Oil & Gas Refining

Sources say that the White House will extend a waiver to the century-old Jones Act within the next few days. This is one of its few tools, which it can use if necessary, in order to?try and lower gasoline prices, as President Donald Trump intensifies his attacks against Exxon Mobil, Chevron, and other oil companies for "making too much money." The Jones Act mandates that cargo between U.S. port must be transported on vessels built in the U.S. and owned by U.S. firms, with crews made up of American workers. This waiver is intended to reduce gas prices by increasing...

Refiner Marathon Petroleum posted its highest quarterly profit for four years on Tuesday. It also surpassed analysts' profit expectations, as prolonged disruptions to crude supply through the Strait of Hormuz increased refining margins. In premarket trading, shares of Marathon rose by around 2.1%. After the Strait of Hormuz was effectively closed for several months, the margins on gasoline, jet fuel and diesel increased. The repeated?Iranian strikes on refineries in the Middle East further reduced fuel supplies. Marathon's results...follow those of rivals Valero Energy, HF Sinclair and others who have also reported their highest quarterly profit since 2022. Marathon's quarterly refining...

Valero Energy reported on 'Thursday its highest quarterly profit in the last 20 years and surpassed Wall Street expectations. Oil market disruptions across the Middle East boosted 'demand' for U.S. fuels exports, and pushed its refining margins sky-high. U.S. refining companies have been the most benefited by the Iran War as buyers from around the world have demanded their products amid the disruptions in shipping through the Strait of Hormuz. This has pushed the country's fuel exports to new records. Valero's second-quarter adjusted operating profits in the refining segment nearly tripled from a year ago to $4.4 billion, while refining...

HF Sinclair posted its highest quarterly 'profit' since the Russian invasion of Ukraine rocked global oil markets a few years ago. The company also announced that it would'separate" its lubricants & specialties unit into an independent publicly listed company. The U.S. refiner is also beating second-quarter profit expectations. It wants to unlock more value from its specialty products business, which has higher margins, while returning cash to investors. It increased its quarterly dividends by 5%. In premarket trading, shares of the Dallas-based company rose 6.8%. U.S. refining companies have been the most successful in the?war against Iran, as foreign buyers...

ConocoPhillips announced on Friday that it had acquired a 42% share in BP Energy Company?Kirkuk Ltd. This will allow ConocoPhillips to join BP in redeveloping 'four' oilfields located in northern Iraq. The agreement will be signed by Iraqi Prime Minister Ali al-Zaidi during his official visit to Washington. He is looking for greater U.S. investments in Iraq's power, oil and gas sectors after the disruptions caused due to the conflict with Iran. The contract covers more than 3 billion barrels equivalent of initial gross recoverable resource, with additional exploration potential across the Baba, Avanah and Jambur domes in the Kirkuk...

The operator of Kazakhstan's Kashagan Oilfield announced?on Thursday? that an international arbitral tribunal has issued a restraining order prohibiting Kazakhstan from enforcing an environmental fine. The Kazakh Justice Ministry announced on Tuesday that Kashagan's operator must pay a fine of $4.90 billion ($2.3 trillion tenge) by July 20, 2012. The country is involved in arbitration with oil companies that work on its oilfields. It accuses them of environmental violations and corrupt practices. The North Caspian Operating Company, Kashagan’s operator, stated in a statement: "The Arbitral Tribunal has issued a Restraining Order which prohibits the Republic to take any measures to...

World Leaks, a ransomware group, has released on the dark Web a large cache of files relating to India's largest nuclear plant. These include purported blueprints for parts of its facilities as well as supplier details. The information was labelled by World Leaks as being from Reliance Group. Kudankulam Nuclear Power Plant is located in the southern state of Tamil Nadu and is the largest among India's seven nuclear plants. It's also the center of Prime Minister Narendra Modi’s ambitious plans to increase the country's capacity for?atomic energy?. Reliance Group of Indian businessman Anil Ambani, one of the plants' contractors,...

