Global products market weekly: Margins attempt recovery as crude slides, Europe outages

The oil market plunged on Friday as recession fears escalated with higher interest rates from the US Federal bank, a stronger dollar, and recession fears shaking up the financial markets. Prices moved sideways prior to this, with supply concerns arising from nuclear threats from Russia capping declines. North Sea Dated crude’s weekly average declined by US$3.84/bbl, in the week ended 23 September. Our ex-RVO global composite refining margin increased by US$0.83/bbl to US$11.84/bbl, supported by a rise in Europe and US refining margins, as refined product supply tightened. Weekly margins were at US$7.37/bbl above the five-year historical average for the same week.