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Earlier this week, the profitability of oil refining in the U.S. reached a 3-month high. It is likely to rise even further, as the refinery downtime affects fuel supplies.

A failure occurred at the Cardon plant in Venezuela. The accident took place at a crucial gasoline production unit.

Gold is very popular in India. The country ranks second after China in the world in terms of gold consumption. However, silver is also popular in India.

On Wednesday, January 25, gold prices stabilized at their highest level in nine months. Increased demand for the precious metal as well as a corresponding rise in prices were caused by fears of a recession.

The outlook for gold and silver appears to be promising in 2023. This is reported by precious metals experts Tim Murphy and Joe Elkjer.

Stock of crude oil and petroleum products, as well as the production of gasoline and distillates are on the agenda.

A number of analysts forecast a rise in silver to $30 per ounce in 2023, the highest level over the past ten years. The rise in prices will be supported by an imbalance of demand and supply.

According to Bloomberg, Russian crude cargoes from its key export terminals dropped 22% last week compared to the previous one. The loss amounted to 820,000 bpd.

Extreme weather hit North Asia. The average temperature in China dropped to an unprecedented low, meanwhile Japan is getting ready for blizzards to come.

On Monday, the latest data from AAA showed that an increase in gasoline prices has been observed for the fourth week in a row. They are up 32.7 cents in the last month, driven by higher crude oil prices.