Commodity Market Report
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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