Commodity Market Report
Global products market weekly: Refining margins gains as Red Sea diversions and refinery turnarounds support cracks
Report summary
The oil market softened at start of the week driven by ongoing discussions around a potential cease-fire between Israel and Hamas. However, prices increased sharply by end of the week amid tensions in Middle East as Israel rejected a ceasefire deal coupled with lower EIA US oil production forecast for 2024. North Sea Dated crude’s weekly average decreased by US$0.47/bbl, in the week ended 9th February Our ex-RVO global composite refining margin increased by US$2.29/bbl to US$10.92/bbl, owing to rise in middle and heavy distillates cracks. Weekly margins were at US$7.04/bbl above the five-year historical average for the same week (excluding 2022).
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