Commodity Market Report
Global products market weekly: Weaker crude spurs margin improvement
Report summary
The oil market fell early in the week on concerns of slowing growth from China as its central bank cuts lending rate to stimulate the economy, while the potential of a deal with Iran raises possibility of higher crude supply. Positive US economic data in addition to a decrease in crude and gasoline inventories capped losses. North Sea Dated crude’s weekly average fell by US$7.27/bbl, in the week ended 19 August. Our ex-RVO global composite refining margin strengthened by US$6.23/bbl to US$17.38/bbl, as weaker oil prices elevated transport fuels crack. Weekly margins were at US$12.90/bbl above the five-year historical average for the same week.
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