Global products market weekly: Margins edged up with weaker crude, demand caution
The oil market decreased through the week and stayed below US$90/bbl, as market players remained cautious on further demand downside with China extending its lockdowns in Chengdu and higher interest rates by central banks. A 100kb/d production cut agreed by OPEC+ early in the week provided limited support to prices. North Sea Dated crude’s weekly average decreased by US$5/bbl, in the week ended 9 September. Our ex-RVO global composite refining margin rose by US$1.13/bbl to US$15.52/bbl, supported by strength in the European refining complex amid supply tightness. Weekly margins were at US$10.36/bbl above the five-year historical average for the same week.