Commodity Market Report
Global products market weekly: Refining margins rise to start 2024 as product cracks strengthen
Report summary
The oil market strengthened midweek on supply problems as Libya’s Sharara oilfield was shut unexpectedly due to local protests, in addition to tensions around the Red Sea impacting shipping logistics, primarily container traffic. However, increases in gasoline and distillate stocks in US and weak demand expectations from soft macroeconomic data capped further increases. North Sea Dated crude’s weekly average fell by US$2.25/bbl, in the week ended 5 January. Our ex-RVO global composite refining margins increased by US$1.33/bbl to US$6.79/bbl, as a sharp decrease in crude prices led to positive product cracks across the barrel. Weekly margins were at US$2.81/bbl above the five-year historical average for the same week.
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