Global products market weekly: Margins supported by low inventories while uncertainty about China grows
The oil market fell as weak China’s industrial output and retail sales data released early in the week weighed on sentiment, while concerns over US Federal needing to further raise interest rates resurfaced. North Sea Dated crude’s weekly average decreased by US$1.37/bbl, in the week ended 20 August, ending three weeks of consecutive increases. Our ex-RVO global composite refining margin increased by US$0.85/bbl to US$17.21/bbl, led by global increases in gasoline cracks. Weekly margins were at US$4.64/bbl above the five-year historical average for the same week (excluding 2022).