Global products market weekly: Refinery outages drive strong margins
The oil market softened early in the week with dampened hopes of demand recovery from China with a smaller than expected cut to its one-year lending rate, while US Federal Reserve signalled potentially higher interest rates, adding to bearish sentiment. North Sea Dated crude’s weekly average fell by US$1.23/bbl, in the week ended 25 August. Our ex-RVO global composite refining margin rose by US$1.19/bbl to US$18.48/bbl, fuelled by gains in middle distillate and gasoline cracks. Weekly margins were at US$4.81/bbl above the five-year historical average for the same week (excluding 2022).