Commodity Market Report
Global product markets weekly: Robust middle distillate and fuel oil cracks supported global refining margins
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Report summary
The oil market edged down on the gloomy macro outlook last week. The weekly average of the dated North Sea declined by US$0.33/bbl to US$62.39/bbl week on week. The Fed rate cut failed to bolster the market when the Fed Chair signalled that the cut could be one-off. On 1 August, President Trump suddenly announced another round of tariff effective 1 September on the remaining US$300 billion Chinese goods, sending ICE front-month Brent lower. We maintain our base case forecast on demand, though the risks to our demand outlook are skewed to the downside.
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