Refined Products

The New York Federal Reserve reported that the outlook of U.S. households for inflation remained unchanged in August as their?worries?about the job market?and the state of?their?personal finances grew. In the latest Survey of Consumer Expectations from the regional Fed bank, respondents held steady to their projections of inflation of 3.6% a year hence and 3% in five years. They also marked down inflation expectations in three years from 3.3% to 3.2%. The report stated that respondents in August predicted higher gasoline prices within a year. Although households' inflation expectations did not change much, their outlook for hiring and personal finances...

U.S. stocks fell Tuesday morning as the attacks on energy facilities in the Gulf drove oil prices to near $100 per barrel. After a long weekend of holidays, all three major U.S. indexes traded lower. The Dow Jones Industrial Average dropped 1.21% in its first hour. The S&P500 fell by 0.49%, and the Nasdaq Composite dropped by 0.52%. Brent crude oil jumped 1.32%, to $98.28 a barrel, the highest in six weeks. U.S. crude oil rose 2.11%, to $93.40 per barrel. The rise in oil prices came after Houthis, who are backed by Iran, attacked Saudi Arabian cities and energy...

The oil prices continued to rise on Tuesday as the risks of a long-term conflict in the Middle East increased after Iran threatened retaliation against any new U.S. attack on its assets. This heightened concerns over disruptions to supply. Brent crude futures rose 49 cents or 0.5% to $97.49 per barrel at 0400 GMT. U.S. West Texas Intermediate Crude was $92.92 per barrel, up $1.44 or 1.6%. According to Suvro Sarkar, DBS Bank's head of energy analysis, WTI is playing catch up with Brent after the Labor Day holiday on Monday. Brent had absorbed the weekend's increase a day before....

China's crude oil imports by sea increased in August compared to July, but were still nearly 40% below levels prior to the Iran conflict. According to Kpler, China's largest oil importer saw seaborne arrivals increase from 6.93 million barrels a day in July to?7.14 million bpd in August. August's imports fell by 4.27 % below the average of 11,41 million bpd during the three months preceding the U.S.-Israeli attack on Iran, which took place on February 28. China is absorbing the majority of the Middle East's lower crude oil volumes, as its exports are falling due to the restricted flow...

The war in the Middle East is still driving up energy costs. Americans are facing record high gasoline prices for Labor Day Weekend, just as midterm Congressional election campaigns begin. Patrick De Haan, GasBuddy analyst, says that the national average gas price is likely to reach $4.03 per gallon on Labor Day. This will be a significant increase over the previous record of $3.83 set in 2012. De Haan, in a blog post, wrote that "Gasoline is not at all-time highs, but it's at the highest level ever recorded for this late in the year. This means Americans may see...

Labor Day, which falls on Monday, September 7, will impact the release of major economic, energy, and commodities reports in Washington for the week ending Sept. 6. The schedule is below. The times are in EDT/GMT. Treasury announcements are subject to change. Monday, September 7 Labor Day. Labor Day. Tuesday, September 8, National Federation of Independent Business releases Small Business Optimism Index, August 0600/1000 Conference Board releases Employment Trends for August 1000/1400 Treasury Dept. Treasury Dept. The U.S. Department of Agriculture releases weekly U.S. Export Inspections for Grains, Oilseeds at 1100/1500. Note: this week's inspections are delayed due to the...

As tensions between the U.S. and Iran escalated, oil prices rose on Friday. They are now heading towards their steepest weekly gains since mid-July. Brent crude futures rose by 54 cents or 0.6% to $96.06 per barrel at 0100 GMT. U.S. West Texas Intermediate crude crude futures gained 80 cents or 0.9% to $92.10. Brent and WTI both saw weekly gains of 7.6%, while WTI gained 10.4%, the biggest since the week ending July 20. The U.S. attacks on Iran this week, which killed and injured dozens of civilians including Iranians, were the most violent clashes that have occurred between...

The price of oil rose on Friday, and is on track to be the highest weekly gain since mid July. Rising tensions and renewed U.S. - Iran hostilities have heightened concerns about Middle - East supply risks. Brent 'crude futures increased 15?cents or 0.2% to $95.67 a barge at 0100 GMT. U.S. West Texas Intermediate Crude Futures were up by 26 cents or 0.3% at $91.56. Brent was up 7.1% on a weekly basis and WTI 9.8%, the biggest gains since the week ending July 20. The U.S. attack this week, which killed and wounded dozens of people, including Iranians...

