Commodity Market Report
Global products market weekly: Oversupply continues to pressure refining margins
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Report summary
The oil market declined for the second week in a row due to signs of weakening global demand, particularly from China and the US. Weak US jobs data and rising EIA crude oil inventories added to concerns about reduced oil demand. Prices rallied at the end of the week as the market assessed the impact of Hurricane Francine on US Gulf Coast output, and the European Central Bank cut interest rates again on 12 September. The market is awaiting next week’s US Fed's decision on interest rate cuts. North Sea Dated crude’s weekly average dropped by US$3.30/bbl, in the week ended 13th September. Our ex-RVO global composite refining margins decreased by US$0.56/bbl to US$3.48/bbl amid decline in diesel in jet fuel cracks across major regions. Weekly margins were at US$5.41/bbl lower than the five-year historical average for the same week (excluding 2022)
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