Oil & Gas Refining

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...

Donald Trump, the U.S. president, said that the Department of Justice was to investigate oil companies who had not reduced gasoline prices in line with the falling crude costs. He also accused these 'companies' of "gouging customers". Trump didn't name any companies in the post he made on social media, which was posted after midnight. The White House or the Justice Department (DOJ), which is responsible for the administration of the law, did not respond to an inquiry outside normal business hours. Data showed that the U.S.-Iran diplomatic relationship has resulted in a drop in gasoline prices for Americans. This...

Mark Lashier, CEO of Phillips 66 in the U.S., said 'on Tuesday that it will take some time for crude supplies to pass through the Strait of Hormuz.' This is because there remains uncertainty about a return to normal shipping activity. The Strait of Hormuz continues to be used on a limited scale, which eases immediate concerns about supply and lowers crude prices. Energy companies monitor how quickly crude flow, inventories, and shipping activity returns to normal. Lashier, speaking at a JPMorgan Conference, said that between 90 and 100 million barrels of crude oil remain trapped in this strait. They...

The U.S.-Iran diplomatic relationship has resulted in a reduction of gasoline prices for Americans. This is the sixth consecutive 'weekly drop, and a 15% decrease from the peak reached in May. According to GasBuddy, the?national average gasoline price fell by 14.1 cents per gallon in the past week. It was $3.85 a gallon on Sunday. Prices fell in the majority of states. GasBuddy data revealed that gasoline prices dropped by 25 cents per gallon over the last week in Colorado, 22 cents in Arizona, and 21 cents (per gallon) in Ohio. This drop could ease the pressure on 'U.S. Donald...

O banco ?de investimentos independente Moelis & Company e ?a consultoria financeira Journey Capital, assessores dos credores ?da produtora de ?acucar e ?etanol Raizen, receberam ?ofertas nao vinculantes da gestora de private equity IG4 na noite de segunda-feira para adquirir creditos e o controle da empresa, de acordo com tres pessoas familiarizadas com ?o assunto. Duas delas, entretanto, alertaram que qualquer acordo ainda esta ?longe de ser certo, sendo que uma acrescentou que os credores ?dificilmente chegarao a uma decisao em breve. Ainda, uma das tres pessoas disse ?que os credores aceitaram a proposta da ?Raizen de converter ?divida em...

Three people with knowledge of the situation say that independent investment 'bank Moelis & Company, and financial consultancy 'firm Journey Capital are advisers of creditors of ethanol and sugar producer Raizen. They received a 'non-binding offer?from the private equity firm IG4 on Monday evening to purchase credits and control. Two of them warned?that any agreement remains far from sure, and one said that creditors are unlikely?to reach a decision any time soon. One of the creditors said that they accepted Raizen’s offer to convert their debt into equity because it was the 'best alternative available', but would not like to...

U.S. retail gasoline prices fell below $4 per gallon for first time since April, as optimism grew about a preliminary agreement between the U.S. and Iran, which could lead to a reopening of Strait of Hormuz - a vital passageway for oil supplies around the world. Crude oil prices fell by more than $4 per barrel after U.S. president Donald Trump announced the U.S.-Iran had signed a Memorandum of Understanding to end the near four-month conflict. However, it is still unclear whether this agreement will last. The drop in fuel prices may provide some relief for the Trump administration. They...

U.S. retail gasoline prices fell below $4 per gallon for a first time since mid-April. This was due to optimism that a preliminary deal between the U.S., Iran, and other countries would lead to the reopening of Strait of Hormuz – a vital passageway for oil supplies around the world. Crude oil prices fell by more than $4 per barrel after U.S. president Donald Trump announced the U.S.-Iran had signed a Memorandum of Understanding to end the near four-month conflict. However, it is still unclear whether this agreement will last. The drop in fuel prices may provide some relief for...

Two sources familiar with the matter said that Exxon Mobil is about to name Alex Volkov head of global trade. Sources told the media that Tracey Gunnlaugsson was retiring. She has been in charge of the Trading Division since 2023. Exxon declined to comment. Volkov could not be reached for a comment immediately. Volkov is a Texas-based executive who has spent more than three decades with Exxon. His LinkedIn profile states that he held a variety of roles in the U.S.A., Russia, and London. He was a vice-president in various parts of the company, including global LNG, strategy, business development...

Imperial Oil Canada was fined C$120,000 (85,849.19 USD) after pleading guilty to violating environmental regulations at its 'Kearl Oil Sands' site. According to the Alberta Energy Regulator, following a hearing on May 29, the Canadian oil producer was ordered to pay C$2,000, which included a victim surcharge. They also had to contribute C$118,000 to a creative'sentencing project. In an email, the company said that it has taken steps to prevent this from happening again, including reprogramming of equipment, updating sediment management processes, and increasing inspections. There is no evidence that the overflow of water has had any adverse effects on...

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...

SpaceX's initial public offering in the United States raised $75 billion on Thursday as investors raced to get exposure to Elon Musk’s space?and satellite empire before its highly anticipated Nasdaq début. This is a time line of?SpaceX’s journey towards the blockbuster IPO Elon Musk started SpaceX in March 2002 with money from the sale of PayPal. SpaceX launched its first rocket in March 2006, the Falcon 1. It failed. Falcon 1 is launched successfully in September 2008. It's the first liquid-fuel rocket developed by a private company to reach Earth orbit. SpaceX signs its first major contract in December 2008...

India's economy was doing well a few months back. India's economy was humming along nicely a few months ago. India is now counting the costs of the Iran War, which, according to economists, will continue to rise if the deadlock in the U.S.-Iran conflict?remains unresolved' and if oil supplies are blocked. India is the third largest oil consumer and importer in the world. It ships about 90% of its crude oil. This makes its economy one of the most exposed to war-related disruptions and war-related wars. India announced a series of measures on Friday to limit the impact of the...

According to shipping data, and analysts, Iranian crude oil exports and condensate fell to their lowest levels?in six years?in?May. They were well below 300,000. barrels per day. This was mainly because of the U.S. Naval Blockade. The U.S. started enforcing its blockade in April, which choked Iranian exports. This is because the oil market has been facing a shortage of supply due to the Iranian closure of the Strait of Hormuz, cutting off exports from Saudi Arabia. Vortexa data indicates that Iran's exports in May averaged around 209,000 bpd, down sharply from the 1.34 million in April and almost 1.9...

Analysts and trade sources reported that South Korea's refiners increased jet fuel exports to pre-Iran War levels in May, helped by an increase in?crude oil imports, and encouraged by the robust margins of refining. The rebound of?one of Asia’s top fuel exporters as seen in a series of spot cargo sales has eased concerns about a tight supply, and helped to cool down prices in the area. In the last two weeks, spot premiums on aviation fuel fell by 50% to about $2 per barrel. This compares to a record-high of more than 20 dollars in March. Data from Kpler...