Global products market weekly: Russia’s export ban lifts crude sentiment, diesel cracks rebound

The oil market rose above US$95/bbl midweek, as Russia banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect to stabilise its domestic market, leading to concerns of a shortage amid tight product supply. The US Federal Reserve kept interest rates unchanged, but its hint at further interest rate hikes capped oil price gains. North Sea Dated crude’s weekly average increased by US$1.96/bbl, in the week ended 22 September. Our ex-RVO global composite refining margins fell by US$3.15/bbl to US$12.19/bbl, as product cracks lagged strength in Brent prices. Weekly margins were US$7.64/bbl above the five-year historical average for the same week (excluding 2022).