Commodity Market Report
Global products market weekly: Refining margins stable despite crude price climbing
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Report summary
The oil market strengthened during the week amid attacks on ships in red sea and increasing geopolitical tensions in the Middle East, as Israel’s Foreign Minister warned of a possible “all-out war” with Lebanon’s Hezbollah. Moreover, the decline in EIA crude oil and refined products inventories in the US also supported the crude oil prices. North Sea Dated crude’s weekly average increased by US$4.53/bbl, in the week ended 21st June. Our ex-RVO global composite refining margins remained stable at US$4.46/bbl, as the increase in diesel cracks was offset by decline in gasoline cracks. Weekly margins were at US$1.11/bbl below the five-year historical average for the same week (excluding 2022).
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