Fuel Oil

Chicago soybeans rose on Thursday as U.S. President Donald Trump’s plan to visit Chinese President Xi Jinping this May boosted hopes for stronger Chinese demand for U.S. supply. Wheat and corn gained as well. As of 0425 GMT, the?most active?soybean contracts on the Chicago Board of Trade climbed 0.2% to $11.74-1/4 per bushel. CBOT wheat rose 0.4% to $6.00-1/4 per bushel. Corn increased 0.1% to $4.67-1/4 a bushel. Originally scheduled to travel next Monday, Trump will visit Beijing May?14-15. He said on Truth Social Wednesday that he would be hosting Xi?for a return visit to Washington later in the year....

Chicago soybean futures declined on Wednesday. They tracked losses in soyoil due to lower crude oil prices, based on reports that the U.S. was seeking a ceasefire of a month for its war against Iran. The price of corn and wheat futures also declined. As of 0325 GMT, the?most active?soybean contracts on the Chicago Board of Trade slipped 0.2% to $11.52-3//4 a bushel. Soyoil dropped 0.8% to 65.21cents per pound. CBOT corn fell 0.7% and wheat dropped 6%, to $4.59-1/2 per bushel. The oil prices fell more than 5% on Wednesday, as a result of reports that the U.S. had...

Cuba detailed on Friday an extensive plan to protect essential services and to ration fuel, as the communist government dug in its heels to defy a U.S. attempt to cut off?oil supplies to the Caribbean Island. Cubans are already facing severe shortages in food, fuel and medicine. The first rationing measure announced is the first since President Donald Trump warned of tariffs being imposed on any country that exports fuel to Cuba. Ministers of the government said that these measures will ensure fuel supply to key sectors such as agriculture, education, water, healthcare, and defense. As he outlined the details...

The U.S. Transportation Department announced Friday that it will propose rolling back the fuel economy standards for?heavy duty pickup trucks and vans. This is part of a larger effort to undo strict vehicle standards established by former president Joe Biden. Biden's administration finalized in 2024 rules that required heavy-duty trucks and vans increase their fuel efficiency by 10% annually for model year 2030-2032, and 8% annually for model year 2033-2035. In a letter sent to automakers on Friday, the National Highway Traffic Safety Administration said that these rules were unrealistic and needed to be reset. The letter said that the...

Five sources said that U.S. sanctions have dismantled what is left of Lukoil Litasco. Litasco was once Russia's largest oil trader, and a competitor to Swiss oil houses and major oil companies. Washington is trying to stop Moscow from funding its war in Ukraine. The new measures also target the state-owned Rosneft. They went into effect Friday. The measures have put Lukoil’s global operations in limbo - from oilfields across the Middle East, to fuel pumps and refining plants throughout Europe. Sources said that Litasco, cut off from the global system of finance, has fired most traders and operational employees,...

Rosen Zhelyazkov, the Prime Minister of Bulgaria, said that although U.S. sanctions have been imposed on Russia's Lukoil, which operates Bulgaria's largest refinery, there is still enough fuel to meet demand. The U.S. President Donald Trump has imposed sanctions against Russia's biggest oil companies Lukoil, and Rosneft over Moscow's conflict in Ukraine. This has sent global oil prices up and prompted India to cut Russian imports. Lukoil operates the Burgas refinery in Bulgaria which produces 190,000 barrels per day. It also has more than 200 petrol station and a network of fuel depots and transport. Zhelyazkov, speaking to journalists in...

Refining executives in Europe said that European refineries have to invest in energy conversion projects because of the modern, complex competitors from Asia, Middle East, and Africa. Tony Fountain, Essar's managing partner, said at the Argus global markets conference in London: "I guess we're all playing a game of last man standing to ensure we don't shut down." European refineries are under pressure from environmental regulations and modern plants to increase production of cleaner fuels such as biofuels and sustainable aviation fuel to meet the regulatory demand. The regulatory environment does not just tell us what we can do. This...

Indonesia's chief trade negotiator announced on Tuesday that the United States had agreed in principle to exclude Indonesian exports such as cocoa, rubber and palm oil from the tariff of 19% imposed by Donald Trump since August 7. Airlangga hartarto, chief economic minister and also the U.S. ambassador to Indonesia, said that the exemption would take effect when both parties reached a final agreement. However, no time frame has been established because the U.S. was busy with tariff negotiations with other countries. Airlangga told an interview that the two countries discussed possible U.S. investments in fuel storage in Indonesia, in...

