North America

According to a statement posted on the website of the U.S. Treasury Department on Monday, "the United States extended a license protecting Venezuelan-owned refiner Citgo Petroleum against 'creditors until June '19." The Office of Foreign Assets Control issued the general license to boost investment in Venezuela and increase oil production. The U.S. also strengthens its protection of Houston's?Citgo, and its overseas parent companies which are the crowning jewels of Venezuela's foreign assets. Citgo is America's eighth largest refiner. The previous OFAC licence, issued in March, was set to expire on May 5. Citgo will be acquired by Amber Energy, a...

Reliance Industries, India's largest chemical company, is reducing output of alkylates while?diverting the feedstock in order to increase production of liquefied gas (LPG), as India struggles with shortages due to the Iran War. The operator of 'the world's largest refining complex runs its alkylation unit on a minimum rate, reducing exports of gasoline-blending components. Reliance exports alkylates primarily to the U.S., from its export-focused refinery that produces 704,000 barrels per day. The company claimed that LPG production had increased by'more than threefold compared to pre-war levels. The company stated in a press release that the move was made to fill...

Chevron's first-quarter earnings exceeded Wall Street expectations on Friday as higher oil prices related to the U.S./Israeli war against Iran helped boost its results in its upstream business. LSEG data show that the company's adjusted earnings per share were $1.41, which is well above the consensus estimate. Despite the big beat, overall profits were at their lowest levels in five years. This was partly due to timing effects related to financial derivatives. Chevron’s largest business unit upstream generated $3.9 billion, an increase of 4% on the previous year, as oil prices rose. In a press release, CEO Mike Wirth stated...

Exxon Mobil beat expectations for the first-quarter adjusted earnings, but unadjusted profits?dropped below their previous level of five years because of disrupted shipments due to the Iran War and paper losses?from hedging activities. LSEG's consensus estimate of $1.00 per share was surpassed by adjusted earnings of $1.16 for the first three -months. The adjusted figure excludes a $700-million loss due to the disruption of the energy market caused by the Middle Eastern conflict, which began at the beginning of February. Earnings per share were also $2.09, excluding the negative impact of financial derivatives which have a short-term impact. The first-quarter...

HF Sinclair announced a surprising first-quarter 'adjusted' profit on Friday. This was aided by increased refining % margins and higher refined product sales. The U.S. refineries are reaping the highest margins they have seen in years as the 'disruptions' to Middle Eastern oil flow due to the Iran War has increased demand for U.S. exports of fuel. The effective closing of the Strait of Hormuz by Tehran -- a crucial chokepoint where a fifth of all global oil and gas shipments pass -- has stoked fears about supply, sent crude futures prices higher and triggered a spike in volatility across...

Exxon Mobil beat expectations for the first quarter adjusted earnings on a Friday. However, unadjusted 'profit' dropped to its lowest in five years because of disrupted shipments due to the U.S./Israeli war against?Iran. Also, a negative impact was caused by?timing issues related to financial derivatives. The adjusted earnings for the first 'three months' of the year came in at $1.16, which was above the consensus estimate by LSEG of $1.00. The adjusted figure excludes a $700m loss due to cargoes which were not delivered because of the war. Earnings per share were $2.09, excluding financial derivatives. Net income was $4.2...

Josu Imaz, the chief executive of Repsol, said that the company is not in a hurry to list the oil and gas production unit it has in the United States. This will temper expectations for a 'initial public offering' or reverse merger. Imaz said in late 2018 that its upstream unit is preparing for a liquidity event by 2026. This could be an IPO, or a reverse merge with a listed company?in the U.S. He said that while the unit is technically "ready to go to the American market", it would be better if the fundamentals of the upstream sector...

?Phillips 66 announced a surprising first-quarter profit a day earlier, after higher refining rates helped offset'severe losses due to volatile commodity prices. The U.S. Gulf Coast?Refiners? are enjoying their highest margins for years as the disruptions in Middle Eastern oil supplies due to the Iran War have increased demand for U.S. Fuel Exports. U.S. refiners have increased international sales through the U.S. Gulf Coast Hub, as they are less dependent on Middle Eastern crude. Quarterly U.S. refinery margins measured by the 3-2-1 Crack Spread In the first quarter of this year, grew by about 73%. Phillips 66 realized margin increased...

