Fuel Oil

Top U.S. refiners kept concentrated on investor returns with significant stock buybacks and dividends in the third quarter despite the fact that earnings fell due to damaging fuel need and refining margins. Margins for fuel, diesel and other products narrowed greatly from record levels struck after Russia invaded Ukraine in 2022. Fuel demand has actually softened ever since, and new refining capacity has come online. In the 3rd quarter, the average earnings per share for U.S. oil refiners fell to 25 cents from $4.75 in the same quarter a year earlier and $4.85 in 2022, according to Reuters estimations. Integrated,...

U.S. refiner margins for gasoline and diesel will be reasonably the same next year, the U.S. Energy Details Administration said on Wednesday, indicating relief for fuel manufacturers who saw profits slump dramatically since 2022 on slowing demand development. Refiners worldwide reaped record profits in 2021 and 2022 from the post-pandemic surge in travel need and recovering financial activity. Nevertheless, margins then dropped dramatically as mammoth brand-new plants opened around the world and need growth slowed, partly due to efforts to shift away from fossil fuels. The prepared closures of 2 U.S. refineries next year - LyondellBasell Industries' 263,776 barrel-per-day Houston...

South African petrochemicals business Sasol reported a 66% fall in fullyear earnings on Tuesday, mainly due to weaker chemical rates, and skipped a. last dividend. Sasol published 11.5 billion rand ($ 648.47 million) headline. earnings in the year to June 30, compared to 33.8 billion rand. throughout the very same duration last year. It did not declare a final dividend, leaving the interim 2. rand per share stated at half-year as the full-year payout for. the 2024 fiscal year. Sasol stated it altered its dividend policy, which was. formerly based upon 2.5-2.8 times core headline earnings per. share, to 30%...

Oil refiner Phillips 66 reported better-than-expected second-quarter results, driven by strong refining utilization and low expenses, even as the market faced lower refining margins due to a warm summer season driving season. The Houston-based refiner's crude capacity utilization increased to highest in over 5 years at 98% in the second quarter, up from 92% in the first quarter, CEO Mark Lashier stated throughout a. call with analysts on Tuesday. U.S. fuelmakers increase processing capability to 93.5%. in the second quarter, compared to 91% in the very same period last. year, according to the U.S. Energy Details Administration,. on expectations of...

U.S. oil refiners are anticipated to report dramatically lower 2nd quarter revenues from a. year ago after a listless summer driving season that damaged. refining margins, energy analysts stated. Refiners increase processing capacity in the three months. ended June 30 to 93.5%, compared with 91% in the prior-year. period, to satisfy an expected spike in fuel and diesel fuel. need that ultimately failed, according to the Energy. Info Administration. Rising diesel stocks over the quarter, sustained by brand-new. refineries in the Middle East and higher exports from China,. shrunk refining margins and cut into revenues, experts stated. Refining cracks weakened...

Three executives at oil trader Coral Energy have purchased out the business after obtaining the creator's remaining 40% stake in the company, according to a. source acquainted with the matter and files seen on. Tuesday. Coral, founded by Tahir Garayev in 2010, has offices in. Dubai, Singapore and aims to establish a subsidiary workplace in. Switzerland. The managers - CEO Talat Safarov, CFO Ahmed Kerimov and Anar. Madatli - finished the purchase of Garayev's share earlier this. year, a statement sent to the business's rely on Tuesday revealed. The supervisors had actually already secured a 60% stake in 2023 in...

Mexican state energy business Pemex is unlikely to produce any commercially feasible motor fuels at its new Olmeca refinery before completion of the year, five sources said, regardless of pressure that it ought to be ready before the outbound president's term ends. President Andres Manuel Lopez Obrador, a resource nationalist, inaugurated the 340,000 barrelperday refinery in July 2022 in his home state Tabasco, billing it as vital to energy selfsufficiency for Mexico. However, hold-ups at the refinery in the port of Dos Bocas, whose expense has more than doubled to $16.8 billion, implies it will be up to his follower...

U.S. makers are slowly emerging from an extended however shallow downturn over the last two years, but development has been fitful, and their consumption of diesel stays lukewarm, which is weighing on oil rates. The Institute for Supply Management's production index slipped to 48.7 (22nd percentile for all months because 1980) in May from 49.2 (26th percentile) in April and a current high of 50.3 (34th percentile) in March. The March reading was the first time the index had climbed up above the 50-point threshold, signalling expansion, given that October 2022, but it has considering that slipped back into contraction...