The dollar gained on Tuesday, as renewed U.S. - Iran hostilities?sent the oil prices higher and fueled inflation fears?and sparked a global bond saleoff. Tuesday, the U.S. launched a 'new air strike on Iranian targets' which pushed oil prices over 4% higher. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.27%, to 99.68. Meanwhile, the euro fell 0.23%, to $1.1589. The yield on the 10-year Treasury note reached its highest level since January 2025. Investors are urged to buy safer assets such as the U.S. Dollar by higher...

The dollar gained on Tuesday, as renewed U.S. - Iran hostilities sent the oil prices higher. This fueled?inflation fears and sparked a global 'bond saleoff. After the first direct attack in a week, U.S. president Donald Trump has threatened to strike again against?Iran?. This has pushed oil prices over 2% higher. The yield on the 10-year Treasury note reached its highest level since January 2025. Karl Schamotta is the chief market strategist for Corpay. He said that the dollar was rising as a result of the hostilities between Iran and the U.S., which increased inflation risks and raised the possibility...

Donald Trump has accused U.S. refiners of ripping off Americans. He also called for an investigation by the Justice Department and encouraged companies to use their profits to'reduce gasoline prices, which spiked during the conflict with Iran. He is expected to welcome many of these companies to the White House on Tuesday to celebrate their efforts to maintain a well-supplied market in an effort to manage gasoline prices, which currently average over $4 per gallon. Executives have had to make an unusual calculation because of the timing. According to those familiar with the plans and the timing, companies received the...

Sources familiar with the negotiations confirmed on Thursday that officials in the Trump administration are working to reach a long-term agreement to give the United States, which oversees Venezuela's oil exports, access to a part of Venezuela's crude reserves. Sources?said that the agreement, which is expected to be signed and made public soon?, would allow the U.S. Government to lock in?a group Venezuelan oilfields that will be developed by American firms, and that the supply would be?guaranteed for? the U.S. One of the sources stated that "this is real and being discussed on the highest level of the U.S. government...

Brent crude, the global benchmark for oil prices, has risen this month. However it has remained below $100 per barrel despite the recent escalation of the U.S. - Iran conflict which has caused disruptions in Gulf exports via the Strait of Hormuz or the Red Sea. According to Argus, Crude Oil?shipments are now at 11 million barrels a day (bpd), down from 18 million bpd prior to the Iran War seven months ago. What are the factors that influence oil prices? SIGNIFICANT VOLUMES CAN FLOW?THROUGH HORMIZ Claudio Galimberti, Rystad's Chief Economical Officer, stated that in the week prior to fighting...

The National Oil Corporation (NOC), a state-owned company, said in a press release that a remote-controlled 'drone' attack on a fuel depot in Tripoli, Libya, caused?minor damages. As a precaution, the NOC stated that teams of technical experts had started removing fuel from tanks. No one has claimed responsibility for the attack and the authorities have not revealed who they believe was behind it. The attack caused minor damage to tanks and pipelines no. Ahmed Al-Masallati is the?spokesperson of Brega Petroleum Marketing, who are responsible for Libya's fuel supply. The incident had no impact on supply operations and there were...

Three sources 'close to the issue' told us that OPEC+ will likely keep its oil production?policy for October unchanged at a meeting this Sunday. The producer group has completed the unwinding one layer of cuts in production and is now focusing on 2027 quota negotiation. The Iran War continues to disrupt oil exports via the Strait of Hormuz. This reduces OPEC+’s influence on prices and market share. The group's decisions on supply now have less impact on the market than in the past. The meeting on Sunday will include seven core OPEC+ countries: Saudi Arabia (and Russia), Kuwait, Algeria and...

Energy Secretary Chris Wright of the United States said that after arriving in Venezuela on Tuesday, the oil companies in the U.S. as well as?other countries will sign deals in Caracas tomorrow that will result in a more-than-doubling in crude production over the next few year. Wright is in Venezuela for a day-long visit, his second trip since U.S. troops seized Venezuelan leader Nicolas Maduro's office in January. Venezuelan oil production peaked at over 3 million barrels a day in the late 90s, but then plummeted due to a lack investment, poor management and U.S. sanction. In recent months, it...