A UAE official said on Wednesday that the United Arab Emirates was reevaluating its role and contribution?across multilateral organizations but it is not considering further withdrawals 'at this time. The Emirati official who spoke on condition of anonymity said that the country was reviewing its membership in all multilateral organizations. After its unexpected decision to leave the Organization of Petroleum Exporting Countries (OPEC+) and OPEC+?effective May 1, Abu Dhabi's statement has fueled speculation that it could also exit other regional organizations, such as the Arab League or the Gulf Cooperation Council. The UAE's exit from OPEC, as one of its...

German semiconductor materials provider Siltronic reported lower-than expected quarterly sales on Tuesday, as the company continued to be affected by an?uncertain market environment. According to a LSEG poll, the average analyst's forecast was 317 million euro. The German company's EBITDA (earnings before interest, tax, depreciation, and amortization) was?65.1 million euros compared to 78.3 millions euros last year. This is below analysts' expectations of 67.4million euros. It is encouraging that the growth of AI-driven end market has continued to strengthen. But capacity constraints at our customers, particularly in the memory-chip sector, and persistently high inventories for 200 mm products are dampening...

Eni, Italy's energy producer, signed a deal with Venezuela's oil ministry and the state-run PDVSA on Tuesday to "relaunch" a heavy crude project within the Orinoco belt. PDVSA has been working with its key partners to sign preliminary agreements that confirm their interest in oil and gas projects or allow them to expand. This is as the government continues a broader?review on all contracts within the oil industry in order for the reform. In recent weeks, U.S. Chevron, British Shell, and Spain's Repsol have also signed similar agreements in order to confirm or expand their partnerships. The agreement with Eni...

Contemporary?Amperex Tech Co (CATL), the world's biggest EV battery manufacturer, launched a $5 billion share sale on Monday in Hong Kong. The company is looking to capitalize on its shares which are nearing record highs. According to a termsheet seen by, CATL will be?offering HK$628.20 - HK$651.80 for new H shares, a discount ranging from 3.5% - 7.0% on Monday's closing price HK$675.50. The fundraising is part of CATL's efforts to lock in capital as its share price continues to rise. It also faces an EV market in China that is fiercely competitive and where it has been difficult for...

?Oil Prices eased on 'Monday, after U.S. president Donald Trump'said he would start an effort to release ships stranded at the Strait of Hormuz. However, the absence of a U.S. Iran peace deal kept the prices above $100. Brent crude futures dropped 64 cents or 0.59% to $107.53 per barrel at 2308 GMT, after falling $2.23 on Friday. U.S. West Texas Intermediate is now at $101,10 per barrel, down by 84 cents or 0.82% after a loss of $3.13 on Friday. Trump said in a Sunday post on the Truth Social website that "for the good of Iran and the...

Donald Trump, in his first event outside the White House after an apparent assassination, defended the Iran War, attacked Democrats, and deflected critics of?his economy record, all to boost?struggling Republicans election chances. Trump, speaking to seniors in The Villages'?sprawling? and deeply conservative retirement community The Villages, credited the signature tax law passed last summer for lowering Social Security levies. He also praised his administration's plans to make GLP-1 drugs for weight loss available to Medicare patients beginning in July. Trump stated that he wouldn't withdraw military forces "early" from Iran, only to have the issue arise three years later. Trump,...

The U.S. administration of President Donald Trump argued on Friday that the ceasefire agreement with Tehran "terminated" hostilities, as the legal deadline for reporting to Congress about the two-month Iran War arrived. According to the 1973 War Powers Resolution the president is only allowed to wage military action for 60 days. After that, he must ask Congress for permission or seek a 30-day extension if "unavoidable" military necessity exists regarding the safety and security of the United States Armed Forces. On February 28, Israel and the U.S. launched airstrikes against Iran. IRNA, the Iranian state-run news agency, reported on Friday...

The U.S. president Donald Trump has until Friday to either end the Iran War or "make the case" to Congress to extend it. But the deadline is unlikely to change the course of the conflict, which has devolved into a "standoff" over shipping routes. It is highly unlikely that the war will be ended. Analysts and congressional aides expect Trump to inform Congress of his plans to extend the deadline by 30 days or ignore it altogether. His administration will argue that the current ceasefire agreement with Tehran marks the end of the conflict. War powers are deeply partisan. Like...