The original version of this article was published in On The Money, a newsletter that shares personal finance insights and tips from the United States every two weeks. Subscribe here to get it free. It's time to get rid of capital gains tax on your house. My humble opinion: The most important personal finance story! This week, President Donald Trump has announced that he is considering eliminating capital gains taxes from home sales. Trump told reporters at the Oval Office that if the Fed lowered the rates, then we wouldn't have to do anything. "But we're thinking of no tax...

Ford has recalled 694,271 cars in the United States because of a fuel leak that could increase fire risk, according to the U.S. National Highway Traffic Safety Administration. According to the NHTSA report, in vehicles that may be affected, a fuel injection system could crack, causing fuel to leak into the engine compartment and possibly cause a fire under the hood. Ford's internal committee first reviewed the problem in March 2024. They suggested an update to engine control software and installation of drains as a solution. Ford said that the affected vehicles had a 1.5L motor. The committee didn't recommend...

Three trading sources have confirmed that Nigeria's Dangote refinery will import five million barrels (or more) of U.S. WTI Crude Oil in July. This is a continuation of its purchasing spree following a possible record tally for June. Sources said that the giant new 650,000 barrel-per-day (bpd), oil refinery will import 161,000 barrels of WTI per day in July, after recent tenders were awarded. This is on the back of the record 300,000 barrels per day booked in June's tenders. The final totals of the month may change if the refinery makes more purchases. Traders said that the buying spree...

Shell Indonesia announced on Friday that it has sold its gas station business ownership to a joint-venture between Citadel Pacific Limited, Sefas Group and Citadel Pacific Limited. The company will retain its lubricant division. Shell has said that the deal will be finalized by the end of next year. It includes 200 gas stations and a fuel terminal in Gresik. The move is part of its strategy to transform the company's portfolio. The company stated in a press release that "after completion, Shell will remain in Indonesia via brand licensing agreements." Citadel Pacific, a private holding company based in the...

Chicago corn and Wheat futures sawsawed Thursday, while soybeans ticked up as traders'monitored Middle East developments amidst'mixed signals?from the U.S. As of 11:00 am CT (1800 GMT), the most active corn contract on Chicago Board of Trade had fallen 1-3/4 cents, to $4.65-1/4 per bushel. CBOT Wheat rose by 3-1/4 Cents to $6.01 a bushel. CBOT Soybeans?added 4-1/2 cents to $12.76 a bushel. Prices rose in the previous session due to technical buying, and the uncertainty over the negotiations to end the U.S./Israeli war against Iran. "It's President. There's no way of knowing what he will say and it is...

Dario Durigan, Brazil's Finance Minister, announced a new plan to help the states subsidize diesel imports on?Tuesday. This comes amid?concerns...over fuel supplies and high prices due...to the U.S./Israel war against Iran. The government proposed earlier this month that states eliminate the state ICMS taxes on diesel imports. The?minister said that the plan announced Tuesday would be quicker to implement because importers would receive direct payments from both the state and federal governments. Durigan stated that the state-level ICMS taxes on?imported Diesel are 1.20?reais (US$0.2280) per liter. This means both the federal and state governments would cover 0.60 reais through a...

Fuel prices will rise in Chile in the coming days after the government invoked on Monday a clause in the fuel stabilization mechanism. This was done to quickly align 'with surging international price increases, as the strained public finances are unable to absorb the shock. The Middle East war has caused oil prices to spike. Brent futures trade at around $101 per barrel, up from $70 prior to the U.S.-Israel attack on Iran last month. This led to a blockade in the Strait of Hormuz which was a bottleneck for oil shipping. Due to its lack of oil production at...

Chicago soybean futures fluctuated between 'positive and negative territory' on Monday, and ended the day a tad higher after U.S. president Donald Trump announced a possible delay to possible strikes against Iranian power plants. Trump's remark, which also referred productive talks with Iran sent oil prices tumbling, as investors saw a de-escalation of the U.S./Israeli war against Iran, which has disrupted energy supplies worldwide. The fall in crude oil prices was halted by the Iranian denial of any talks with Washington. Meanwhile, grain prices recovered. Randy Place, an analyst at Hightower Report, said: "I don't believe the?market feels like it's...

