Commodity Market Report
Global products market weekly: Diesel oversupply continues to pressure refining margins
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Report summary
The oil market weakened over the week as benchmarks were affected by ongoing concerns of weak demand in China, where several economic indicators and data on low crude imports and fuel exports point to a slowdown in the country's demand growth. Meanwhile, the drop in EIA crude oil inventory, coupled with the US Federal Reserve’s intention to reduce interest rates on Friday, provided support to oil prices late in the week. North Sea Dated crude’s weekly average dropped by US$2.24/bbl, in the week ended 23rd August. Our ex-RVO global composite refining margins declined slightly by US$0.18/bbl to US$4.59/bbl due to a fall in all light and middle distillate product cracks across major regions. However, naphtha and LPG cracks found some support with propane tightness in Europe. Weekly margins were at US$4.20/bbl, lower than the five-year historical average for the same week (excluding 2022)
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