
December WTI rose about 2% as Ukraine launched drone attacks on Russian refineries, including the 340,000 bpd Ryazan plant, after an earlier intraday dip to a two-month low. US distillate inventories fell to a 23-year low.
Attacks on Russian refining cut product supply and tighten diesel markets, which raises fuel and freight costs for feed producers. Tight distillate stocks support diesel and crude prices in the near term.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.