Commodity Market Report
Global products market weekly: Recession worries erases margin gains across the curve
Report summary
The oil market plunged in the week on concerns of recession weighing on demand. Price falls were capped after a surprise order from Russia to halt the CPC export terminal for one month. North Sea Dated crude’s weekly average were down by US$6.31/bbl, in the week ended 8 July. Our ex-RVO global composite refining margin fell by US$6.83/bbl to US$19.26/bbl, with sharp losses in global middle distillates cracks over last two weeks. Weekly margins were at US$15.47/bbl above the five-year historical average for the same week.
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