Commodity Market Report
Global product markets weekly: Margins weaken as middle distillates track Brent, HSFO demand slows
Report summary
The oil market declined on increasing US crude inventories and Iran’s mention of renewed talks on its nuclear program, which could lead to rise in oil exports from the country. North Sea Dated crude’s weekly average fell marginally by US$0.12/bbl to US$84.50/bbl in the week ended 29 October, with sufficient crude supplies to meet strong products demand. Our ex-RVO global composite refining margin fell by US$0.56/bbl to US$6.14/bbl, extending weakness from last week. A decrease in Brent prices led middle distillate cracks to correct further from its run up in early October. HSFO cracks saw sharp declines globally as demand from the utilities sector slowed, as gas to oil switching is much lower than market consensus. Weekly margins were at US$2.34/bbl above the five-year historical average for the same week.
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