Commodity Market Report
Global product markets weekly: Low inventories support crude and product gains
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Report summary
Oil market strengthened due to lower-than-expected crude inventories in the US. US crude oil production was recovering from Hurricane Ida while producers remained cautions with the onset of Hurricane Nicholas. North Sea Dated crude’s weekly average rose by US$1.56/bbl in the week ended 17 September. OPEC raised its oil demand forecast growth for 2022 to pre-pandemic levels, easing recent demand concerns as Covid cases increase. Our ex-RVO global composite refining margin strengthened further by US$0.34/bbl to US$5.82/bbl, rising above levels seen since March 2020. Weekly margins increased to US$0.96/bbl above the five year historical average.
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