Global product markets weekly: Weak gasoline prices pressured margins across the board

The dated Brent price did not move much week on week, declining slightly by $0.65/bbl to a weekly average of $70.8/bbl. Price volatility increased last week after President Trump increased tariffs on Chinese imports. A collapse of trade negotiations is not priced in yet in the markets. The downside risk on the oil demand is significant. Weakness in gasoline prices was observed across regions and it led to the drop in refining margins. Middle distillates and fuel oil also weakened, but more modestly.