Commodity Market Report
Global products market weekly: Prompt supply tensions ease with Marathon return and greater China export quotas
Report summary
The oil market climbed on expectations of Saudi production cuts to be extended into October. Lower crude stocks in the US, rising US employment and moderation in US wage growth combined with the onset of the hurricane season provided support on oil prices, offsetting weakness from China with limited improvement in economic data and heightened risk around its property sector. North Sea Dated crude’s weekly average increased by US$2.19/bbl, in the week ended 1 September. Our ex-RVO global composite refining margins decreased by US$1.59/bbl to US$16.88/bbl, with middle distillate and gasoline cracks easing in US and Europe. Weekly margins were at US$11.48/bbl above the five-year historical average for the same week (excluding 2022).
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