Commodity Market Report
Global products market weekly: Refining margins bump along the floor
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Report summary
The oil market weakened over the week as worries about the impact of Hurricane Beryl on crude output subsided and as the situation in the Middle East became comparatively stable with some progress being made on the ceasefire negotiations in Gaza. However, the higher than expected drawdown in EIA crude oil provided some support to crude prices. Oil prices also received some support from signs of increasing inflationary pressures in the US and OPEC’s latest monthly report reiterating its expectations of robust demand for crude in 2024. North Sea Dated crude’s weekly average declined by US$1.18/bbl, in the week ended 12th July. Our ex-RVO global composite refining margins by declined US$0.84/bbl to US$5.17/bbl, owing to decline in margins across all regions due to weakness in gasoline and distillates cracks. Weekly margins were at US$1.04/bbl below the five-year historical average for the same week (excluding 2022).
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