Commodity Market Report
Global products market weekly: Soft demand over holidays weighs on crude and products outlook
Report summary
The oil market softened in the last week of 2023 as shipping companies prepared to resume shipments through the Red Sea, however increasing tension between US and the Houthis in the New Year added volatility to prices. North Sea Dated crude’s weekly average fell by US$1.22/bbl, in the week ended 29 December. Our ex-RVO global composite refining margins fell by US$1.43/bbl to US$5.36/bbl, weighed down by weakness in middle distillate cracks. Weekly margins were US$2.07/bbl above the five-year historical average for the same week (excluding 2022).
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