Commodity Market Report

Global products market weekly: Tightening inventories drive distillate cracks higher; oil prices continue to slide

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11 April 2022

Global products market weekly: Tightening inventories drive distillate cracks higher; oil prices continue to slide

Report summary

The oil market extended losses into the week as IEA countries released details of a 60 million barrels SPR release in addition to 180 million barrels by the US. SPR releases outweighed discussions of sanctions on Russian oil exports as cargoes are increasingly finding buyers in Asia. North Sea Dated crude’s weekly average declined by US$8.73/bbl, in the week ended 8 April. Our ex-RVO global composite refining margin increased by US$3.54/bbl to US$21.83/bbl. Margins were driven strong product cracks in the European and Asian refining complex amid tight supplies. Weekly margins were at US$17.27/bbl above the five-year historical average for the same week.

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    Weekly Historical Margins 2022Apr11.xls

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    Weekly Report 2022Apr11.pdf

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