Crude Oil

U.S. Interior Secretary Doug Burgum stated on Monday that a ban on U.S. fuel or oil exports was unlikely to help lower energy prices for consumers in the midst of the Iran War. Burgum, speaking to reporters at the G20 meeting on energy in Houston, said: "We'd consider an export prohibition if it actually could lower prices. But that's not true." Burgum, a Trump appointee, stated that a ban on the export of oil, gasoline, or diesel could result in retaliatory measures from other countries. This could harm consumers in California, whose energy imports are largely dependent on. Burgum stated,...

Wayne Cole gives us a look at what the future holds for European and global markets. Brent oil is now back at $107 a barrel as the Houthis are closing in on Bab el-Mandeb. This is the second key route for oil exports from the Middle East. Ship tracking sites indicate that vessels continue to use the narrow waterway near the southern 'entrance to the Red Sea. However, the Houthis have reportedly warned them they will strike Saudi Arabian vessels if they try to pass. The Suez Canal is still open to tankers to reach Asian markets. However, the journey...

On Monday, Asian share markets fell as oil prices spiked again due to supply concerns. Investors were also bracing for interest rate hikes this week in the U.S. and Japan. Brent rose 3% as new strikes against Saudi Arabia and?ships?in the Gulf tested nerves. This was after an attack on Saudi oil pipelines and an advance of Yemen's Houthis, which threatened to worsen wartime disruptions to global energy supply. The meeting between Iran and Gulf Arab States, which was scheduled to take place in Oman on Monday, for the purpose of discussing a deal regarding opening the Strait of Hormuz...

Venezuela's state-run energy company PDVSA ?has restarted the fluid catalytic cracker of ?its 310,000-barrel-per-day Cardon refinery, ?three sources said ?on Friday, ?complementing output of the neighboring Amuay refinery, whose catalytic cracker is also in service. Power outages affected refineries that are part of Paraguana Refining Center earlier this year. Since then, PDVSA has tried to restart the operational units, especially those critical for producing gasoline and Diesel. Sources said that as of 'this week', Cardon has three crude distillation unit, a naphtha Reformer, and a 'catalytic Cracker, while Amuay has two crude distillation units?and the catalytic cracked, which are operational...

The International Energy Agency said that Saudi Arabia's crude oil supply dropped by 2.3 million barrels per month to 6,000,000 bpd, its lowest level in over 30 years. Attacks on Saudi energy plants were cited as the reason. In a recent report, the IEA noted that groups affiliated with Yemen's Houthis had targeted ships passing through the Bab el-Mandeb and Saudi Arabia Jazan refinery, as well as shipping near Yanbu. Iran-backed militias used drones in Iraq to attack Saudi Arabia Abqaiq's oil processing site. Saudi Arabia's own assessment of its supply of 7.122?million bpd in August was lower than the...

The International Energy Agency announced on Friday that global oil demand and supply will be lower than originally thought. This is because the Iran War has not been resolved, and the return to 'normal Middle East flows' until 2027 is delayed. Fuel prices are also expected to rise as a result. Crude prices have reached $110 per barrel for the first week since May due to an increase in attacks on oil tankers along Middle East shipping routes. This increase is overshadowed, however, by the record-breaking price of diesel. The IEA has now predicted that the world's oil supply will...

Stella Qiu gives us a look at what the future holds for European and global markets. Maybe promising to borrow $1.3 billion to 'give' to each American who votes for your party wasn’t a good idea. This fiscal excess at a time of high inflation may not have directly caused the latest bond market 'rout', but it sure did not help. Bond markets are sending a message to governments around the world: If you want to continue borrowing, you will have to pay more. Much more. The benchmark 10-year U.S. Treasury Yield hit a three-year high in Asia of 4.9708%,...

The price of oil rose on Friday, and both major benchmarks will 'end the week above $100 per barrel for the first time since mid-May. This is due to the increasing number of attacks on key shipping routes across the Middle East. Brent crude futures rose $1.05 or 1% to $108.68 per barrel at 0045 GMT. U.S. West Texas Intermediate Crude rose 95 cents or 1% to $103.45 per barrel. Both benchmarks were up over 6% Thursday. The benchmarks gained nearly 13% on a weekly basis - the biggest gain since the week ending July 17. The Houthis, who are...

