Oil & Gas Refining

SLMG Beverages could increase some of its prices if packaging costs 'linked to war - in the Middle East' are hard?to _absorb. Some packaged water producers have already raised prices. In an interview with SLMG earlier this month Rahul Kumar, the deputy CEO, said that if the war continued, packaging materials costs could continue to rise. He added that price increases would depend on a number of factors, including the response from competitors and the reaction of consumers to increased prices. Cost?pressure is a result of Mukesh Ambani, a billionaire, reviving a local cola, Campa in 2023. Reliance Industries used...

CNBC, citing 'close sources', reported on Saturday that Fertitta Entertainment was negotiating to buy Caesars Entertainment at $32 per share. This would represent an equity value $6.5 billion. The report stated that Fertitta’s terms for Caesars include a value of $31.5billion, based on the substantial debt the gaming company has. Caesars responded to an emailed question by saying: "As a policy, we do not comment on rumors and market speculation." Could not verify the report immediately. Fertitta Entertainment has not responded to the request for comment made outside of regular business hours. CNBC reported that deal talks will take place...

The U.S. Justice Department filed a'memorandum' supporting Argentina's request to suspend a 'discovery' process in a New York Court case?related to the 'nationalization' of YPF state 'oil 'company in 2012, Argentina's Treasury Attorney's Office announced on Saturday. The filing was submitted to the Southern District Court of New York. It argues that the current discovery is too intrusive, and violates international principles of courtesy and reciprocity. The?U.S. The?U.S. Argentina wants to halt the discovery and withdraw a contempt complaint filed by plaintiffs Petersen Energia 'Inversora and Eton Park Capital Management who were awarded damages of $16.1 'billion. The litigation is...

California fuel prices are even higher than the rest of the United States. Due to several factors, the fallout from the Iran war is expected to push pump price in California to $10 per gallon. Jet fuel prices have risen by 47% in two weeks. California is isolated from the rest of 'U.S. because of its mandated gasoline blend and lack of access to pipelines. The Strait of Hormuz closure has made it heavily dependent on Asian energy imports. The state has already seen the highest gasoline costs in America. And there's more to come. Energy economist Philip Verleger wrote...

South Korea's Parliament is expected to adopt a special law?on Friday to implement Seoul's $350 Billion investment commitments to?strategic?U.S. A trade agreement signed last year covers a number of industries. The law was designed to implement the trade agreement signed by South Korea and the United States in November. Under that agreement, South Korea committed to investing $200 billion into strategic industries in America as well as $150 billion to shipbuilding cooperation. This investment package was linked to Seoul receiving better tariff terms. The bill is expected to be passed by the National Assembly in its plenary meeting on Thursday....

The Wall Street Journal reported that billionaire Tilman?Fertitta?has been in talks with Caesars Entertainment to purchase the company for $7?billion. He?topped an offer from a rival firm?from Carl Icahn?s, according to people familiar with this matter. Fertitta Entertainment's, Fertitta, was reported to be discussing a price of $34 per share for the gaming firm. According to the WSJ, Caesars also received a?all cash offer? of about $33 per share from Icahn Enterprises. This publicly traded company houses Carl Icahn’s investments. Caesars Entertainment refused to comment on this report. Tilman Fertitta didn't immediately respond to an inquiry for comment. Fertitta’s offer...

Donald Trump, the U.S. president, announced plans on Tuesday for a new oil refinery in Brownsville. He thanked Reliance Industries, an Indian energy company, for its contribution to the project. Trump announced the project as U.S. motorists are reacting to the spike in gas prices after the U.S. - Israel war with?Iran. He also made the announcement while Republicans and Democrats prepare for the midterm elections, which could determine the party that controls Congress during the final two years of Trump’s presidency. America First Refining stated in a press release that, once operational, a 168,000 barrel per day (bpd), refinery,...

