Commodity Market Report
Global products market weekly: Refining margins remain at floor levels as diesel cracks weaken
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Report summary
The oil market softened for the second consecutive week owing to worries around demand recovery in China as its GDP only increased by 4.7% in Q2 2024, lower than market expectations of 5.1%, and continued weakness in the property sector. However, further declines were restricted by a third consecutive week of declining US crude inventories and an increasing expectation of interest rate cuts by the US Fed. Increasing attacks by Houthis on ships in the Red Sea also provided support to crude prices. North Sea Dated crude’s weekly average decreased by US$1.11/bbl, in the week ended 19th July. Our ex-RVO global composite refining margins declined by US$0.20/bbl to US$4.95/bbl, owing to a decline across all regions except the Middle East. Weekly margins were at US$1.84/bbl below the five-year historical average for the same week (excluding 2022).
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