Commodity Market Report
Global products market weekly: Refining margins recover as crude prices declined
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Report summary
The oil market fell at start of the week on easing of geopolitical tension in the Middle East after Israel chose not to target Iran’s energy infrastructure in its retaliatory strike. A potential ceasefire between Israel and Hezbollah and weak global demand fundaments also weighed on crude prices. However, the narrative shifted later in the week with reports that Iran plans to retaliate against Isreal through its proxies in Iraq. Moreover, decline in EIA crude inventory and expectations of a potential delay in the OPEC+ production increase provided some support to crude prices. North Sea Dated crude’s weekly average declined by US$2.15/bbl, in the week ended 1st November.
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