According to four sources in the industry, Nigeria's Dangote Refinery has purchased at least 16,000,000 barrels of Nigerian crude oil for arrival in October. This is consistent with previous months, and significantly higher than average last year as Africa's biggest refinery ramps-up processing. Dangote has 16 million barrels of?oil, which is a combination of monthly allocations by Nigerian National Petroleum Company, and volumes purchased in a tender. This amounts to around 520,000 barrels / day. This is the majority of the refinery's?700,000.bpd monthly intake. Investors are focusing on the feedstock in preparation for an initial public offer. The purchases will...

Donald Trump has said that he expects the war against Iran to end following the midterm elections in November. He also threatened to 'again' attack a nuclear site linked to the Islamic Republic after both sides launched their 'biggest wave of strikes on shipping since the beginning of the six-month war. Saudi civil defense authorities issued emergency alerts on Thursday in Khamis Mushait, a city in southwest Yemen, for the fourth consecutive day, after clashes with the Houthis, who are backed by Iran. Brent crude prices were above $100 per barrel, as both supply routes through the Strait of Hormuz...

A researcher from the state-owned oil company Sinopec stated on Thursday that the penetration rate of electric vehicles in China is expected to rise, but at a slower pace towards the end of the decade. Continued growth in this sector will reduce oil demand from the largest crude oil importer in the world. Fairy Wang, vice president of Sinopec’s Economics and Development Research Institute, said at the APPEC Conference in Singapore that EVs are expected to displace 56?metric tonnes, or approximately 1.2 million barrels a day?of oil demand?in China. She said that "it is equivalent to about 15% of China's...

Aster Chemicals & 'Energy, Singapore's energy company, has run its naphtha cracker between?75% and 80% over the last five months. The company plans to increase utilisation rates even further. Andre Khor told the APPEC Conference that Aster will continue to ramp up and start supplying petrochemicals. Aster, a joint venture of Indonesia's ?Chandra Asri and trading major Glencore, operates a 1.1-million-metric-ton-per-year ?steam cracker on ?Singapore's Bukom Island. He added that the naphtha cracker resumed its operations in September's first week after being shut down for maintenance in August. Khor said the company is using naphtha ?from its 237,000-barrel-per-day refinery and...

Treasury yields on 10-year U.S. Treasury notes have risen to their highest level in 19 years. This is just as Treasury Sec. Scott Bessent is preparing to speak to Congress, and the Federal Reserve begins its two-day critical meeting. Government bonds sold across the globe overnight as the prospect of rising interest rates and energy prices remained a primary aggravating factor. Japanese 10-year yields rose back to above 3%. Brent crude prices rose above $107 a barrel again on Tuesday after a brief drop on Monday, following President Trump’s suggestion that Russia and Ukraine could reach an agreement to spare...

Asian shares struggled on Tuesday, as investors considered Middle East tensions. Industry figures also called for a halt in AI development. Meanwhile, higher oil prices and bond yields heightened caution ahead of 'key' central bank meetings taking place in the U.S. Yemen's Houthis, who are aligned with Iran, launched a new offensive on Saudi Arabia Monday. Riyadh had blamed Iran-backed fighters based in Iraq for an assault on the east-west oil pipeline of the kingdom that could disrupt up to 4% global supply. Gulf Arab states have also delayed planned talks with Iran. Brent crude was up by 1.21% at...

Singapore, Asia's main fuel trading hub, has seen its oil product stockpiles rise to a two-month high, according to government data released Thursday. The increase in stocks of light and middle distillates was also noted. Enterprise Singapore reported that the combined onshore oil products inventories stood at 40.47 millions barrels for the week ending September 9. This compares to 39.04million barrels one week earlier. Multiple?trade sources this week said that September exports to Asia are expected to remain robust for diesel and jet-fuel, but may slow down for gasoline because of margin concerns. Diesel was the major concern in some...

The energy and bond markets have been on edge again after U.S. president Donald Trump stated that the Iran War would not end before the midterm elections in November. This came as the Gulf was hit with the most intense attacks in the conflict to date. Markets are awaiting the likely rise in interest rates by the European Central Bank and the first U.S. On Thursday, we'll have an update on inflation as Treasury Secretary Scott Bessent appears to have failed with his bond-buyback operation. On Wednesday, crude oil reached its highest price since late May, above $100 per barrel,...

