Commodity Market Report
Global products market weekly: Rise in China’s product export quotas pressured diesel cracks
Report summary
The oil market plunged on the third day of New Year’s trading as weak macroeonomic data releases on China’s PMI index, US services industry activity and Euro zone inflation rate, led to heightened recessionary fears. Later in the week, an increase in US crude inventories offset price strength from a weaker dollar. In the week ending 6 January, North Sea Dated crude’s weekly average fell by US$3.06/bbl. Our ex-RVO global composite refining margin weakened by US$1.06/bbl to US$17.37/bbl, weighed down by weakness in diesel/gasoil cracks. Weekly margins were at US$14.81/bbl above the five-year historical average for the same week.
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