Two sources confirmed that Valero had purchased a cargo from Venezuelan crude oil on Wednesday. This is one of the initial deals made by U.S. Gulf Coast refining companies as part of Washington’s agreement with Caracas for exports of up to 50,000,000 barrels. One source said that Phillips 66 had also bought a cargo. Sources said that both companies bought crude oil from Vitol. The crude was then traded to be delivered to the U.S. Gulf Coast for a discount between $8.50 and $9.50 per barrel compared to Brent crude. After President Nicolas Maduro was ousted in January, the U.S....

Sources in the industry said that Trafigura had sold its first shipment of Venezuelan crude oil as part of a 50 million barrel supply agreement between Caracas, Venezuela, and Washington. The Spanish refiner Repsol is expected to receive the shipment. Two sources stated that the cargo will be delivered to Repsol by February. Trafigura and Repsol have declined to comment. The deal would be one of the first oil sales from Venezuela to Europe since the United States captured Venezuela's leader in early this month. Caracas then signed agreements to export oil up to 50 million barrels. Washington tapped Trafigura...

Sources in the industry said that Trafigura sold its first cargo of Venezuelan crude oil as part of a 50 million barrel supply agreement between Caracas, Washington and Spain. The shipment was taken by Spanish refiner Repsol. Two sources confirmed that the cargo will be delivered in Spain to Repsol in February. Trafigura did not respond immediately to a comment request. Repsol refused to comment. This deal marks the first time that Venezuelan oil has been sold to Europe since the United States seized?the South American nation's leader earlier this month, and struck agreements with Caracas for the export of...

Friday, the premium for high-sulfur fuel oil in Asia over the West reached its highest level in eight months as traders expect more Venezuelan crude oil and fuel oil to be shipped to the United States than to Asia in the coming months. LSEG data show that the East-West 380cst HSFO swap for the first month of 2026, a measure used to compare HSFO prices in Asia, Europe and America, has risen above $27 a barrel, a price last seen in May 2025. This value has nearly doubled since the beginning of 2026. It is more profitable for traders to...

Union leaders and executives have said that a dispute over payment deductions involving about 50,000 retired Petrobras workers may prolong the strike at Brazil's state-owned oil company. The central issue in the strike that has now lasted a week is resolving the deduction of around 20% from 'pensioners' pay slips by the largest pension funds of the company. A company source who spoke on condition of anonymity said that the solution was neither simple nor cheap. The impact, he added, would be in the billions. Union leaders say that deductions are due to a shortfall on the accounts of the...

StoneX, a consultancy, said that Brazil's imports of diesel in September reached their highest level since 2023. This was due to a sharp increase in U.S. volume to compensate for declining Russian supplies, amid high agricultural demand. Why it's important The increase in imports is a reflection of the robust domestic demand that Brazil experiences during its soybean planting season, and reflects global market shifts as a result of disruptions in Russian exports. Brazil imports about 20% of its total diesel consumption. By the Numbers In September, total diesel imports reached 1,77 billion liters. This represents a 9.4% rise on...

Roberto Ardenghy of the oil lobby group IBP told reporters on Wednesday that energy companies in Brazil have suspended oil exports to the United States following President Donald Trump's announcement of 50% tariffs against Brazil. The U.S. is Brazil's largest export market. Oil was exempted from the 10% tariff on Brazilian exports in April, but it remains unclear if the commodity will be exempted under the new tariff of 50% that is set to take effect on Friday. Ardenghy said, "This time there is no way to know." IBP represents Brazilian oil companies such as Petrobras, Shell, TotalEnergies ExxonMobil, Equinor,...

Petrobras, Brazil's state oil company, is considering all options, including the sale of its Polo Bahia oil fields. Chief Executive Magda Chambriard announced this on Saturday. She added that any decision would be based on shareholder and return interests. Former President Jair Bolsonaro had listed the Polo Bahia Hub, which consisted of 28 onshore oil fields, for sale as part of his divestment plan. Luiz inacio Lula da So Lula took it off the market when he became president in 2023, ending Bolsonaro’s divestment plan. Chambriard stated that the current operation in Polo Bahia is producing very little oil, but...