Residents of the Russian city of Tuapse were ordered to not drink the tap water on Thursday as the authorities dealt with the aftermath following the third Ukrainian drone strike on the oil refinery in the port. Since Tuesday, the area has been under a state-of-emergency after the attack caused a massive fire to break out at the oil refinery, which cut off production and released slicks into the Black Sea. The fire was out by Thursday morning. However, oil-stained beaches, polluted waterways and air in Tuapse show how the escalating Ukrainian attacks on Russian energy installations can have a...

Residents of Tuapse, a Russian port city, were told not to drink the tap water on Thursday. Schools remained closed as officials dealt with the aftermath following the third Ukrainian drone strike against its oil refinery in the last month. Since Tuesday, the area has been under a state of?emergency? after an attack caused a massive fire to break out at the facility. This cut off production, and released slicks o oil into the water off the Black Sea Coast. The fire was out by Thursday morning. However, oil-stained beaches, polluted waterways and air in Tuapse show just how painful...

?U.S. Valero Energy, a refiner, surpassed Wall Street's expectations for the first quarter adjusted profit on Friday, thanks to its refining segment and margins, as well as throughput volume. The first quarter saw a sharp rise in diesel and jet fuel margins after U.S. and Israeli attacks on Iran disrupted Middle Eastern supplies, driving finished fuel prices higher than crude oil costs. This increased profit margins at refiners. By expanding sales overseas, U.S. refiners can benefit from global fuel shortages. Gulf Coast hub. The 3-2-1 crack spread is a measure of the quarterly U.S. refinery profit margins. In the first...

Bombardier, a Canadian business jet manufacturer, reported on Thursday a 5% increase in revenue for the first quarter. This was aided by a robust demand for maintenance and repair services as well as a new plane delivery compared to a year ago. The demand for parts and services to maintain its growing global jet fleet was strong, particularly in the U.S. This led to a 25% increase on the previous year. The Middle East conflict has caused jet fuel prices to rise, but private aviation is still largely resilient. CEO Eric Martel stated in a statement that the plane maker...

The U.S. economy accelerated in the 1st quarter, likely due to a rebound of government spending following a crippling shutdown. However, the improvement is expected to be short lived as the war against Iran will drive up gasoline prices and squeeze household budgets. The expected increase in gross national product for the last quarter would also'reflect robust growth of business investment in equipment. Fueled by an artificial intelligence spending boom, and the construction of data centers that underpin the technology. The 'Commerce Department's' advance estimate of the first-quarter Gross Domestic Product on Thursday will show that consumer spending has weakened...

Oil prices rose Thursday after a report that the U.S. was considering military action against Iran to break the deadlock of negotiations to end the conflict. This increased concerns about more supply disruptions for already curtailed Middle East Exports. Brent crude futures, for June, rose by $5.27 or 4.5% to $123.30 per barrel at 0347 GMT, after rising 6.1% the previous session. The June contract expires Thursday. It has been increasing for nine days. The more active contract, the July contract, was trading at $113.10 up $2.66 or 2.4% after rising 5.8% the previous session. U.S. West Texas Intermediate futures...

A senior Pentagon official said that the United States war against Iran had 'cost' $25 billion to date. This was the first estimate of the cost for the military. Democrats have been able to gain a strong lead in opinion polls in the six months before mid-term elections, when Trump's Republicans will likely face a tough battle to maintain their House majority. They are also attempting to link affordability with the unpopular Iran War. Jules Hurst who is the comptroller told the House Armed Services Committee members that the majority of this money was "for munitions". Hurst didn't specify what...

Visa, the world's biggest payment processor, reported an?increased second-quarter profit?on?Tuesday. The company benefited from a steady?increase in?payment volume despite macroeconomic uncertainty. The company has benefited from resilient spending by consumers, which has boosted transaction volumes, even though high interest rates, persistent inflation, and spillover effects from the Middle East war have weighed on the global economy. U.S. 'consumer spending rose more than expected in march as the U.S. - Israeli?war against Iran boosted gas prices?and receipts from?service stations while tax refunds bolstered spending elsewhere. Visa is a global digital payment network that is used every day by millions of people...