Refined Products

Cushing, Oklahoma is a prairie town known as the "pipeline crossroads" of the world. Its 400 oil tanks are almost empty. Refiners from around the globe have emptied them to fill a huge shortfall in supplies caused by the Middle East war. Cushing is one of the largest oil storage hubs on earth. Since the start of the war, oil levels in the tanks have 'fallen rapidly.' Iran has effectively stopped tanker traffic on the Strait of Hormuz. In order to supply fuel to the world economy, refiners have snatched up any crude they can find to replace the 20...

What are the four most important tech economies in the world - Japan, Taiwan, South Korea, and the U.S. - all sharing? They all love baseball. It's possible that this is more than just a coincidence. This raises questions about the prospects for two other baseball-loving countries: Venezuela and Cuba. The U.S. developed baseball in the mid-19th century, as a combination of rounders and cricket. Baseball is popular among those who have interacted with America for a long time, just as British sports are in Commonwealth countries. Baseball became popular in Japan, Taiwan, and South Korea after World War II,...

Russian-controlled Crimea tightened rationing on?fuel supplies Thursday. It suspended all cash sales of gasoline, and issued a 'new coupon' to buy it. The peninsula is grappling with a shortage of fuel linked to Ukrainian drone attacks. In recent days, drivers in the Crimea region, which was annexed from Ukraine by Russia in 2014, faced long queues at gas stations after Kyiv's attacks restricted supplies from adjacent Russian-controlled territory in southeast Ukraine. Sergei Aksyonov - the Kremlin's appointed head of Crimea - announced the new measures, which tighten restrictions on petrol sales imposed a month ago. He said that the sale...

The oil prices fell 'on Thursday' as the Israel-Lebanon ceasefire agreement boosted expectations for a wider deal to end the U.S./Israeli war against 'Iran'. Meanwhile, U.S. House of Representatives passed a resolution to limit President Donald Trump's military powers. Brent futures fell 67 cents or 0.69% to $97.14 a barge by 0015 GMT. U.S. West Texas intermediate CLc1 crude dropped 62 cents or?0.65% to $95.4. After renewed Middle East hostilities, including Iranian attacks against Kuwait and U.S. military strikes near the Strait of Hormuz, both benchmarks gained about 2%. The Republican-led House in the U.S. approved a Resolution on Wednesday...

Mariannette Miller Meeks, a Republican U.S. representative from Iowa's 1st congressional district, won renomination on Tuesday. She will now face Democrat Christina Bohannan in her 3rd general election. Miller-Meeks is a 70 year old physician and three term?House Republican. According to U.S. media reports, Miller-Meeks defeated MAGA Republican David Pautsch. Media projected that Bohannan, a Democrat, had defeated Travis Terrell in order to win her party's nomination. Miller-Meeks is one of the House Republicans who are most vulnerable at a moment when high gasoline prices and unpopular wars against Iran have lowered President Donald Trump's ratings, even among Republicans. Bohannan...

Dollar General raised its annual profit forecast Tuesday, mirroring Dollar Tree. Discount retailers are benefiting from consumers seeking affordable essentials in an uncertain economic climate. In premarket trading, shares of the company rose about 5%. The company also exceeded first-quarter earnings estimates. The rising gasoline prices caused by the Iran War are already straining consumer budgets. Import tariffs and AI related labor market uncertainty benefit dollar stores such as Dollar General. Todd Vasos, CEO of the company, said that "we believe our essential nature and our extensive footprint positions us well to navigate a?current macroeconomic climate." The company expects higher...

The record volume of U.S. crude oil arriving in Asia is not enough to compensate for the loss of cargoes due to the closure of the Strait of Hormuz. Asia's imports from the U.S. of crude oil were 63.56 millions barrels in May. This was the highest for a month, although at 2.05 million barrels daily (bpd), they were only slightly behind?the 2.07 million bpd that came out of June 2023. Kpler has tracked arrivals of 2,32 million bpd for June and 3,07 million bpd for July. The average import of U.S. Crude by Asia in the three-month period ending...

