Global products market weekly: Margins decline on a slump in gasoline cracks as seasonal demand weakens
The oil market rose as prices were supported by a sharp fall in US crude inventories, with Cushing inventories falling to a 14-month low, on the back of a tight supply since Saudi Arabia and Russia extended their voluntary production cuts. Gains were capped, with threats of a US government shutdown and suspended shares of Evergrande in China adding macroeconomic risks. North Sea Dated crude’s weekly average increased by US$0.37/bbl, in the week ended 29 September. Our ex-RVO global composite refining margin fell by US$2.80/bbl to US$9.41/bbl, with a plunge in global gasoline cracks. Weekly margins were at US$4.83/bbl above the five-year historical average for the same week (excluding 2022).