Commodity Market Report
Global products market weekly: Despite strong crude, cracks rise with start of autumn maintenance season
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Report summary
The oil market firmed on positive sentiment around a recovery in the Chinese economy with stronger-than-expected Chinese industrial output and retail sales data, in addition to record China August crude runs reported in the week. Outlook on oil supply stayed tight as the market weighed Saudi and Russia crude production cuts against increases in US weekly crude inventories. North Sea Dated crude’s weekly average rose by US$2.17/bbl, in the week ended 15 September. Our ex-RVO global composite refining margin increased by US$1.68/bbl to US$15.44/bbl, along with global increases in gasoline and middle distillate cracks. Weekly margins were at US$10.34/bbl above the five-year historical average for the same week (excluding 2022).
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