Commodity Market Report
Global products market weekly: Margins weaken as market prices in more Chinese export quotas ahead
Report summary
The oil market rose early in the week on the back of a stalemate on the Iran nuclear discussions. However, expectations of weaker demand clouded the market despite improvement in China’s August economic data, sending prices lower. Higher consumer price index in the US and the widely expected interest rate hikes in the upcoming Federal Reserve meeting, led to overall bearish sentiment on prices. North Sea Dated crude’s weekly average rose by US$1.01/bbl, in the week ended 16 September. Our ex-RVO global composite refining margin weakened by US$4.57/bbl to US$10.95/bbl, weighed down by sharp losses in middle distillate cracks. Weekly margins were at US$5.92/bbl above the five-year historical average for the same week.
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