Exxon Mobil wants to abandon its corporate registrations in New Jersey and relocate in Texas, where its "headquarters" is located. This move could strengthen its defenses against climate activists and activist shareholders. Exxon made the announcement in a proxy file. If shareholders approve the move, Exxon will become the latest high-profile company to register in Texas, joining SpaceX, Tesla, and Coinbase. A new Texas law improved legal protections for business through several mechanisms. This included reducing shareholder litigation threats by allowing businesses to set stock ownership levels for lawsuits. The company stated in a filing that "the Board believes Texas...

Exxon Mobil wants to abandon its corporate registration in the state of New Jersey and re-incorporate in Texas, where its headquarters is located. This move could strengthen its defenses against climate activists and activist shareholders. Exxon made the announcement in a proxy file. If shareholders approve the move, Exxon will become the latest high-profile company to register in Texas, joining SpaceX, Tesla, and Coinbase. A new Texas law improved legal protections for business through various mechanisms. This included reducing shareholder litigation threats by allowing companies to set stock-ownership thresholds. The company stated in its filing that "the Board believes Texas...

Democratic U.S. Mark Kelly, a senator from the U.S. Senate, proposed to suspend the federal 18.4 cents per gallon gasoline tax until October 1, in an effort to 'help Americans facing rising?prices at the pump because of the U.S. AAA, an American travel agency that tracks fuel costs, reports a 35-cent increase in gas prices per gallon, to $3.32 on average, over the last week. According to political analysts, a persistent rise in gas prices may hurt the fellow Republicans of President Donald Trump in November's midterm elections. Kelly's proposal is a piece of legislation that will be introduced to...

New York Stock Exchange agreed to pay $9 million to settle U.S. Securities & 'Exchange Commission charges?over a computer glitch that disrupted the opening of the stock exchange in January 2023 and caused wild swings in prices for blue-chip stocks. The settlement reached on Friday stems from an incident that occurred in 2023 when the NYSE accidentally ran its primary and backup trading system Pillar Production, and Pillar DR (short for disaster recovery) at the same time. The SEC stated that the error caused the primary system to treat opening auctions of 2,824 of NYSE's 3,421?"listed securities" at the time,...

A government order revealed that India has invoked emergency powers to increase production of LPG in order to prevent a shortage after supply disruptions caused by the Middle East Crisis. Last year, the world's second largest importer of LPG consumed 33.15 millions metric tons of LPG. This is a mixture between propane and butane. About two-thirds (or 85-90%) of LPG is imported, and most of it comes from the Middle East. The order, issued late Thursday night, asked all oil refiners to "maximise their propane and butane supplies and use them for the production of LPG". The government has asked...

Saudi Aramco has cut 'crude oil supply' to Asian buyers in April for a second month,>>,>>,>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>?two sources?knowing the situation? said on Monday. This is after the U.S./Israeli war against Iran disrupted the trade via the Strait of Hormuz. Sources said that the producer will only supply 'Arab Light crude from the Red Sea port of Yanbu in April to customers on a term basis. This is to limit supplies to Asian refineries and to cap their output. Aramco couldn't be reached immediately for comment outside office hours. Kpler data shows that Saudi Arabia exported 4.355 millions barrels of crude per...

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...

China's independent smaller refiners maintain output to cash in on the surge in domestic fuel price, but may be forced into trimming runs as of late April, when cheap feedstocks from inventories are running out and new deliveries will cost more in this war-induced rally, industry and trade sources reported. The plants in Shandong Province, China, the hub of smaller refineries, known as teapots, that account for roughly a quarter or more of the country's output, keep their run rates constant to maximize fuel sales, which are 20%-30% higher than before Israel and U.S. launched an attack on Iran on...

In an interview with NBC News on Tuesday, John Catsimatidis said that consumers will be relieved of the steep increases in fuel prices at the pump in the next month or two. Fuel prices have soared due to supply disruptions resulting from the Israel-U.S. conflict with Iran. This poses a serious threat to U.S. president Donald Trump and the Republican Party in advance of November's midterm elections. Catsimatidis said that he believed the worst of the price increases were over. U.S. average gasoline prices have risen by nearly 60 cents in the past month since the joint U.S. and Israeli...

