Heating Oil

Can India do for Asia's refined-fuels market what China did? China drastically cut its crude imports to a decade low in June in response to the U.S. and Israeli war against Iran. This freed up oil for buyers who were struggling to find cargoes due to the 'effective closure of Strait of Hormuz. India has taken a different approach, purchasing Russian crude oil and increasing?exports?of refined products in order to offset the lower shipments of refineries from the Middle East and Russia. According to commodity analysts Kpler, India's light and middle distillates exports are expected to hit 1.55 million barrels...

U.S. Diesel futures are set to make their biggest daily gains in the last four years on Wednesday, after Russia announced an export ban. This has heightened supply concerns for a market that is still grappling with uncertainties about Middle Eastern oil flow. The benchmark ultra-low sulfur futures contract on the New York Mercantile Exchange closed up 11.6% to $154.71 a barrel, its highest level in more than a month. It also marked the largest daily gain for the contract since march 2022. The price spike in response to the 'Russian export ban', imposed in response to intensifying drone attacks...

?U.S. The Energy Information Administration reported on Tuesday that crude oil production in April was the highest ever recorded at 13.93 million barrels per day. This is the highest level on record. Producers increased output to counter higher oil prices due to the Iran War. EIA data show that production rose by 216,000 barrels per day in April. Production in New Mexico reached a record of 2,37 million barrels per day. Texas' crude production increased by 36,000 bpd to 5.83 millions bpd. This is the highest level since November. The Permian Basin is located in Texas and New Mexico, where...

The?U.S. The?U.S. The crack spread, which is calculated as the difference in price between U.S. ultra low sulfur diesel futures compared to U.S. crude benchmark West Texas Intermediate Futures, reached $62.84 a bar on Thursday. This was the highest level since June 3. The resilient diesel?refining economy reflects a cautious approach by traders who are wary about being caught out if tensions erupt again in the Middle East. The blockade of Strait of Hormuz has had a major impact on diesel markets, as it is critical for global supplies of fuel and Middle Eastern crude grades that are well-suited to...

Asia's crude oil imports are expected to return to pre-Iran Conflict levels, but the flow of refined products is still constrained. Fuel prices reflect this supply stress. According to data compiled by Kpler, the world's largest energy consumer region is expected to import 22.18 millions barrels of crude per day in June. This represents an increase from 20.35million bpd imported in May. The arrivals in June are still below the 26.76m bpd average for the three months leading up to the United States' and Israel's attack on Iran, which took place on February 28. The figures are still well above...

Asia's crude oil imports are expected to return to pre -Iran Conflict? levels, but the flow of refined products is still constrained. Fuel prices reflect this supply stress. According to data compiled by Kpler, the world's largest energy consumer region is expected to import 22.18 millions barrels of crude per day in June. This represents an increase from 20.35million bpd imported in May. The arrivals in June are still below the 26.76m bpd average for the three months leading up to the United States' and Israel's attack on Iran, which took place on February 28. The figures are still well...

Energy costs are squeezing soybean and grain growers in the U.S. Farm Belt as the Iran War chokes fuel supply through the Strait of Hormuz, pushing diesel prices to record highs. Farmers were already under pressure and faced a fourth consecutive year of shrinking margins due to a resurgent dry spell, high input costs, and the fallout from President Donald Trump's policies on trade, which has impacted crop prices. Diesel prices in the Midwest, America’s main corn- and soybean-producing region rose to record highs as a result of the conflict in May. This was just as farmers were ramping up...

The Energy Information Administration reported on Thursday that U.S. distillate fuel oil stocks sank to a 23-year low last week as the Iran War continues to choke off global fuel supplies, and increase demand for U.S. petroleum products and crude. Stockpiles of distillates, including diesel and heating oil in the?country, dropped by?2.1m barrels during the week ending May 22, to a total of?100.8m barrels. This is the lowest level since May 2003. Analysts expected a drop of 1.02 million barrels. We'll continue to see U.S. "We're going to continue to see?U.S. Since the Strait of Hormuz was closed, which blocked...

According to traders, analysts and exchange data, there were a series of well-timed bets made on the falling oil price in March and April, totaling up to $7 billion. These bets were spread over multiple exchanges, types of fuel, and derivatives, just before Donald Trump's major announcements about Iran policy. The amount exceeds the $2.6 billion in?bets that were previously reported, and has already led to the U.S. Administration?warning staff not to use nonpublic information as a means of financial gain. A?person with knowledge of the matter said in April that the U.S. Commodity Futures Trading Commission is investigating. However,...

According to analysts, traders and market experts, there were a series of well-timed "market bets" on falling oil prices that totaled $7 billion between March and April, spread across different exchanges, types of fuel, and derivatives, just before Donald Trump's major announcements about Iran policy. The amount of the bets exceeds previous reported wagers totaling $2.6 billion. This has already led to the U.S. Administration to warn staff against using confidential information to their financial advantage. A 'person familiar with this matter' told a CFTC official in April that the U.S. Commodity Futures Trading Commission is conducting an investigation. However,...

The Energy Information Administration reported on Tuesday that U.S. crude oil production fell the most in two years last month following a'severe winterstorm' which knocked production offline?in large parts of the country. The EIA data showed that U.S. crude output dropped 410,000 barrels a day in January, compared to the previous month, to 13,25 million barrels a day, the lowest level since February 2025. The EIA reported that the total U.S. crude and petroleum product consumption fell by 201,000 barrels per day in January to 20.7 millions bpd, which is the lowest level since November '2025. The demand for gasoline...

