Commodity Market Report
Global products market weekly: Refining margins soar as diesel cracks spike on global supply fears
Report summary
The oil market posted a second large weekly gain in the week ending 11 March 2022 after another volatile trading week. Oil prices breached US$130/bbl early in the week after the US and UK announced bans on Russian oil imports, while the Iran deal was slowed down by additional requests from Russia. Prices fell after mid-week as the market focused on discussions around potential supply additions from Iran, Venezuela, and OPEC members, led by the United Arab Emirates. North Sea Dated crude’s weekly average increased by US$12.97/bbl, in the week ending 11 March 2022. Our ex-RVO global composite refining margin increased US$7.98/bbl to US$15.88/bbl, overwhelmingly led by the global increase in diesel cracks. Weekly margins were at US$12.64/bbl above the five-year historical average for the same week.
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