Think again if you thought that the rising prices at the pump since the start of the Iran War would 'help clear the notoriously congested highways in?Los Angeles. According to government data, drivers in the gridlocked city of Los Angeles are used to sticker shock. Caltrans, the California Department of Transportation, in an exclusive report for The Los Angeles Times, found that vehicle miles travelled on major Los Angeles freeways has not decreased significantly since February 28, when Israel and the U.S. attacked Iran. This analysis covered eight weeks ending April 23. It examined traffic data from Interstates 405, 10...

Local authorities reported on Tuesday that the Ilsky oil refinery, located in southern Krasnodar, caught fire overnight after an Ukrainian drone attack. This is part of Kyiv’s campaign to starve Russia’s economy of its oil revenues. Kyiv has targeted Russia's energy grid in a systematic effort to limit Moscow’s ability to fund its four-year-old war in Ukraine, at a time when global oil prices are high. The Ukrainian General Staff confirmed that it has'struck again' the Ilsky refinery, stating that?the facility produces fuel for the Russian Army fighting in Ukraine. There was no immediate word on whether the refinery, which...

The record volume of U.S. Crude Oil is now arriving in Asia. However, it's not enough to compensate for the cargo losses caused by the effective closure of the Strait of Hormuz. Asia's imports from the U.S. of crude oil were 63.56 millions barrels, which was the highest for a single month. However, at 2,05 million barrels per a day (bpd), they were only slightly behind the 2.07 million bpd in June 20223. Kpler has tracked arrivals of 2,32 million bpd for June and 3,07 million bpd for July. The average import of U.S. Crude by Asia in the three-month...

Chicago Mercantile Exchange?cattle futures and feeder cattle?ticked down on Friday due to a technical setback.?As a result, 'Americans' concerns about their ability to afford beef grew. Gas prices are high and consumer sentiment is gloomy, raising fears that Americans will reduce their beef purchases. Beef is the most expensive protein in grocery stores. Dan Basse is the president of 'AgResource' Company. He said that they are 'looking at consumers' disposable income and wondering if they will 'pay higher beef prices'. Oil futures dropped more than 2% Friday, marking their steepest weekly decline since early April. Traders awaited news that the...

Oil futures dropped more than 1% a day earlier and are on course for the steepest weekly decline since early April. This is due to reports that U.S. officials and Iranian officials reportedly agreed to extend their ceasefire agreement, although it has not yet been finalized. Brent crude futures fell $1.04 or 1.1% to $92.67 per barrel at 0330 GMT. U.S. crude oil futures dropped $1.26 or 1.4% to $87.64 per barrel. Brent fell 10.5% this past week, the steepest drop since the end of the week on April 6. WTI dropped 9.2%, the biggest weekly loss since April 13....

The oil prices were little changed Friday, after a sharp drop in the previous session. Brent crude futures dropped 21 cents or 0.22% to $95.24 per barrel at 0003 GMT, after falling 2.84% the previous session. U.S. West Texas Intermediate crude oil was $92.94 per barrel, down by 10 cents or 0.11% after a loss of 3.1% on Thursday. The two contracts are expected to record their first weekly gains in three weeks. WTI is up a whopping 6% after fighting flared in the Middle East, as U.S. - Iran war peace negotiations dragged on, while traffic in 'the Strait...

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...

Oil prices dropped?on Friday as a ceasefire agreement between Israel and Lebanon?boosted hopes of a wider agreement to end the U.S./Israeli war against Iran?that?could?lead to a?reopening?of the Strait of Hormuz. Brent 'futures' were down 87 cents or 0.89% at $96.92 per barrel as of 0458 GMT. U.S. West Texas Intermediate Crude fell 78 cents or 0.81% to $95.24, erasing gains made earlier in the week. Brent and WTI both rose by about 2% Wednesday following renewed Middle East hostilities, including Iranian attacks against Kuwait and U.S. Military?strikes close to the Strait of Hormuz. Israel and Lebanon announced late Wednesday that...

