Commodity Market Report
Global product markets weekly: Refining margins jumped amid supply disruption in product markets
Report summary
The North Sea Dated weekly average increased by US$3.00/bbl to US$65.33/bbl. Oil prices jumped on Monday after crude supplies at Saudi Arabia’s Abqaiq and Khurais processing plants were disrupted by attacks on 14 September. The risk premium on oil prices retreated slightly after Saudis gave an encouraging outlook for the recovery trajectory during the 17 September press conference (Oil market lull as Saudis signal quick production recovery). Concerns over supply disruption eased further after Saudi Aramco’s October-loading term contract supply to refiners in Japan, India and South Korea were said to be unaffected.
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