Commodity Market Report

Global products market weekly: Margins supported up by softer crude but slow demand caps recovery on cracks

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The oil market drifted lower in the week as market cautioned on slowing oil demand with weaker China PMI data for October and higher US crude stocks, as OPEC+ crude output and US field production increased, easing supply-side concerns from Middle East due to war tensions. North Sea Dated crude’s weekly average was at US$1.23/bbl lower in the week ended 3 November. Our ex-RVO global composite refining margins gained by US$1.64/bbl to US$4.85/bbl as all the major product cracks improved. Weekly historical margins were at US$0.70/bbl above the five-year historical average (excluding 2022).

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    Weekly Report 23Nov06.pdf

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    Weekly Historical Margins 2023Nov06.xls

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