Commodity Market Report
Global product markets weekly: Strong middle distillate demand raises margins
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Report summary
The oil market extended its gains with supply remaining tight. North Sea Dated crude’s weekly average increased by US$3.54/bbl in the week ended 27 September, with an increase in competing energy prices leading additional demand to switch into oil products and pushing for greater oil demand. A stronger dollar led prices to drift lower in the latter half of the week. Our ex-RVO global composite refining margin rose by US$0.20/bbl to US$5.57/bbl with strong middle distillate demand, offsetting weakness in gasoline cracks. Weekly margins were at US$1.10/bbl above the five-year historical average for the same week.
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