in global fuel oil and naphtha cracks. Weekly margins were at US$3.18/bbl above the five-year historical average for the same week (excluding 2022).
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