Commodity Market Report
Global products market weekly: US refining margins continue to outperform other regions despite sluggish summer demand
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Report summary
The oil market strengthened over the week due to escalating cross-border tensions between Israel and Lebanon’s Hezbollah, fanning fear that a widening regional war could draw in other countries, including major oil producer Iran. Moreover, supply disruptions due to weather-related issues also supported the price increase. However, an increase in EIA crude and oil product inventories against a market expectation weighed on crude prices. North Sea Dated crude’s weekly average increased by US$1.10/bbl in the week ended June 28. Our ex-RVO global composite refining margins expanded by US$0.28/bbl to US$4.80/bbl, owing to rise in gasoline cracks across regions. Weekly margins were at US$0.72/bbl below the five-year historical average for the same week (excluding 2022).
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