Commodity Market Report
Global product markets weekly: Refining margins weaken amid lower gasoline and middle distillates cracks
Report summary
Volatility in the oil prices rose due to a series of geopolitical events. The weekly average of North Sea Dated increased by US$0.33/bbl to US$67.53/bbl. Following the assassination of Iran military leader by the US, Iran retaliated by sending missiles into two US bases in Iraq on January 8. Oil prices jumped on the Iranian missile attacks but came down quickly after President Trump indicated that the US was not going to attack Iran after the missile strikes, mitigating fears of a potential war against Iran with the risk of oil supply disruption in the Middle East. The prices also retreated on the 1.2-million-barrels increase in the US commercial crude inventories as US exports declined.
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