Commodity Market Report
Global product markets weekly: US gasoline eases on slowing demand
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Report summary
The oil market extended its declines for a third week, as North Sea Dated crude’s weekly average plunged by US$2.56/bbl to US$68.43/bbl in the week to 20 August, the lowest since mid-May. Rising cases of the Covid-19 Delta variant continues to weigh on demand expectations as countries steps up restriction measures on travel and delay plans for office returns. Market expectations of a cut in stimulus measures from the US Federal Reserve added downside pressure to prices. Our ex-RVO global composite refining margin fell by US$0.31/bbl to US$4.48/bbl, ending seven weeks of increase, while remaining at US$0.28/bbl above its five-year historical average.
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