Commodity Market Report
Global products market weekly: Margins buffeted by softening oil prices
Report summary
The oil market fell through the week to the lowest since the start of the war in Ukraine. Limited output increases from OPEC+ briefly prompted higher prices, but weaker Purchasing Managers' Index (PMI) figures from China and Europe flagged rising risks of weakening demand growth from an economic slowdown. North Sea Dated crude's weekly average declined by US$7.78/bbl, in the week ended 5 August. Our ex-RVO global composite refining margin increased by US$0.20/bbl to US$11.64/bbl, amid losses in crude prices, while soaring fuel oil cracks globally helps to offset weakness in transport fuel cracks cracks. Weekly margins were at US$7.12/bbl above the five-year historical average for the same week.
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