?U.S. Donald Trump admitted to calling Israeli Prime Minister Benjamin Netanyahu crazy during an angry phone call over the fighting in Lebanon while the U.S. was trying to negotiate a ceasefire with Iran. In an interview aired Wednesday, Trump, paraphrasing Axios, was asked if he called the long-time Israeli leader, "effing insane" and accused him ingratitude. Trump said, "I did," in a podcast called "Pod Force One". "I wouldn’t say angry. "I was a bit upset at his constant fighting with Lebanon." Trump continued to say that he and Netanyahu get on very well. Axios reported, citing an unidentified U.S....

Global commodity trading company Gunvor confirmed on Tuesday that its Geneva office was searched by Swiss prosecutors in May. However, it said in a press release that they were not the subject of the investigation. The Office of the Attorney General of Switzerland stated that the search was part of an?investigation into the bribery of officials abroad by unknown persons. The prosecutor stated that it could not provide any further information?on a ongoing investigation. Gunvor stated in its statement that it had reported "issues" to the Swiss authorities over a year ago. It stated that it was cooperating with the...

China's imports of crude oils by sea fell to their lowest level in nearly 10 years in may as a result of the Iran War. This led to a drastic reorganization of operations for the world's largest oil importer. According to data compiled by Kpler, seaborne arrivals of crude oil were down to 6.36 million barrels each day in May from 8.10 in April. This was the lowest since October 2016. The imports also fell by a little over half of the 11,39 million bpd that Kpler recorded for February. This was the 'last full month' before the U.S.-Israeli attack...

The price of oil rose by a whopping 2% after Iran and the U.S. exchanged strikes, while Israel sent troops to Lebanon to fight the militant Hezbollah group that is backed by Tehran. As of 0436 GMT, U.S. crude oil futures were up $2.29 (2.62%) to $89.65 per barrel. Brent futures increased $2.05, or 2.25%, to $93.17 per barrel. Brent and WTI fell 1.8% and 1.7% respectively on Friday as a result of the increased fighting that followed the U.S.-Iran peace talks held in Washington. The U.S. announced on Sunday that it had conducted "self defence strikes" over the weekend...

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Donald Trump, the U.S. president, said that he is not concerned about the political fallout from an extended conflict with Iran. He also stated that the Iranian leaders miscalculated when they thought the November midterm elections would compel him to a 'deal. Trump, speaking of Iran's leaders at a cabinet meeting in the White House, said: "They thought that they would outwait me." You know, "We'll be able to outwait him. He has the midterms. "I don't really care about the midterms." Trump made these comments while he was discussing how to end conflict. Many of Trump's Republican allies had...

The Saudi state oil giant Aramco has announced that it will transfer its equity stakes in joint ventures for petrochemicals and refining in Malaysia to Petronas. This ends an eight-year partnership between the two companies. In a joint press release, the two companies said that the deal is subject to closing conditions and will turn PRefChem into a fully owned subsidiary of Malaysia's state energy company. The financial terms of the deal were not disclosed. The?deal highlights how the Iran War is reshaping Asian energy partnerships. Since late February, the Strait of Hormuz has been effectively closed, reducing crude oil...

U.S. president?Donald Trump said on 'Monday that it should be mandatory for all countries, including Qatar, Pakistan and Egypt, Jordan, and Turkey, to sign the Abraham Accords en bloc as part?of a?effort to reach a?deal with Iran. Trump said he spoke to the leaders of these countries on Saturday, along with Saudi Arabia, Bahrain and Egypt, which has already signed the Abraham Accords. Trump said in a post posted on Truth?Social that it was "mandatory" that at least all these countries sign the Abraham Accords simultaneously. He said that these countries would be honored to have Iran included in the...