Brent crude climbed to $100 per barrel Wednesday, keeping Asian stock markets calm as the attacks intensified in the Middle East. This stoked inflation fears ahead of closely-watched U.S. consumer price indices. As traders exited their short positions, the yen rose to a near seven-month high against the dollar. This was due to expectations of faster Bank of Japan rate hikes as well as a possible rush of Japanese capital repatriation. The euro climbed ahead of Thursday's European Central Bank policy announcement, as markets were expecting an increase amid inflationary pressures due to the Iran War. Iranian-backed Houthis launched attacks...

Brent crude, the global benchmark for oil prices, has risen this month. However it has remained below $100 per barrel despite the recent escalation of the U.S. - Iran conflict which has caused disruptions in Gulf exports via the Strait of Hormuz or the Red Sea. According to Argus, Crude Oil?shipments are now at 11 million barrels a day (bpd), down from 18 million bpd prior to the Iran War seven months ago. What are the factors that influence oil prices? SIGNIFICANT VOLUMES CAN FLOW?THROUGH HORMIZ Claudio Galimberti, Rystad's Chief Economical Officer, stated that in the week prior to fighting...

Investors were on edge Monday as rising?oil costs, the conflict in the Middle East, and political unrest in Europe kept them on edge. Stocks drifted lower ahead of important U.S. data on inflation later this week. Tehran announced that it would declare a restricted area outside the Strait of Hormuz within days after U.S. forces struck three Iranian tankers, and Iran's Islamic Revolutionary Guard Corps fired ballistic missiles on two U.S. Navy vessels. Brent crude futures have risen 1.3%, to $97.5 per barrel, the highest in seven weeks. Oil prices rose almost 8% in the last week, and are now...

Treasury yields, the dollar and S&P?500 all rose on Friday as U.S.?job creation?accelerated and unemployment rate remained steady. Investors are looking forward to the consumer inflation report next week as a key factor in this determination. The nonfarm payrolls increased by 162,000 positions last month, following a 21,000-job increase that was upwardly revised in July. Economists surveyed by predicted an increase of '56,000 following a previous reported decline of 23,000 jobs in July. Last week, the yield on 10-year benchmark U.S. notes increased by 1.21 basis points to 4.774%. Just after the report, it was 4.792%. The yields on two-year...

Bond yields fell on Thursday, as Federal Reserve Governor Christopher Waller's comments signaled a willingness for the Fed to be patient in raising interest rates. Waller said in remarks at a NEXT Newsmaker event that if upcoming data?confirmed?inflation pressures were cooling off, he was inclined to argue for keeping interest rates steady at the next policy meeting of the U.S. central bank. In remarks for a NEXT Newsmaker, Waller said that if upcoming data 'confirmed' a cooling of inflation pressures, he would be inclined to advocate keeping interest rates constant at the next meeting of the U.S. Central Bank. After...

Energy Secretary Chris Wright of the United States said that after arriving in Venezuela on Tuesday, the oil companies in the U.S. as well as?other countries will sign deals in Caracas tomorrow that will result in a more-than-doubling in crude production over the next few year. Wright is in Venezuela for a day-long visit, his second trip since U.S. troops seized Venezuelan leader Nicolas Maduro's office in January. Venezuelan oil production peaked at over 3 million barrels a day in the late 90s, but then plummeted due to a lack investment, poor management and U.S. sanction. In recent months, it...

In August, the crisis caused by the conflict in Iran in Asia's supply of refined fuels continued. The region that imports the most refined fuels dropped to its lowest level since the start of the war. According to data compiled by Kpler - a commodities analyst - Asia's imports for light and middle distillates in August were estimated at 5,10 million barrels a day (bpd), down from 5.61 millions bpd during July. Imports have dropped by about 2 million bpd from the 7.06 million bpd average in the three months prior to February 28, when Israel and the U.S. launched...

Investors worried about inflation and a new wave of interest rate increases were prompted by renewed fighting in the Middle East, which boosted oil prices. Japan's benchmark?10-year? has hit 3% for a first time in generations. The 10-year U.S. Treasury Yield, which is used as a benchmark to determine prices in all asset classes, broke resistance at 4.75% and now stands at 4.78%, its highest level since early 2025. The futures market for French and German bonds extended the selling, which drove yields up to 15-year highs. Australia's 10-year bond yield rose at the fastest rate in five months. Ryutaro...