Oil is expensive, especially for Americans, who spend a lot of money and are involved in a lot of energy-intensive economic activity. The average U.S. customer is better prepared than ever to cope with oil priced at $100 per barrel, despite the fears. The U.S. household is the wealthiest it has ever been, in nominal terms. In relative terms, they've never been any better. The unemployment rate is historically low.?And, perhaps more importantly, energy and gas account for an historically small portion of?consumption. It may be that U.S. equities outperformed those of their global peers after the joint U.S. and...

Two sources who are familiar with the discussions on Wednesday said that Russia is planning to extend its diesel export ban by one month. However, the restriction could be lifted mid-August, if domestic supply improves. The ban was introduced by Russia from July 8 until July 31, as part of an overall package of measures designed to support the domestic market for fuel after repeated Ukrainian drone strikes on oil refineries caused fuel shortages and price increases. Moscow has already placed restrictions on the export of jet fuel and gasoline. Alexander Novak, the Deputy Prime Minister, said last week that...

Government data released on Thursday shows that oil product inventories in Singapore, Asia’s main trading hub, have barely changed from week to week. This is because declines in light distillates and residual fuels offset gains in middle distillates. Enterprise Singapore data shows that total onshore oil product stocks were hovering at 40.33 million barrels for the week ending July 8 compared to 40.45 millions barrels last week. Markets are anticipating an increase in inventories if exports to regions like Northeast Asia continue to rise, after a recovery of refining operations these past two months. China's outflows will also increase after...

After the U.S. military launched new strikes against Iran, oil prices rose by more than $1 a barrel on Wednesday. After Donald Trump's threat to strike Iran again on Wednesday night, both?crude benchmarks? had reached their highest levels in?more than two weeks. Trump said the interim agreement to end Iran's war was over, but ruled out a full-blown war. Brent crude futures closed Wednesday's session at $79.28 per barrel after closing the previous day at $78.02, up by more than 5%. U.S. West Texas Intermediate Crude futures traded at $74.76 per barrel, an increase from the session's settlement price of...

After the U.S. and Iran deal to end the Middle East conflict, spot premiums for crude oil in Asia are back to their pre-war level. However, caution over how soon normal shipping will resume is keeping the oil markets afloat. Prices fell across the board after U.S. president Donald Trump announced that a preliminary deal had been signed. Details have not yet been released, and the U.S. as well as Iran say that a permanent ceasefire is still being negotiated. Dubai's premium for swaps on Middle East crude returned to its pre-war level of $2.06 a barrel on Monday. This...

Analysts and trade sources reported that South Korea's refiners increased jet fuel exports to pre-Iran War levels in May, helped by an increase in?crude oil imports, and encouraged by the robust margins of refining. The rebound of?one of Asia’s top fuel exporters as seen in a series of spot cargo sales has eased concerns about a tight supply, and helped to cool down prices in the area. In the last two weeks, spot premiums on aviation fuel fell by 50% to about $2 per barrel. This compares to a record-high of more than 20 dollars in March. Data from Kpler...

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According to LSEG data and other market sources, Russia's seaborne exports of oil products rose 10% a month on average in the first fifteen days of May as key ports re-established fuel loadings. The release of fuel inventories accumulated during previous disruptions due to drone attacks was the main driver for fuel export growth, traders reported. However, May shipments were still limited by unplanned and seasonally-related refinery maintenance as well as rising domestic demand. Primorsk is the largest port in Russia for the export of ultra-low sulphur (ULSD) diesel. In the first half, it loaded 710,000 tons of ULSD, which...

The impact of the 'crisis' on the physical fuel markets has worsened. Prices for crude oil futures fluctuated in line with headlines about the conflict between the United States, and Iran. Brent contracts fell 7.8% to close at $101.27 per barrel on Wednesday, despite the fact that a sustained and full reopening of the 'Strait of Hormuz is still a long time away. The United States and Israel's February 28th attack on Iran has led to a reduction in the volume of refined products shipped throughout Asia. The Strait of Hormuz is the main energy-consuming region in the world and...

Pacific nations far from home are feeling the effects of a global fuel shortage. Authorities scramble to manage their energy supply, while families struggle with fuel restrictions and higher food prices. The U.S. and Israel war against Iran is disrupting traffic through the Strait of Hormuz which carries around 20% of the world's oil flows. Aid agencies 'warned' that the crisis had caused diesel, petrol, and kerosene prices to rise by up to 70% in Papua New Guinea following the Iran war. Godfrey Bongomin is the director of programme operations for World Vision Papua New Guinea. He said that many...

Keir starmer, the British prime minister, will pledge on Monday to help "working people", whose cost of living is being exacerbated by the conflict in the Middle East. He will warn companies not to try to "exploit" this crisis by raising prices. Starmer's latest effort to calm British concerns about the Strait of Hormuz conflict, which has effectively closed the Strait of Hormuz as a vital waterway that transports oil and liquefied gas, will be "to assist you in the cost of living through this crisis". Finance Minister Rachel Reeves announced on Saturday that the government would provide "targeted support"...

In an interview with?Saturday, Finance Minister Rachel Reeves stated that the British government was looking at providing "targeted support" for the poorer households in order to offset the impact of the rising energy costs caused by the conflict?in the Middle East. Reeves, a Times reporter, said that the government is looking into?options? to help those affected by sharp increases in energy prices. This includes those households who rely on heating oil. However, he ruled out a universal program for all homes, stating it would not be affordable. Labour, which is trailing the populist Reform UK Party in the polls, has...

Crude oil futures prices'reflect a view of the market that it can successfully navigate through the Iran War, while the prices for physical cargoes or refined products signal an imminent crisis. One of these signals is not the case in the paper oil market. Brent crude futures for the global benchmark ended Wednesday at $91.98 per barrel, an increase of 4.8% over the previous close, but down from the brief spike that occurred on March 9, when they reached $119.50 - the highest price in almost four years. On the physical market, on Wednesday the premium of a physical cargo...