Jet Fuel

Citgo Petroleum, a U.S. refiner owned by Venezuela, reported a net profit of $305 million last year. This was below the projected $2 billion profit for 2023. The company also revealed a loss of $146 million in the fourth quarter. The ownership of the seventh-largest refiner in the United States could change if the winning bidder for its shares is selected in a Delaware court-organized auction to compensate 18 creditors who have defaulted on debts or been expropriated in Venezuela. In 2024, a "deteriorating price environment" coupled with lower volumes processed of oil earlier in the year resulted in lower...

Asia's frontmonth regrade spread, the difference in between jet fuel and gasoil swaps, leapt to a sixyear high, prices data from LSEG showed on Monday, with traders associating the relocate to strength in timely market fundamentals for jet fuel. The spread has been expanding for the past four-trading session to strike $2.50 a barrel - its largest given that Nov. 26, 2018, when levels were around $2.55 a barrel, the information revealed. Jet fuel markets have been rallying considering that a week earlier, as increased purchasing interest - with regional buyers seeking to cover their immediate November requirements - stimulated...

Refiner margins on jet fuel balanced 5 cents a gallon at the Los Angeles trading center last month, the lowest in a minimum of five years, as low demand and high supplies pushed stocks to a record high, the U.S. Energy Details Administration (EIA) stated on Wednesday. WHY IT MATTERS Fuel manufacturers' margins have actually compromised significantly this year as soft financial activity has moistened the post-pandemic travel boom and global supply has actually increased due to the opening of brand-new refineries and expansions of existing plants. Weaker-than-expected jet fuel intake has been among the biggest frustrations for refiners, as...

U.S. petroleum refiners are trimming thirdquarter production strategies, company executives said in current profits calls, as summer fuel demand recedes and profit margins stay weak. Operators state they are budgeting more maintenance downtime into projections after performing at an industry average 95% of capability earlier this year. Those high oil processing levels led to abundant gasoline stocks, which benefited vehicle drivers but hurt revenues. Matthew Blair, top refining expert at energy company Tudor, Pickering, Holt & & Co, stated refiners are showing a deteriorated margin environment in the third quarter with softer need. The hope is if you lower supply...

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...

A healthy growth in customer costs and strong summer demand will press the oil market to a. 1.3 million barrels each day (bpd) deficit in the 3rd quarter. and raise benchmark Brent costs to $86 a barrel, Goldman Sachs. said. The bank cut its 2024 oil need growth forecast by 0.2. million bpd to 1.25 million bpd, but preserved that it anticipates. demand growth to be robust primarily due to jet fuel recovery. The modest China-driven demand development downgrade for 2024. offsets a 0.1 million bpd cut to non-OPEC supply and an. assumption of greater U.S. tactical petroleum reserve purchases,....

Argentina's YPF will not provide fuel to Cuban airline Cubana, Cuba's foreign ministry stated late on Tuesday, triggering the staterun provider to shut down a path run between Havana and Buenos Aires for nearly four decades. Cuba stated in April it had been forced to cancel a few of its flights to Buenos Aires amidst a conflict over fuel supply, however on Tuesday stated it had stopped working to strike a deal with Argentina's YPF and high level officials to solve the problem. As an outcome, Cubana de Aviación has actually been required to suspend regular flights in between Cuba...

President Joe Biden's. administration on Tuesday released assistance on its sustainable. aviation fuel (SAF) aid program that permits cornbased. ethanol to qualify as a feedstock provided it is sourced from. farms that use climatefriendly growing strategies. The strategy is likely to be bittersweet for the politically. powerful U.S. ethanol market that is eager to secure the. aids however had wished for a lower hurdle. Flight so far accounts for about 2% of U.S. carbon. contamination and is one of the fastest growing sources. Biden hopes producing a subsidized market for lower-emissions. SAF can counter that danger, while likewise giving a...

Traders are rushing to fill up tank along the U.S. East Coast with extract fuels, like diesel and heating oil, data from storage broker The Tank Tiger showed on Monday, an indication of deepening oversupply that is weighing on refiners' earnings. Mainly warmer-than-expected winter season weather in U.S. Northeast and Europe has cut distillates demand and hit refiners' margins across the globe in recent months, an element that drove softer first-quarter earnings by oil majors and top independent refiners. Spreads between U.S. crude and diesel futures , or fractures that show refining margins, have dropped more than 30% so far...

The Biden administration will launch a preliminary environment design for its sustainable air travel fuel (SAF) aid program in the coming weeks that is more limiting than the cornbased ethanol manufacturers had hoped, two sources knowledgeable about the matter informed . Under the preliminary design, which might be released by May 15, ethanol is not expected to automatically certify as a. feedstock in the SAF subsidy program unless the corn involved is. sourced from farmers using among simply three sustainable. farming techniques, the sources stated. Those methods consist of efficient tilling, use of cover. crops, and effective fertilizer application, the...

