Commodity Market Report
Global products market weekly: Refining margins weaken further as gasoline cracks fall
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Report summary
The oil market strengthened at the start of the week after a three-week decline spree. The strength was due to uncertainty ahead of the OPEC+ meeting and the expected extension of crude cuts into the second half of this year. Crude prices were also supported by concerns over the path of the Israel-Hamas war. However, a further rise was restricted due to weak US fuel demand despite the holiday weekend. North Sea Dated crude’s weekly average increased by US$0.75/bbl, in the week ended 31st May. Our ex-RVO global composite refining margins contracted by US$0.88/bbl to US$4.14/bbl, owing to a decline in gasoline cracks across all regions. Weekly margins were at US$0.84/bbl below the five-year historical average for the same week (excluding 2022).
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