North America

A man who claimed to have been injured in an explosion at Valero Energy’s Port Arthur, Texas refinery Monday night filed a suit on Wednesday with a state district court, alleging that the?company?failed?to properly maintain the refinery. The lawsuit filed at the Jefferson County District Court of Beaumont, Texas, is seeking more than $1,000,000 in damages. A Valero spokesperson had no immediate comment on Wednesday night. Valero filed a report with the Texas Commission on Environmental Quality (TCEQ) on Tuesday. The company stated: "An unexpected release of fluid from Complex?2 caused an ignition event, and multiple process units were upset."...

The markets overshoot and the recent dramatic increase in bets placed on higher interest rates due to the Middle East energy crisis is the latest example: although the move was logical, its magnitude remains questionable. The Iran War shows no signs of stopping and the?markets are still in flux. Rates traders may need to take a break and re-evaluate. The abrupt change in global 'rate outlook' reflects concerns about the short-term impact on inflation of the soaring prices for oil and gas. Federal Reserve now has a higher probability of raising U.S. interest rates in this year rather than cutting...

Confindustria, Italy's leading business lobby, forecast that the economy would grow by 0.5% in this year. This is a reduction from the 0.7% it had predicted in October. It also warned of'strong' 'downside risks' if the Iran conflict continues. The third largest economy in the Eurozone saw its gross domestic product rise by 0.5%, marking the third consecutive year of growth below 1%. Confindustria stated in its bi-annual report that the 0.5% growth scenario for 2026 was based on an "optimistic hypothesis" that?the conflict in Iran would be over by March's end. The business group warned that if the hostilities...

Sources familiar with the situation said that Indian billionaire MukeshAmbani's?Reliance Jio Platforms? has been in talks with?13?marquee investors to sell 8% of their individual stakes at the upcoming Mumbai listing for the company which will be transforming its telecoms into AI. Ambani’s Jio Platforms is expected to file for approval in Mumbai of its IPO as early as this coming week. The list includes Meta with a stake worth 9.99% and Google?with 7.73%. Vista Equity Partners, KKR and KKR are also big investors. Investors include three sovereign Gulf funds: the Public Investment Fund (PIF), Mubadala, and Abu Dhabi Investment Authority....

The Philippines' ambassador to the United States stated that it is working closely with Washington in order to securing waivers and exceptions to allow oil to be purchased from sanctioned U.S. countries. This will 'ensure supply. The Philippines, which is heavily dependent on imported fuels, declared on Tuesday a national energy emergency in order to deal with Middle East War fallout, including oil procurement. In a series of phone messages, Jose Manuel Romualdez said: "We're working with the State Department on getting waivers or exemptions for oil purchases from sanctioned U.S. countries." Romualdez responded that "all options" are being considered...

Cuba?received on Tuesday a shipment?of humanitarian aid from Nuestra America Convoy, a global effort organized by activists who are seeking to circumvent the?U.S. Cuba is under sanctions that severely restrict shipments of fuel, food and other goods to the island. A small ship, which left last week for the port of Progreso, Mexico, arrived early Tuesday morning in Havana Harbor, carrying 14 tons of food and medicine, as well as solar panels and bikes, to Cuban authorities. The ship was part of a flotilla that left Progresso with two other ships arriving later. The ship topped up the 6 tons...

Two sources with knowledge of the situation say that the Trump administration will announce on Wednesday a temporary lifting of federal smog-cutting restrictions on summer-blend gas to 'curb rising fuel prices due to the war in Iran. This move will make gasoline more affordable by preventing refiners from switching to expensive summer blends. Fuel retailers will also be able to sell gasoline containing 15% ethanol (also known as E15) throughout the summer driving seasons, when more stringent rules would normally limit its use. Analysts believe the change will reduce retail prices by several cents per gallon and help both consumers...

