Commodity Market Report
Global products market weekly: Margins supported by softer crude, tightness in the Atlantic Basin
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Report summary
The oil market was earlier supported by cuts in US offshore production due to Hurricane Ian, in addition to talks of OPEC+ reducing future supply at the upcoming meeting. However, a stronger dollar and further weakness on equity markets continued to weigh on prices. North Sea Dated crude’s weekly average fell by US$0.62/bbl to US$87.18/bbl in the week ended September 30. Our ex-RVO global composite refining margin strengthened by US$1.14/bbl to US$12.99/bbl, with outages in US and Europe tightening the market, in addition to weakness on Dubai pricing supporting Asia cracks. Weekly margins were at US$8.55/bbl above the five-year historical average for the same week.
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