Global Oil Market Weekly Highlights

Recent attacks and counterattacks between Israel and Iran have raised critical questions about the future of regional stability and its impact on global oil markets.

Iran's attack on Israel on April 13 had been largely priced in and caused little damage, allowing futures prices for benchmark crudes to retreat.

On the downside, this shift will erode the margins on what once was cheap Canadian crude oil for US refiners.

Recent developments in the oil market have shown a marked increase in speculative trading, fueled by escalating geopolitical tensions in the Middle East.

Amid the escalating geopolitical conflict following Iran's April 13 attack on Israel, the United States is at a crossroads with potential strategies to adjust its sanctions on Iranian oil.

The US's approach to Venezuela's sanction relief is increasingly conditioned on significant electoral reforms, signaling a firm stance on democratic processes.

In response to escalating tensions in the Middle East, Asian refiners are strategically reassessing their crude supply sources, signaling a potential pivot towards increased imports from the Americas and Africa.

In a notable transaction within the energy sector, US NG major EQT Corporation has agreed to sell a 40% interest in its non-operated natural gas assets located in the Northern Marcellus shale formation of Northeastern Pennsylvania to Equinor USA, a subsidiary of Norwegian state energy firm Equinor.

Hyundai Oilbank has officially commenced commercial operations at its new biodiesel production facility in Daesan, South Korea, as of Apr. 17.

2024-04-21