Commodity Market Report
Global products market weekly: Margins slump on bearish demand outlook
Report summary
The oil market fell through the week amid a heightened risk of a slump in global oil demand as China stepped up on its lockdown measures in parts of south and north China cities, in addition to weak factory activity data. Possible supply disruptions from Iraq’s political unrest were alleviated by later announcements that supply will be unaffected. In the US, the Federal Reserve maintained its stance on raising interest rates to quell inflation, which could further dampen demand. North Sea Dated crude’s weekly average fell by US$2.37/bbl, in the week ended 2 September. Our ex-RVO global composite refining margin weakened by US$4.73/bbl to US$14.39/bbl, amid sharp declines in product cracks across the barrel. Weekly margins were at US$9.13/bbl above the five-year historical average for the same week.
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