Commodity Market Report
Global products market weekly: Product cracks lag the OPEC+ supply cuts
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Report summary
The oil market surged early in the week as OPEC+ announced a 1.6 million b/d cut in production (from February levels) starting May due to weakness in oil demand recovery, while a bigger-than-expected fall in US crude stocks further bolstered prices. North Sea Dated crude’s weekly average surged by US$8.16/bbl, in the week ended 6 April. Our ex-RVO global composite refining margin weakened by US$2.97/bbl to US$7.65/bbl, the lowest in eight weeks on caution over soft demand, inventory build on products and rapidly rising crude prices. Weekly margins were at US$0.60/bbl above the five-year historical average for the same week, US$9/bbl below the same week in 2022.
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