Chris Wright, the U.S. Energy Secretary, said that after arriving in Venezuela on Tuesday that the 'deals' that oil companies from the U.S. The oil companies from the United States and other countries will sign deals in Caracas tomorrow that will result in a more-than-doubling of crude oil production over the next few decades. Wright is on a one day trip to Venezuela, the founding OPEC member. This is his second visit since U.S. troops seized Venezuela's Nicolas Maduro as leader in January. Venezuelan oil production peaked at over 3?million barrels a day in the late 1990s, but then?plummeted due...

The Iranian conflict has continued to affect the supply of refined petroleum products in Asia. In August, the region that consumes the most refined fuels saw its imports drop to their lowest level since the start of the war. Asia's imports of light and medium distillates were estimated at 5,10 million barrels a day (bpd), down from 5,61 million bpd during July, according to Kpler data, a commodities analyst. Imports are down by about 2 million bpd, compared to the 7.06 million bpd average in the three months prior to February 28, when Israel and the U.S. launched airstrikes against...

Japan's crude oil imports increased by 17% from the previous year in July, as a result of a surge in U.S. Official data released on Monday showed that?shipments, a resurgence in Saudi Arabian purchases and lower supplies from Middle Eastern producers were offset by a rise in?supplies. The Ministry of Trade, Economy and Industry reported that imports increased to 2,38 million barrels a day (11.72 millions kilolitres) for the second consecutive month despite disruptions caused by the U.S./Israeli war against Iran. Imports to?the Middle East dropped 21.4% from July. The United Arab Emirates, Japan's two largest suppliers, and Saudi Arabia...

Asia's crude oil imports in August were still far below levels before the Iran conflict. This raises further questions about how much crude actually leaves the Middle East. According to Kpler's data, the top-importing continent will see an arrival of 23,12 million barrels per day (bpd) this August. This is a slight decrease from July, when 23.36 million bpd were expected. Imports have also fallen by almost?4 million bpd or 14% from the average of 26,91 million bpd for the three-month period ending in February. The United States and Israel launched an attack on Iran on 28 February, prompting Tehran...

Scott Bessent, U.S. Treasury secretary, invoked the 1944 D-Day landings of Allied forces in?France when announcing sanctions against Iran. The measures taken are superior to the much less successful Anzio Beachhead landing in Italy, which was another amphibious landing during World War II. Anzio was a battle that began with a successful landing of the Allies, but a lack of leadership led to the campaign stalling and turning into a long campaign of attrition. Bessent’s new measures are designed to choke Iran economically. They target companies and countries that do business with Iran in five different sectors: digital assets, technology...

Multiple trade sources reported on Monday that 'Iraqi state oil marketer SOMO and QatarEnergy are offering crude in rare tenders which require buyers to load their cargoes within the Strait of Hormuz. Sources said that SOMO offered September-loading Basrah Medium or Basrah Heavy Crude from Iraq's Basrah Oil Terminal or Single Point Mooring?and its related facilities. Iran's official news agency IRNA said that Baghdad had repeatedly requested permission to allow a number of Iraqi tankers to cross the Strait of Hormuz. The bids for Iraqi oil will close on the 26th of August. QatarEnergy, in addition to SOMO, has also...

The crude oil market is currently debating the wrong issue about how much oil actually moves through the Strait of Hormuz. Instead, it should focus on the restricted flows of'refined products' around Asia. Energy Secretary Chris Wright of the U.S. has claimed repeatedly that vessel tracking analysts such as Kpler cannot see how much crude oil is flowing through the disputed Strait. Wright claimed that 15 million barrels of oil per day (bpd), or about 500,000 barrels a day, left the Strait of?Hormuz in a single day last week. If true, this would bring the volumes to?what they were before...

Prices of oil fell by more than $1 per barrel on Monday, as investors took a profit ahead of an announcement that Washington is expected to make about additional sanctions against Iran. This could further disrupt Middle East supplies. Brent crude futures dropped $1.22 or 1.29% to $93.17 at 0035 GMT. U.S. West Texas Intermediate was $85.86 per barrel, down by $1.20 or 1.38%. The two contracts both posted their second weekly gains, up over 5% last week as the peace talks between Iran and the U.S. hit a deadlock, limiting oil shipments across the Strait of Hormuz, where a...