Commodity Market Report
Global products market weekly: Refining margins fall, as products lag the crude prices rise from Saudi Russia production cuts
Report summary
The oil market rose through the week, as Saudi and Russia announced to extend their voluntary production cuts to the end of the year on Tuesday, longer than initial market expectations. A tight products market outlook is expected to support crude demand. North Sea Dated crude’s weekly average increased by US$4.46/bbl, in the week ended 8 September. Our ex-RVO global composite refining margin decreased by US$3.47/bbl to US$13.30/bbl, with product cracks weighed down by sharp increases in crude prices. Weekly margins were at US$$8.05/bbl above the five-year historical average for the same week (excluding 2022).
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