Global products market weekly: Uncertainty in US gasoline demand weighs on crude, breaking five consecutive weeks of Brent’s rising prices

The oil market fell for four consecutive trading sessions to levels last seen in early September, as the market focused on weaker US gasoline demand and concerns over potential higher interest rates in the US, while OPEC kept to its previous stance with production cuts till end of the year. North Sea Dated crude’s weekly average decreased by US$4.23/bbl, in the week ended 6 October. Our ex-RVO global composite refining margins decreased by US$3.86/bbl to US$5.47/bbl, with weakness across most products due to demand side fears despite lower crude prices. Weekly margins were at US$0.70/bbl above the five-year historical average for the same week (excluding 2022).