Commodity Market Report
Global products market weekly: Surge in middle distillate cracks boosts margins recovery as crude prices rise
Report summary
The oil market held its early week gains after OPEC+ indicated that it could cutback oil production to support oil prices, as the market fundamentals turn increasing bearish on rising concerns of demand destruction and potential of higher output from a possible Iran deal. North Sea Dated crude’s weekly average rose by US$2.59/bbl, in the week ended 26 August. Our ex-RVO global composite refining margin increased by US$1.66/bbl to US$19.04/bbl, driven by increase in diesel, gasoil and jet cracks across all regions. Weekly margins were at US$14.38/bbl above the five-year historical average for the same week.
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