Commodity Market Report
Global products market weekly: Refining margins recovered as the crude prices fell
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Report summary
The oil market weakened for the third consecutive week amid high self-off in the commodity market over worries around Chinese oil demand growth. However, later in the week, oil prices increased as the US reported higher-than-expected Q2 GDP growth and a decline in EIA crude oil inventory. Along with that, increasing supply risk from Canadian wildfires and the detailed plan by OPEC+ members to offset overproduction to increase compliance with OPEC+ production cuts also supported prices. North Sea Dated crude’s weekly average declined by US$3.59/bbl, in the week ended 27th July. Our ex-RVO global composite refining margins increased by US$1.05/bbl to US$5.96/bbl, driven by strength in refining margins across all regions due to a recovery in light and middle distillate cracks. Weekly margins were at US$1.96/bbl below the five-year historical average for the same week (excluding 2022).
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