Commodity Market Report
Global product markets weekly: Weakening gasoline weighs on margins
Report summary
The oil market surged following seven weeks of consecutive declines in crude oil inventories and expectations of a prolonged return of US crude production to pre-Hurricane levels. Meanwhile, US refiners continued to increase crude runs. North Sea Dated crude’s weekly average increased by US$1.40/bbl in the week ended 24 September. Surging gas prices are providing sustained support for oil markets as utilities companies switch to oil where possible. Our ex-RVO global composite refining margin decreased by US$0.44/bbl to US$5.47/bbl, ending four weeks of consecutive gains. Margins were pressured by a sharp fall in gasoline cracks in the Atlantic Basin. Weekly margins were US$0.94/bbl above the five-year historical average.
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