Global products market weekly: Margins supported by softer crude, tightness in the Atlantic Basin

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.