Commodity Market Report
Global product markets weekly: Trade disruption causes decline in refinery margins
Report summary
Global crude prices increased in the week commencing 10th September with the weekly average Dated Brent price at a 17-week high having approached US$78/bbl. Prices were supported by the prospect of lower US crude production and disrupted trade flows as several hurricanes and storms approached the US Gulf Coast and US East Coast last week. US crude stocks fell by over 5 mbbls in the lead up to the active week of storms and further draws have been expected as a result. The Brent-WTI Cushing differential has widened back out towards US$9/bbl, which is the widest level since March 2015, despite a decline in stocks at Cushing.
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