U.S. makers are slowly emerging from an extended however shallow downturn over the last two years, but progress has actually been fitful, and their intake of diesel stays tepid, which is weighing on oil costs. The Institute for Supply Management's manufacturing index slipped to 48.7 (22nd percentile for all months since 1980) in May from 49.2 (26th percentile) in April and a recent high of 50.3 (34th percentile) in March. The March reading was the first time the index had climbed up above the 50-point threshold, signalling growth, since October 2022, however it has actually given that slipped back into...

Investors can not sue business for fraud if they flout a guideline requiring disclosure of patterns expected to affect their bottom line unless the omission makes another declaration misleading, the U.S. Supreme Court ruled on Friday. The 9-0 ruling authored by liberal Justice Sonia Sotomayor handed a success to Macquarie Facilities in a proposed shareholder class action accusing the business of stopping working to divulge that its revenues were vulnerable to a global phase-out of high-sulfur fuel oil between 2016 and 2018. The justices reversed a choice by the New York-based second U.S. Circuit Court of Appeals to permit the...

Iran will discharge about $50. million worth of crude from a Marshall Islandsflagged tanker. taken in 2015, the semiofficial Fars news agency reported on. Wednesday, in a titfortat action against the United States. Advantage Sweet is a Suezmax crude tanker that had actually been. chartered by U.S. firm Chevron and was taken in April. 2023 by Iran's army following an alleged accident with an. Iranian boat. The unloading of the freight follows a Tehran court order in. favour of Iranian clients of Epidermolysis Bullosa (EB), an uncommon. skin disease, who had filed a lawsuit against the extreme. physical and psychological...

Energy significant Chevron has accepted pay $13.1 million in settlement contracts with two California state firms for its oil spills in 2019, which saw a minimum of 800,000 gallons of oil and water leakage into a creek bed in Kern County. The state of California has actually seen multiple oil spills beginning with a terrible oil well blowout in Santa Barbara in 1969 to Amplify Energy's offshore spill in 2021. Here are some of the major oil spills in the U.S. since 1969: Keystone Pipeline, Kansas - 2022 A progressive tiredness crack, which originated throughout the building of TC Energy's...

With Israel blocking the entry of nearly all fuel into Gaza to avoid its use by Hamas militants, some Palestinians in the north of the shattered area have turned to utilizing plastic waste to make their own. We walk for cross countries to gather plastic and bring it from collapsed structures and towers. Often I'm afraid of reconnaissance (by Israeli military) and I hesitate of rubble falling on me while I'm strolling, Mostafa Mosleh, 16, stated, holding items he 'd picked up throughout his 13-hour daily rounds. His relative, Mahmoud Mosleh, sorts out the products with other employees, cuts it...

Egypt plans to turn to the regional debt market and attempt brand-new financial obligation instruments as it works to lower a persistent budget deficit over the coming year, its financing ministry said on Tuesday. The deficit in the 2023/24 fiscal year, which ended on June 30, was 505 billion Egyptian pounds ($ 10.3 billion) in a 3.016 trillion pound budget, Financing Minister Ahmed Kouchouk stated. Egypt's fuel subsidies increased by 31% in the 2023/24 fiscal year to 165 billion pounds, while food subsidies climbed up 10% to 133 billion pounds, Kouchouk stated. The increases mainly showed customer rate inflation that...

Oil rates fell by more than $1 a barrel on Monday after Israeli officials said they wanted to prevent dragging the Middle East into an allout war while reacting to a deadly rocket strike in the Israelioccupied Golan Heights over the weekend. Brent futures for September delivery shed $1.39 to $ 79.74 a barrel, a 1.7% loss, by 11:17 a.m. EDT (1517 GMT). U.S. unrefined sank $1.40 to $75.76 per barrel, a 1.8 percent drop. 2 Israeli officials informed on Monday that Israel wanted to injure the Iranian-backed Lebanese group Hezbollah, which the nation blames for the Saturday attack that...

Egypt raised the prices of a. vast array of fuel items on Thursday, the official gazette. said, four days before the International Monetary Fund (IMF). conducts a third evaluation of its broadened $8 billion loan. programme for the country. The official gazette, citing the petroleum ministry, said. fuel prices increased by approximately 15% per litre, with 80 octane. rising to 12.25 Egyptian pounds ($ 0.25), 92 octane to 13.75. pounds and 95 octane to 15 pounds. Diesel, one of the most frequently used fuels, saw the most significant. increase, rising to 11.50 Egyptian pounds ($ 0.24) from 10. pounds. This...