YPF Electric Energy, an Argentinian energy company, announced a '45.8% increase in quarterly revenues in its IPO filing on Monday. It joined a 'wave' of companies from a similar sector that are seeking a New YORK IPO amid improved market sentiment. Investor confidence has increased in Argentina following President Javier Milei’s market-oriented Reforms and renewed interest for the country’s energy sector. Argentinian energy firm Genneia filed for an IPO in the United States earlier this month. Pure-play power company YPF Electric Energy operates 17 thermal power plants and renewable energy sources with a total installed capacity of 3,764 megawatts (MW)....

Zaidi Bets on US Companies to Stimulate Energy Sector The Iran War has caused a major economic blow to Iraq Zaidi to meet Trump for possible deals By Ahmed Rasheed & Muayad Hameed BAGHDAD (July 13) - Iraqi Prime Minister Ali al-Zaidi hopes to secure significant U.S. investments in the country's oil, gas and power sectors when he visits the White House next week. The Iran War has impacted the state's finances and crude production. Analysts say that Iraq's government has a growing focus on diversifying its international partnerships to better deal with the regional instability. This agenda is expected...

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. Oil Companies are expected to report their highest quarterly profits in recent years. This could lead to a clash with President Donald Trump who has been pressuring his longtime ally Big Oil, to lower gasoline prices in advance of the midterm elections, which will be held in November. Exxon Mobil, Chevron and other oil companies are expected to announce second-quarter earnings that are triple the first-quarter figures in the next few weeks. This comes after months of Americans complaining over the pain they feel at the pump. After the U.S. and Israel's war against Iran began late in February,...

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...

U.S. refining margins reached a new record on Thursday for the third straight session, as falling stockpiles and worsening Middle East tensions threaten to cause a potential shortage of fuel in the world's biggest consumer nation. U.S. refining companies have been the most benefited by the Iran War as foreign buyers have clamoured for their products, pushing the nation's fuel exports to new records. Fuel prices have risen sharply as a result of the 'domestic' fuel stockpiles being reduced. This has impacted consumer budgets during the summer driving season, and could pose a problem for Midwest farmers. The 3-2-1 crack...

Industry sources say China's fuel demand will take a long time to recover after its imports hit a record low. Refiners reduced production and opted for cheaper crude as a result of the U.S. - Iran war. China's low demand for high-sulphur oil (HSFO), one of Asia’s largest importers, is expected to limit prices. This is despite the fact that the market has strengthened after Washington and Tehran intensified their attacks on the Middle East disrupting Gulf supply through the Strait of Hormuz. LSEG data show that the Asian refiners' margins for 380 centistoke HSFO rose to a discount of...

Americans could soon see gas prices above $4 per gallon as renewed hostilities have led to a rise in energy prices by paralyzing the Strait of Hormuz. This is a vital route for global oil supplies. GasBuddy's fuel price tracking service showed that the national average gasoline price on Tuesday was $3.84 per gallon. This is up 9.8 cents compared to a week earlier. Prices of gasoline are up by 22.2% on an annual basis. The high price of gasoline has become a political headache to President Donald Trump, and the Republican Party. They will be soon campaigning for their...

Spot premiums for Indian naphtha have risen to levels seen last in late March as tight supplies from the Middle East and Russia, and renewed concerns about U.S.-Iran tensions, drove demand from Far East buyers. Multiple trade sources reported?on Monday that Indian state refiners Bharat Petroleum Corp. and Hindustan Petroleum Corp. sold about '63,000-65,000 tonnes (567,000-585,00 barrels) or naphtha through tenders last week, at prices similar to those seen in late March. BPCL sold a total of 36,000-37,000 tonnes of?naphtha on a 'free-on-board' (FOB basis) to Middle East quotes for loading between July 30 and 31. HPCL sold 27,000-28,000 tons...

ADNOC Distribution is a subsidiary owned by Abu Dhabi’s state oil giant. It announced on Tuesday that it had signed a definitive agreement to purchase 100% of Shell’s downstream business in South Africa, as the company pursues its expansion abroad. The company stated that the implied enterprise value for 100% of the shares capital was about $1 billion, before adjustments for working capital and net debt at closing. ADNOC Distribution announced that the deal for Shell Downstream South Africa, which includes wholesale fuel, aviation, and lubricants operations as well as 580 company and dealer owned fuel stations, will close in...

