Commodity Market Report
Global product markets weekly: weak gasoline demand weighs on refinery margins
Report summary
The Dated Brent crude price weakened again in the week commencing 15th October, with the average price close to US$80.60/bbl. Prices have fallen by $5/bbl in the last two weeks as the market appears well supplied with crude despite concerns about sanctions on Iran. High prices have had a negative impact on oil demand and prices above $80/bbl may prove difficult to sustain in the longer term. However, we do not expect the steep decline in prices to continue, our forecast for Dated Brent in November is $78/bbl and December is forecast to average $79/bbl.
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