Egypt raised the costs of a. large range of fuel items on Thursday, the official gazette. said, four days before the International Monetary Fund (IMF). conducts a third review of its broadened $8 billion loan. programme for the country. The official gazette, mentioning the petroleum ministry, said. petrol rates increased by up to 15% per litre, with 80 octane. increasing to 12.25 Egyptian pounds ($ 0.25), 92 octane to 13.75. pounds and 95 octane to 15 pounds. Diesel, one of the most commonly utilized fuels, saw the greatest. increase, increasing to 11.50 Egyptian pounds ($ 0.24) from 10. pounds. This...

Egypt needs to import around $ 1.18 billion worth of mazut fuel oil and gas to end relentless power cuts worsened by consecutive heat waves, its Prime Minister Mostafa Madbouly said in a telecasted address on Tuesday. It hopes the deliveries will get here in full around the third week of July, by which point the federal government aims to stop cutting power throughout the staying summer season, he added. It has already begun contracting for 300,000 tonnes of mazut worth $180 million to boost its tactical reserves which are expected to show up early next week. Egypt's federal government...

U.S. crude has controlled worldwide benchmark oil rates in the year because expanding shale exports signed up with the mix of European crude utilized to determine how much a barrel of the world's most traded product costs. The shale revolution of the past 15 years has made the U.S. the world's leading oil producer and likewise changed the country from a top importer to a significant exporter after Washington ended a. 40-year ban on foreign shipments. Last May, cost reporting service S&P Global's Platts added. U.S. WTI Midland crude from the Texas shale fields to the global. Dated Brent standard,...

The Baltic Exchange's main sea freight index taped its worst week in 7, weighed down by weaker need across vessel segments. However, an uptick in capesize vessel rates assisted snap a sixsession losing streak on Friday. * The general index, which factors in rates for capesize, panamax and supramax shipping vessels, edged up 27 points, or 1.49%, to 1,844 points. * On a weekly basis, the index has actually fallen 13.4%. * The capesize index gained 117 points, or 4.57%, to 2,675, however signed up a weekly decrease of 18%. * Typical everyday earnings for capesize vessels, which typically carries...

The Baltic Exchange's primary sea freight index, which tracks rates for ships carrying dry bulk commodities, slipped to its least expensive level in nearly 2 weeks on Thursday, weighed down by weaker rates throughout all segments. * The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 72 points, or 3.81%, to 1,817. * The capesize index slipped 141 points, or 5.22%,. to 2,558. * Average day-to-day earnings for capesize vessels,. which usually transfer 150,000-ton freights of iron ore and. coal, among others, decreased $1,165 to $21,218. * Iron ore futures rates rebounded on Thursday...

The Baltic Exchange's dry bulk sea freight index rose to more than a week high up on Thursday, supported by gains in the larger vessel sector. * The general index, which consider rates for capesize, panamax and supramax shipping vessels, added 86 points or 5.1% to 1,774, hitting its highest level since April 23. * The capesize index acquired 256 points, or 12.1% to 2,372. * Typical daily earnings for capesize vessels, which normally transports 150,000-ton freights of iron ore and coal, among others, increased $2,117 to $19,670. * Iron ore and steel futures fell in the middle of risk-off...

The Baltic Exchange's dry bulk sea freight hit a more than threeweek high on Thursday, driven by robust demand across all vessel segments. * The overall index, which consider rates for capesize, panamax and supramax shipping vessels, increased by 57 points, or 3.1%, to 1,901 points, its highest level since March 26. * The capesize index gained 85 points, or 3.1%, to 2,845. * Average everyday earnings for capesize vessels, which generally carries 150,000-ton cargoes such as iron ore and coal, increased by $705 to $23,598. * Iron ore futures rose for a 2nd straight session on Thursday, underpinned by...

The Baltic Exchange's dry bulk sea freight index rose to a oneweek high up on Thursday, assisted by greater rates for the capesize and panamax vessel segments. * The total index, which consider rates for capesize, panamax and supramax shipping vessels, rose by 103 points, or 6.5%, to 1,690 points. * The capesize index gained 273 points, or 12.4%, to 2,475, hitting it greatest level since March 28. * Average daily profits for capesize vessels, which typically transfers 150,000-ton cargoes such as iron ore and coal, increased by $2,257 to $20,523. * We see a moderate level of volumes from...