Saudi Arabian crude sold to Asia has seen its price drop the most in'more than 20 years, but the grade is still more expensive to lift compared to some Gulf rivals. This reduces the appetite for oil from the OPEC linchpin. On Monday, the world's largest exporter cut the??official selling price (OSP), for its flagship Arab Light oil to $1.50 per barrel below the average Oman and Dubai quotations for Asia. This is a $11 reduction from the previous months. The OSPs of its four other grades were also reduced by $11 per barrel. The sudden shift is due to...

Five trade sources have confirmed that China's Hengli Petrochemical has cancelled its recent purchases of non-Iranian oil. This forced the company to further cut back on refinery operations as the inventory was running low. The strange cancellations came just a few weeks after reports that the refiner had purchased cargos from West Africa, the Middle East and other parts of the world to avoid Washington's list. Three sources briefed about the issue said that the refiner had cancelled at least six million barrels. They said that 2 million barrels (of West African oil) were delivered last month to storage tanks...

Indian refining sources claim that several middlemen offered 'discounted Iranian crude oil' to Indian refiners as a way for 'Tehran' to speed up sales following Washington’s temporary waiver of sanctions. After the first round of talks in a new peace agreement, the United States lifted sanctions against Iran for 60-days, which opened a small window for a renewed energy trade. Sources said that the Iranian state oil producer, National Iranian Oil Co. (NIOC), has approached Indian refiners directly and through intermediaries, claiming to have allocated oil. "Apart form NIOC several traders contact us to sell?Iranian Oil. One of the refining...

Two sources with knowledge of the issue have confirmed that Indian Oil Corp. has received "no bids" in the tenders for 'charter vessels' to lift crude oil and liquefied petrochemical?gas from ports within the Strait of Hormuz. Last week, India's largest refiner and fuel retailer floated three tenders for chartering a very-large gas carrier (VLGC), an extremely large crude carrier, and a Suezmax. Indian state refiners buy most of their oil and LPG from Middle Eastern producers free-onboard. A VLCC carries about 2 million barrels of oil. And a VLGC holds 45,000 metric tonnes of LPG, a mixture of propane...

According to a document seen on Wednesday, the London High Court upheld an 'injunction' in favor of commodities tradiing house BB Energy that prevented the republik of South Sudan from executing?new contracts for prepayment of oil cargoes. The order was dated June 15, but it was read on Wednesday. It upholds a May ruling that South Sudan cannot enter into 'any new prepayment contracts' for Dar Blend and Nile Blend crude oil until it pays off its outstanding debts to BB Energy, and pending further hearings. BB Energy welcomed the High Court’s?decision? to continue the injunction? prohibiting the Republic of...

According to LSEG and market sources, Russia's seaborne exports of oil products fell 15% a month on a monthly basis to about 3.3 mt in the first 15 days of June. This was due to?unplanned maintenance?following repeated ukranian drone attacks. Shipping data shows that the number of diesel loadings at the Baltic port Primorsk - Russia's main outlet for ultra-low sulphur fuel (ULSD) – dropped by 18% to 520,000 tonnes in the first half of June compared with the same period last year. Ukraine has intensified drone strikes on Russia's energy infrastructure, with the number of oil refining facilities targeted...

SpaceX's stock market debut was on Friday. Investors backed Elon Musk's vision of an empire spanning from reusable rockets to orbital artificial intelligence at a valuation among the world's largest. Here's a?timeline for SpaceX to its blockbuster IPO. Elon Musk launches SpaceX in March 2002, using the money he earned from selling PayPal. March 2006: SpaceX launches its first rocket, Falcon 1, but it fails. Falcon 1 launched successfully in September 2008 and became the first liquid-fuel rocket developed by private industry to reach Earth orbit. SpaceX signs its first major contract in December 2008 with NASA for the transportation...