Commodity Market Report
Global products market weekly: Refining margins fall below the five-year historical average for the first time this year
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Report summary
The oil market continued to soften from the start of the week, despite political uncertainty following the death of Iran’s Prime Minister. The major reason for the weakness was uncertainty around economic and crude demand recovery as the US is now expected to keep interest rates higher for a prolonged period as inflation proves resilient. Moreover, a sharp rise in EIA crude oil inventory also led to a further decline in oil prices. North Sea Dated crude’s weekly average declined by US$0.74/bbl, in the week ended 24 May. Our ex-RVO global composite refining margins contracted by US$0.46/bbl to US$4.96/bbl, owing to a decline in gasoline cracks across regions. For the first time in 2024, weekly margins were at US$0.20/bbl below the five-year historical average for the same week (excluding 2022).
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