Commodity Market Report

Global products market weekly: Refining margins gain as Middle East tensions support Atlantic Basin distillate cracks

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The oil market strengthened on supply outages and continued geopolitical tensions in the Middle East. Supply cuts continued in Libya and about 40% of oil output in North Dakota was shut in due to extreme cold weather. However, lower than expected Q4 2024 GDP data from China capped further price increases. North Sea Dated crude’s weekly average rose by US$1.03/bbl, in the week ended 19 January. Our ex-RVO global composite refining margin increased by US$0.31/bbl to US$6.24/bbl, as increasing tensions in the Middle East and unplanned refinery outages in the US and Asia supported a rise in gasoline and diesel cracks. Weekly margins were US$1.91/bbl above the five-year historical average for the same week (excluding 2022).

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    Weekly Report 2024Jan22.pdf

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    Weekly Historical Margins 2024Jan22.xls

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