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