Commodity Market Report

Global product markets weekly: Hikes in middle distillate cracks continue to drive margins

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11 October 2021

Global product markets weekly: Hikes in middle distillate cracks continue to drive margins

Report summary

The oil market strengthened with OPEC+’s decision to keep to its output increase by 400,000 b/d in the next month. North Sea Dated crude’s weekly average rose by US$3.64/bbl in the week ended 4 October, supported by sustained strong demand across oil products with winter heating and agricultural harvesting season in the fourth quarter, as increases across the broader energy complex persisted. Our ex-RVO global composite refining margin strengthened by US$1.23/bbl to US$6.94/bbl driven by gains for all products except naphtha. Middle distillate led the increases, with firm jet and gasoil demand and expectations of demand to stay strong in the coming weeks. Weekly margins were at US$2.62/bbl above the five-year historical average for the same week.

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  • Document

    Weekly Historical Margins 2021Oct11.xls

    XLS 369.50 KB

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    Weekly Report 2021Oct11.pdf

    PDF 1.40 MB