Global product markets weekly: Global refinery margins are at their lowest since March 2016

Global crude prices strengthened again during the week commencing 24th September, where the average weekly Dated Brent price moved to slightly above US$82/bbl. This is the strongest weekly average price since early-November 2014 when prices were on their free-fall from US$100/bbl. Crude prices remain supported by the concern of US-Iran sanctions, which are set to begin from 4th November. Market participants continue to evaluate the potential loss of Iranian crude exports which have already fallen by 400 kb/d and options for alternative supplies with no increase from OPEC. US crude stocks were higher as crude runs fell due to planned refinery maintenance in the mid-continent, which contributed to a wider Brent-WTI differential. The differential averaged close to US$9.50/bbl, which is the widest since March 2015.