Global product markets weekly: US gasoline margins collapse on oversupply

Global crude prices were relatively flat in the week commencing 3rd September, with the weekly average Dated Brent price increasing by just a few cents per barrel. An active window of Atlantic storms and hurricanes has kept crude prices relatively high with several Gulf of Mexico platforms having reduced production rates for Health & Safety. Iran crude exports continue to decrease faster than originally expected, with refiners looking to replace these with alternative grades. As such, we have seen crude differentials to Brent narrow sharply for benchmarks such as Urals. WTI prices at Cushing widened relative to Dated Brent after Tropical Storm Gordon passed and the price risk eased off.