Commodity Market Report
Global product markets weekly: The weakness of gasoline weighed on global refining margins
Report summary
The oil market was highly volatile last week, driven predominantly by macro events. The North Sea Dated weekly average increased by US$1.28/bbl to US$59.42. Oil prices rose in the first half of the week after Iran-aligned Houthi rebels attacked an oil processing unit in Saudi Arabia, adding uncertainty to tensions in the Middle East. The oil market retreated on 23 August after China imposed a 5% tariff on US crude oil imports effective from 1 September. Chinese buyers have been shying away from US crudes this year, with an average flow of 110 kb/d year-to-date. We think the 5% tariff on US crude oil imports is unlikely to have a material impact on the market. We expect more volatility in the market this week after President Trump hit back with a new round of tariffs on Chinese goods.
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