Maria Corina Machado, Venezuela opposition leader, believes that early interest in Venezuela's oil industry is positive. However she has called for greater transparency and contract security. She said in an interview, before her afternoon address at the CERAWeek conference in Houston: "I am here to draw attention to Venezuela and not to delay it." Machado stated that the country could produce up to 5 million barrels a day with an investment of $150 billion. The country currently produces around 1 million barrels of oil a day. She believes that Venezuela's PDVSA, the state-run oil company, will eventually be reduced in...

The Iran War and the global energy crisis it unleashed could have "killed" the idea of an asset that fits all. It is not a novel concept given the poor performance of the U.S. Treasuries did well after the Russian invasion of Ukraine four years earlier. The extraordinary fall in gold prices since the U.S. and Israeli strike on Iran, February 28, has brought it into the spotlight. In times of increased economic, geopolitical or financial uncertainty, investors tend to flock to gold, Swiss franc, Treasuries and the dollar. These are the assets that will most likely serve as a...

Valero Energy Corp has shut ?its 380,000-barrel-per-day (bpd) oil refinery in Port Arthur, Texas, ?following an explosion ?and fire at ?a diesel hydrotreater ?unit, people familiar with the plant operations said on Monday. It is not known what caused the explosion. Sources said that the blast could be heard up to 11 miles away. Valero confirmed in an email to that there was a fire at a refinery unit of the company, Port Arthur. The company also stated that all employees were safe. Diesel hydrotreaters remove sulfur from motor fuels using hydrogen during production in order to comply with U.S....

Donald Trump, the U.S. president, said on Monday that the United States had held talks with Iran in the last day and the two sides "had major points of agreement." He added that a deal to end the war could be reached soon. Trump said that his Middle East envoy Steve Witkoff, and Jared Kushner, his close adviser and son-in law had met with the Iranians Sunday. Discussions would continue Monday. We have had very intense discussions. We'll have to see how they go. We have major points of consensus, or almost all of them, as I'd say. Mr. Witkoff,...

Despite the fact that the markets were bouncing and oil prices were near $100 a barrel due to the U.S./Israeli war against Iran, U.S. Energy Sec. Chris Wright said on Monday, at the CERAWeek conference in Houston, Texas. After the attacks in the Middle East on energy infrastructure and the closure of an important shipping channel, the world is experiencing one of its worst energy crises. The oil prices are at multi-year highs, and fuel prices in the U.S. have surged. This could cause problems for the Republican Party of President Donald Trump ahead of the midterm elections. The Trump...

White House Press Secretary Karoline L. Leavitt stated that the United States issued a stern warning on Wednesday to Iran, saying President Donald Trump would strike 'harder' if Tehran refused to accept they had been "defeated militaryly". "President Trump is not a bluff, and he's prepared to unleash hell." Leavitt, in a briefing to reporters, said that Iran shouldn't?miscalculate" again. She said that if Iran does not accept the present reality, or if it fails to understand they are militarily defeated and will remain so, President Trump will make sure they get hit harder than they ever have before. The...

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...

U.S. crude oil futures dropped about 4% in early trading on 'Wednesday,' on the prospect that a possible ceasefire would ease?disruption of a global?oil supply. This was after reports that Washington sent Tehran a fifteen-point plan for ending the Middle East war. U.S. West Texas Intermediate crude (WTI),?futures, dropped as low as $87.80 per barrel at the?open and were down $3.49 or 3.8% at $88.86 per barrel by 2305 GMT. WTI gained 4.8% on the Tuesday before paring its gains in volatile trading after settlement. U.S. President Donald Trump said on Tuesday that the U.S. is making progress in its...

Valero Energy Corp completed the temporary shutdown of ?its 380,000-barrel-per-day oil refinery in ?Port Arthur, Texas, on ?Tuesday ?following a Monday night explosion and fire in a diesel hydrotreater unit, people familiar with the plant operations said. The explosion of the diesel hydrotreater unit 243, which produces 47,000 bpd, did not cause any injuries. The date for the reopening has not been announced. Jefferson County Sheriff's Office said that the cause was unknown but they did not believe it to be an intentional act intended to?damage the refinery. Donta Miller said, "No, it's not that," when asked whether there was...