Brazil's largest sugarcane ethanol manufacturer, Raizen, has checked out places in Brazil for an ethanolbased sustainable aviation fuel (SAF). plant, intending to construct the world's second ethanoltojet fuel. plant. The proposed project would produce at least 33.3 million. U.S. gallons per year of SAF utilizing ethanol instead of biomass. waste, Paulo Neves, Raizen vice president of trading, informed. on the sidelines of the CERAWeek energy conference on. Thursday. There is inadequate used cooking oil or tallow available in. the world to produce all the SAF that is demanded, stated Neves. Brazil's function as a large ethanol manufacturer positions it to...

The Biden administration will release an initial environment model for its sustainable aviation fuel (SAF) aid program in the coming weeks that is more restrictive than what the cornbased ethanol industry had anticipated, 2 sources knowledgeable about the matter told . Under the preliminary model, which could be released by May 15, ethanol is not anticipated to instantly certify as a. feedstock in the SAF aid program unless the corn included is. sourced from farmers using among simply 3 sustainable. agriculture strategies, the sources said. Those strategies consist of efficient tilling, use of cover. crops and efficient fertilizer application, the...

Singapore Airlines on Wednesday posted a record yearly profit and raised its dividend, reflecting strong travel demand in North Asia, but flagged geopolitical problems, supply chain snags and strong competition as difficulties dealing with the sector. The city-state's flag carrier likewise highlighted strength in freight need towards the end of the fiscal year amid a shift to air freight by various carriers due to security concerns in the Red Sea region. Cargo need enhanced towards the end of FY2023/24 on the back of healthy e-commerce demand, durable and growing sectors such as perishables and concerts, the company stated. Singapore Airlines...

Travellers will need to pay of the shift towards green jet fuel, Singapore's transportation minister said as he announced the city state's prepare for a levy on flight ticket rates as the air travel industry seeks a practical funding design. The plans revealed at an industry top on the eve of the Singapore Airshow go for all leaving flights to utilize 1%. sustainable air travel fuel (SAF) from 2026, rising to 3-5% by. 2030, based on international developments and the broader availability. and adoption of SAF. It will injure our air center and our economy, and raise the. expense of...

Singapore's middle ditstillates stocks fell for the very first time in 3 weeks, tracking the gains in net exports of diesel/gasoil, authorities government data revealed on Thursday. Stocks of diesel/gasoil and jet fuel/kerosene at crucial oil storage hub Singapore declined to 10.136 million barrels from 11.208 million barrels in the previous week, figures from Enterprise Singapore showed. The drop came as net exports of diesel/gasoil increased by a little more than 68% week on week, with total exports of the fuel getting at a quicker pace than overall imports. Total imports climed by around 39%, while overall exports rose by...

Singapore's middle distillates stockpiles drew for a second week, falling by 2%. week on week, however China import volumes for diesel/gasoil and jet. fuel/kerosene remained popular, official information revealed on. Thursday. Gasoil/diesel and jet fuel/kerosene inventories at key oil. storage center Singapore were at 10.134 million barrels, below. 10.349 million barrels a week ago, figures from Enterprise. Singapore showed. Jet fuel/kerosene net exports climbed by nearly 10%, fuelled. by the 43% rise in overall exports week on week. Key factors today were Australia and Vietnam, with. the latter drawing more freights regionally given some planned. refinery maintenance there that simply...

Singapore's middle distillates stocks slipped by 4% from last week as internet exports of diesel/gasoil and jet fuel/kerosene rose, official data showed on Thursday. Inventories of gasoil/diesel and jet fuel/kerosene at the essential oil storage hub was up to 10.349 million barrels from 10.787 million barrels a week earlier, information from Business Singapore showed. Net exports of diesel/gasoil rose more than significantly throughout this duration given a 66% drop in total imports, although overall exports just fell by 6% week-on-week. Volumes from China and South Korea remained popular, in line with earlier expectations, limiting the general weakness in total imports...

Singapore's middle extracts stockpiles slipped weekonweek as net exports of diesel/gasoil rose, main information showed on Thursday. Inventories of diesel/gasoil and jet fuel/kerosene at key oil storage center Singapore were at 8.845 million barrels in the week of Feb. 21, below 9.547 million barrels from a week earlier, the data from Business Singapore showed. Net exports of diesel/gasoil increased by 37% from recently, mainly due to an 11% decrease in overall imports. Import arrivals were mostly from Russia and Saudi Arabia for the week, the information showed. Around 100,000 metric loads of India-origin diesel/gasoil were bound for Singapore in February,...

Demand for sustainable aviation fuel (SAF) should see a longsought boost after regional airline center Singapore said it would need SAF on flights from 2026, but high costs and unsure basic material supply will indicate barriers to larger adoption remain. The city-state will at first require flights to utilize 1% SAF, potentially rising to 3% -5% by 2030 depending on wider accessibility and adoption, which will be paid for by a levy on tickets, its transport minister said on Monday ahead of the Singapore Airshow today. Aviation produces about 2% of the world's emissions and is Because of, thought about...