Global products market weekly: The escalation of French strikes boosts global margins

The oil market recovered some recent losses early in the week as the US dollar fell to a seven-week low. This was on expectations the US is nearing the peak of the interest rate increase cycle, ahead of other major economies. However, prices ended lower by the end of the week, following comments by the US Energy Secretary which lowered expectations of an imminent partial refill of the country’s strategic reserves, so dampening crude buying expectations. North Sea Dated Brent weekly average fell by US$1.23/bbl in the week ended 24 March. Our ex-RVO global composite refining margin rose by US$1.42/bbl to US$10.75/bbl, bolstered by gasoline cracks in US and Europe. Weekly margins were at US$4.94/bbl above the five-year historical average for the same week.