Commodity Market Report
Global products market weekly: Refining margins fall, as east-west freight costs ease
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Report summary
The oil market firmed at start of the week amid tensions in Middle East and Red Sea. However, oil prices started softening amid concerns over the delay in timing of rate cuts by the Fed amid higher US inflation. Moreover, consecutive fourth week rise in US crude oil inventories put downward pressure on prices towards the end of the week. North Sea Dated crude’s weekly average decrease by US$0.18/bbl, in the week ended 23rd February. Our ex-RVO global composite refining margins by contracted US$2.35/bbl to US$7.62/bbl, owing to decline in light and middle distillates cracks across Singapore, NWE and USGC. Weekly margins were at US$3.66/bbl above the five-year historical average for the same week (excluding 2022).
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