Commodity Market Report
Global product markets weekly: Margins supported by low inventories, hurricane
Report summary
North Sea Dated crude’s weekly average rose by US$2.27/bbl to US$70.70/bbl in the week to 27 August. Uncertainty in oil demand recovery heightened concerns on the forthcoming increase in oil output from OPEC+. Oil and gas production closures in the Gulf of Mexico ahead of Hurricane Ida pushed prices higher. Meanwhile, US dollar extended its declines in the week supporting the oil price recovery. Our ex-RVO global composite refining margin rose by US$0.65/bbl to US$5.13/bbl, with higher refining margins in the US and Asia. The weekly margins were US$0.63/bbl above the five-year historical average.
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