Commodity Market Report
Global products market weekly: Fuel oil cracks edge down as refiners return from maintenance but refining margins creep higher
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Report summary
The oil market weakened over the week as the market turned its attention back to mounting demand concerns, while worries of an Israel strike on Iranian oil facilities were subsidised. The downward revision of the oil demand forecast by the IEA and OPEC, coupled with a lower-than-expected increase in China's consumer price index, drove crude oil prices down. Production increases by non-OPEC producers also weighed on price. However, a fall in EIA crude oil inventories supported the prices later in the week. North Sea Dated crude’s weekly average dropped by US$5.18/bbl, in the week ended 18th October. Our ex-RVO global composite refining margins increased by US$0.13/bbl to US$5.02/bbl, driven by strength in light distillates cracks. Weekly margins were at US$1.73/bbl below the five-year historical average for the same week (excluding 2022).
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