Refined Products

Early trading on Wednesday saw oil prices rise as concerns about further supply disruptions increased after U.S. forces said they began attacking Iranian military targets for an 11th night in a row and Kuwait reported attacks by Iranian drones. Brent 'crude 'futures increased 0.55% or 50 cents to $91.51 as markets opened on the third day of trading. U.S. West Texas Intermediate Crude rose 0.36% or 30 cents to $84.64 during low volume trades. The oil price settled at its highest level in five weeks on Tuesday, after U.S. forces struck targets in western and southern Iran. Iran also attacked...

Authorities say a man protesting Immigration and Customs Enforcement (ICE) was arrested on Monday, after he set off fireworks and ignited a fire on the steps leading to the ICE office in Lower Manhattan. The suspect was identified as Andrew Arrabaca a 43-year old U.S. Army Veteran living in Harlem. According to local news reports and authorities, on Monday morning a man appeared pour gasoline out of a bucket into the stairwells of 26 Federal Plaza. This office building also houses the FBI New York Field Office. He then lit it ablaze. Authorities said the suspect also ignited fireworks. He...

U.S. consumer confidence increased to a?high of five months in July. However, the 'improvement' is only temporary because the renewed conflict in?the Middle East has raised gasoline prices. The University of Michigan's Surveys of Consumers reported on Friday that its Consumer Sentiment Index had risen to 54.4 in this month. This is the highest reading since last February. It was 49.5 at the end of June. The economists surveyed by? The economists polled by? The survey was conducted between June 23 and July 13 with over?70% completed interviews before the collapse of the U.S.-Iran ceasefire last week which drove oil...

Retail sales in the U.S. increased slightly in June, as lower gasoline prices lowered receipts at service station. However, households increased their purchases of motor vehicles, and they spent more online, confirming economists' view that consumer spending "accelerated" in the second quarter. Other data released on Thursday showed that the labor market was stable, and that first-time claims for unemployment benefits?dropped to a 2-month low. The data had no impact on the near-term outlook for monetary policy. Economists expect that the Federal Reserve will keep interest rates at their current level later this month. Ellen Zentner is the chief economist...

Retail sales in the United States increased slightly in June, as lower gas prices affected receipts at service stations. However, bargain-hunting shoppers continued to drive spending. The Commerce Department's?Census Bureau reported on Thursday that retail sales increased?0.2% in June after an upwardly-revised 1.0% increase in May. The economists who were surveyed predicted that retail sales - which are mainly goods and not adjusted for inflation - would rise by 0.2% in June after an earlier reported 0.9% increase. Estimates ranged between a 0.4% decline and a 1.0% rise. The average gasoline price dropped to $4.18 per gallon from $4.61 a...

The Syrian authorities announced on Thursday that they had foiled a smuggling attempt of advanced weapons and missiles from Iraq across the border. According to an Interior Ministry official quoted by the state news agency SANA, the shipment seemed to be destined for the militant group Hezbollah. General Authority of Ports and Customs in Syria said that the shipment of drones and rockets was hidden inside one of the oil tanker trucks heading to Baniyas. The shipment was discovered during routine inspections at the al-Tanf crossing between Syria, Iraq and Syria. Customs officers then conducted a thorough search of the...

Gold prices fell on Wednesday as escalating tensions continued in the Middle East to fuel inflation concerns, thereby reinforcing expectations for higher U.S. rates. Spot gold dropped 0.7%, to $4.027.49 an ounce at 0843 GMT. Prices rose by over 2% on Tuesday to a high of $4100.19 an ounce, after weak U.S. inflation figures. U.S. gold futures for August delivered?slid by 0.9% to $4.035.00. After Iran closed the Strait of Hormuz, and after the U.S. imposed a naval ban on Iranian ports, the Islamic Revolutionary Guard Corps of Iran threatened to shut all export corridors that would benefit Washington. After...

Oil prices rose Wednesday after President Donald Trump reimposed his?naval ban on all Iranian ports, and Iran launched a retaliatory strike on U.S. facilities in the region. Brent closed at its highest level since 'June 12' and West Texas Intermediate?at its best since june 15 for the second consecutive session. Both prices rose on Wednesday morning trade. Brent climbed $1.46 or 1.72% to $86.19 per barrel at 0029 GMT, while WTI rose $1.11 or 1.4% to $80.40. Oil prices rose 2% on Tuesday to an all-time high, as the supply disruptions in the Strait of Hormuz - where one-fifth of...

Venezuela's smallest ?refinery, the 146,000-barrel-per-day ?El Palito ?in ?the country's central region, has restarted its fluid catalytic cracker (FCC), key for producing motor fuel, four workers said on Monday. After twin quakes in late June, the refinery's operational units have been slowly reactivated in recent days. The 'FCC' is in operation and we are working to increase (production)," said one of the workers. He added that it took several attempts to get the unit into service and now processes 35,000 bpd. On the weekend, the country's oil minister said that fuel supplies were guaranteed in all areas including the coastal...