Smithfield Foods beat analysts' estimates for the fourth quarter results on Tuesday, thanks to strong?demand. It also said that the Middle East conflict will?raise fuel, corn, and packaging costs. Shares of the?U.S. Pork processors jumped by 5% on the morning market after issuing a positive annual profit and sales forecast. Mark Hall, CFO of the company, said that while input costs are expected to remain high by historical standards they will be lower in 2025. The company has increased prices to offset the rising costs of raw materials. It has also seen an increase in demand as more consumers cook...

On Tuesday, oil prices soared on fears of a shortage, after Iran denied that it had?talks? with the United States about ending the Gulf War, in contradiction to U.S. president Donald Trump, who claimed a deal would be reached soon. Crude futures dropped by more than 10% after Trump ordered the delay of attacks on Iran's power plants for five days, claiming that he had held talks with Iranian officials who were not named, and they had reached "major agreements". Brent futures were up $1.25 or 1.3% to $101.19 a barrel by 0858 GMT. U.S. West Texas Intermediate rose $2.15...

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...

Chicago soybean futures rose on Monday, as investors considered?U.S. Iranian threats of targeting energy facilities could escalate the war, adding further pressure on the global commodities markets. Futures for wheat and corn edged higher. As of 0340 GMT, the most active soybean contract at?the Chicago Board of Trade (CBOT), was up 0.34% to $11.65-1/2 per bushel. CBOT corn rose 0.8% and wheat gained 1.1%. Iran has warned that it will strike water and energy infrastructure in the Gulf region if U.S. president Donald Trump follows through with his threat to attack Iran's?electricity network. U.S. president Donald Trump threatened on Saturday...

U.S. president Donald Trump asked allies to help'secure the Strait of Hormuz' as Iranian forces 'continued attacks on this vital waterway during the U.S. and Israeli war against?Iran in its third week. Trump claimed that his administration has already reached out to seven countries but refused to name them. In an earlier post on social media, Trump said he hoped China would join the effort, as well as France, Japan and South Korea. Iran effectively closed the Strait between Iran and Oman. This narrow passage of water has cut off a fifth global oil supply, the largest disruption in history....

The U.S. Dollar was set to?gain a second weekly gain as investors moved?towards safer assets on Friday, as the Middle East war pushed investors towards safe-haven currencies. Energy-sensitive currencies like the euro and the yen fell to multi-month-lows. The economies of Japan and the euro zone, which heavily depend on crude imports would be severely affected by a sharp rise in oil prices. The economists are still wary about monetary tightening, as the dependence of these economies on fuel imports will likely lead to a rise in energy prices that could weigh on economic growth. The euro dropped to its...

Two sources with knowledge of the discussions said that the Trump administration has told U.S. shipping groups and oil companies to prepare for the 'potential waiver' of the century-old Jones Act governing domestic shipping in order to facilitate the movement of fuel across the country. Sources said that the announcement could be made as soon as Thursday. It would aim to combat the'spiking fuel prices' since the U.S. and Israeli war on Iran. The White House has not yet commented. According to the Jones Act?goods transported between U.S. port must be?carried by vessels?that were built in the U.S., are U.S....

Calculations showed that the proceeds from Russia's mineral extract tax, which is its largest tax item for crude oil production and the country's?largest taxable item, could almost double in March due to the global price rally induced by the conflict in the Middle East. The global oil benchmarks soared to $119 per barrel on Monday, the highest level since June 2022. This was due to supply cuts from Saudi Arabia and others producers, which stoked fears of a major disruption to global supplies. The price increase of crude oil, along with the natural gas that it produces, will benefit Russia's...