Exxon 'Mobil 'has evacuated non essential employees from its Middle East operations, CEO Darren Woods stated in an interview Tuesday as the U.S. and Israel war against Iran continues. He said that some operations were scaled back in order to maintain oil inventories as the traffic through the Strait of Hormuz was being challenged. Exxon has a minority stake in oil and gas projects?in the UAE, Qatar and Saudi Arabia. Woods stated that "our first priority is to ensure the safety of our people, so we evacuated those who were not critical or essential for?the operations we provided support for."...

The first and most immediate impact of the U.S.-Israeli attack on Iran is a spike in diesel prices. This will increase costs for Brazilian farmers harvesting record soybean crops?and planting corn that they can't afford to delay. Brazil imports around 30% of its diesel needs. This leaves farmers vulnerable as fuel prices rise along with global oil costs, said representatives from major agricultural groups. The conflict occurs at a time when the demand for diesel in Brazil is at an all-time high. Farmers are harvesting the remaining fields, hauling soybeans for market and finishing the planting of 'the second corn...

Six sources with knowledge of the matter claim that Indian refiners have purchased millions of barrels from 'prompt Russian crude cargoes' to help the nation navigate a?oil shortage? triggered by conflict in the Middle East. The U.S. government has been pressuring New Delhi for months to stop buying Russian barrels in order to cut down on the money that Moscow uses to fund its war efforts in Ukraine. India's crude oil stocks are only enough to cover 25 days of its demand. India imports about 40% of its crude oil from the Middle East via the Strait of Hormuz. India...

The U.S. and Israel war against Iran has caused oil exports to Asia to be disrupted, forcing Asian refineries to 'cut runs' and petrochemical firms to declare force majeure. The latest news and developments are listed below: Zhejiang ?Petrochemical Corp, a major Chinese ?refiner ?backed by Saudi Aramco, has shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply. Two industry sources said that FREP (Fujian Refining and Petrochemical Co.), a Chinese refiner backed up by Aramco and operating its 80,000 bpd unit - the company's smallest – had shut down its...

Two traders reported that India's Mangalore Refinery & Petrochemicals declared force majeure for all future gasoline export cargoes due to the Middle East conflict, which has disrupted crude oil shipments from the Gulf. One of the traders stated that the company has already allocated two to three loads via tenders, for loading in early March. It is currently negotiating with buyers about these supplies. The trader said that MRPL has swap agreements with traders for receiving crude cargoes and supplying'refined fuel. The state-run refiner, which runs a 300,000-barrel-per-day refinery in the ?southern state of Karnataka, exports about 40% of its...

Two traders said that India's Mangalore Refinery has declared force majeure for all gasoline exports due to the Middle East conflict, which has disrupted crude oil flows from the Gulf. Two traders who said they had received a notification from the company said that MRPL had invoked force majeure. This is a legal term that allows a business to invoke circumstances beyond their control in order to?not fulfill a contract' for its gasoline sales for March and April. The state-run ?refiner, which operates a 500,000-barrel-per-day refinery in the southern state of Karnataka, exports about ?40% of its refined fuel output....

Multiple regional trade sources reported that the cash differentials for jet fuel and diesel in Asia reached multi-year highs as the'markets priced in' the risks of supply disruptions as the conflict in Middle East intensifies. Jet Fuel Cash Differentials LSEG's pricing data showed that the session ended with a $4 premium per barrel. This was more than $2 above the previous close, and levels last seen in September of 2022. Diesel cash differentials The data revealed that premiums were around $4.25 per barrel, the last time they reached those levels was in November 2022. The refining margins for both gasoil...

Analysts say that the U.S. retail average gasoline price is set to surpass $3 per gallon for the first time since?more than 3 months on Monday as the conflict between Iran and the United States 'interrupts the global oil flow. Price inflation is a big concern for voters, and that could be a major problem for Donald Trump's Republican Party as we approach the November midterm elections. Trump has falsely claimed credit for lowering gasoline prices many times since he returned to office in 2017. Patrick De Haan is an analyst with GasBuddy, a retailer that tracks retail prices. He...