The oil prices soared?on?Monday as Iran increased its strikes against?Gulf States following US attacks, threatening energy?shipments through the Strait?of Hormuz. Brent crude futures rose $2.34 or 3.08% to $78.35 at 2311 GMT. U.S. West Texas Intermediate crude climbed $2.21 or 3.09% to $73.62 a barrel. The U.S. and Iran launched new strikes against each other over the weekend. This is the latest in a series of counter-attacks and attacks on shipping through the Strait. U.S. president Donald Trump announced on Sunday that the Strait of Hormuz was open for commercial?traffic. Iran had earlier declared that it had closed the Strait...

The oil price fell on 'Friday, but remained on course for a weekly gain as renewed U.S. - Iran fighting disrupted shipping through the Strait of Hormuz. This stoked concerns about supply disruptions. Brent futures fell 68 cents or 0.9% to $75.62 per barrel at 0817 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. and Canadian crudes, fell 64 cents or 0.9% to $71.44. Brent was expected to gain about 5% this week and WTI would increase by about 4%. Vandana Hari, an analyst at Vanda Insights who provides oil market analyses, said that although...

China's Xiaomi unveiled a new SUV series on Thursday called Sky?Nomad. This is a move to expand the company's reach into automobiles, as its smartphone market continues to slow. Lei Jun, the CEO of Xiaomi, announced on his Weibo account that the extended-range electric vehicle (EREV) will include "smart and versatile" SUVs. He also posted a poster teaser of one of these vehicles. EREVs, or plug-in hybrids, are vehicles that fall between petrol-electric hybrids (PEVs) and battery-only cars. They use a combustion motor as a generator to increase the battery's driving range. Xiaomi's announcement marks an expansion beyond battery powered...

China's refined oil product exports in June improved over May but fell from the same period in last year, amid export restrictions that began in mid-March in order to protect domestic supply after the Iran War. China is Asia's biggest fuel exporter, and the increased export allowance will ease tight supplies because regional refiners have curtailed production due to war-related oil shortages. China's refined product exports to Hong Kong and Macau, including gasoline and diesel, totaled 643,712 tons. This is a slight increase of 4% from last June. Exports of refined oil products from China to other regions than Hong...

As renewed hostilities between?U.S. Iran and the United States have further?disrupted energy flows across the?Strait?of Hormuz. This is a vital route for global oil supply. Since the U.S. and Israel launched their attack on Iran at the beginning of February, the national average retail gas prices have increased by more than 30%. According to AAA data, the average pump price for Monday was $4.0030 per gallon. Last time the $4 mark was reached, it was in late March, when Iran stopped traffic through the Strait. In June, prices fell below this threshold after the U.S. signed an agreement with Iran...

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...

Oil prices rose on Wednesday after?President Donald Trump reimposed his naval blockade against all Iranian ports and Tehran launched attacks on U.S. Infrastructure in the region. Brent futures rose?99 cents or 1.2% to $85.72 per barrel at 0400 GMT. West Texas Intermediate futures rose 64 cents or 0.8% to $79.98 per barrel. Tuesday, oil prices rose 2% to a new one-month high as attacks intensified a supply disruption along the Strait of Hormuz. This is where a fifth of all the world's liquefied gas and oil passed before the U.S./Israeli war on Iran. "While the physical market for oil is...

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...

Are you looking for inspiration? Weekend Reads is a weekly roundup of what the Open Interest team was reading, watching, and listening to. This week's picks include the impact of war on?energy security and food, China's ability to leverage critical minerals, and World Cup drama. We'll be reading RON BOUSSO's ROI Energy Columnist's paper, which examines the global impacts of Ukraine's drone attack on Russia's oil refinery infrastructure. The analysis provides great detail about the extent of the damage. CLYDE RUSSELL is a columnist for ROI Asia 'Commodities and Energy. The Iran War threatened to cause a food shortage. The...

The International Energy Agency said that the recent escalation of hostilities between the U.S., and 'Iran, could change its 'forecast of an 'important oi l market surplus next year. The global oil market received some relief last'month, as a peace deal between the U.S.A. and the 'Iran opened the Strait. Its closure had effectively cut off 'as much as 14 million barrels of crude oil per day during the height of the biggest oil supply crisis ever. The agency reported that global oil production rose by 4.1 mbpd in June but was still 9.4 mbpd lower than pre-war levels. The...

India's Oil and Natural Gas Corp, India's largest explorer, will build a 1,75 million metric ton national strategic petroleum reserve at Mangalore (in southern India), the company announced in a late-night stock exchange filing. India, which is the third largest oil consumer and importer in the world, has been severely affected by the blockade of Strait of Hormuz following the Israeli-U.S. attack on Iran. Around a fifth (25%) of world energy passes through the waterway. To strengthen its emergency supply, the 'South Asian nation' is increasing its energy cooperation with other countries, such as Japan and the United Arab Emirates....

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...

Kuwait's crude production jumped to 1.65m barrels a day in June, from just 580,000 bpd a month earlier, a source with knowledge of the situation said on Thursday. The OPEC member is boosting exports via the Gulf after the?U.S.-Iran peace agreement. Kuwait's surge in crude oil production is a sign that Gulf oil flows through the Strait of Hormuz have recovered rapidly after the disruption caused by the Iran War. Stranded cargoes are slowly clearing the Strait of Hormuz, and exporters are restoring their production. Kuwait produced about 2.5 million barrels of oil per day before Iran effectively closed the...

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...