Refined Products

The oil prices fell on Monday due to the downgrade by Moody's of the U.S. government's sovereign credit rating, and data from China that indicated a slowdown in industrial production and retail sales. Brent crude futures for the front-month fell 35 cents or 0.5% to $65.06 per barrel at 0440 GMT, while U.S. West Texas Intermediate Crude dropped 26 cents or 0.4% to $62.23 per barrel. The front-month WTI contract expires Tuesday, and the more active July contract dropped 31 cents or 0.5% to $61.66 per barrel. Both contracts increased by more than 1% in the last week, after the...

The oil prices rose on Friday after a steep drop the previous day. This is expected to lead to a weekly increase of more than 1 percent as the optimism surrounding the U.S. China trade relations outweighed the prospect of Iranian supplies returning to the market. Brent crude futures were up 17 cents or 0.26% to $64.70 per barrel at 0007 GMT. U.S. West Texas Intermediate Crude Futures rose 18 cents or 0.29% to $61.80. Prices fell more than 2% the previous session, after President Donald Trump claimed that the U.S. and Iran were "close" to a nuclear agreement. He...

In April, Asia's imports for key refined fuels like gasoline and diesel dropped to their lowest level in four years. This was due to refinery maintenance as well as a weaker demand from the region that is the largest importer. According to commodity analysts Kpler, the total imports of light distillates and middle distillates in April were 166.37 millions barrels, down from March's 195.54 and the lowest since April 2020. The sharp fall in imports for April was due to a decline in shipments by key exporters of refined goods. Kpler reports that India, which is the top fuel exporter...

The oil prices fell on Wednesday, as traders watched for a possible increase in U.S. crude stocks. Prices remained near their two-week highs though amid optimism following the United States' and China's agreement to temporarily lower reciprocal tariffs. Brent crude futures dropped 39 cents or 0.6% to $66.24 per barrel at 0400 GMT. U.S. West Texas Intermediate crude (WTI), which is a benchmark for the U.S., fell 36 cents or 0.6% to $63.31. Both benchmarks rose more than 2.5% the previous session. China and the United States agreed to suspend their trade war at least for 90 days. The United...

The oil price dropped on Tuesday, despite optimism about the pause in U.S.-China's trade war, after both countries temporarily reduced tariffs. Brent crude futures fell 22 cents or 0.3% to $64.74 a barrel at 0248 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. West Texas Intermediate and Brent crude, fell 18 cents or 0.3% to $61.77 per barrel. The benchmarks for both closed Monday with a 1.5% gain, their highest settlement since April 28. These gains are coming at a time when the global oil market is experiencing turmoil. Monday saw Wall Street stocks, crude...

The oil prices fell on Tuesday, from the two-week high they reached in the previous session. This was after the U.S. & China agreed to temporarily reduce tariffs. This sparked optimism that the trade war between two of the largest economies in the world would end. The U.S.-China agreement to reduce steep tariffs by at least 90 day sent Wall Street stocks, U.S. dollars and crude oil prices sharply higher Monday. The dispute is not over, but the underlying issues that caused it remain. These include the U.S.-China trade deficit and U.S. president Donald Trump's demands for Beijing to take...

The U.S. House Committee released a proposed budget that included more than $1.5billion to replenish and maintain Strategic Petroleum Reserve. It also cancelled a sale mandated by Congress, after huge sales in 2022. The House Energy and Commerce Committee's proposal, released late Sunday, includes $1.32 billion for oil purchases to replenish the SPR - the world's biggest emergency crude stockpile - and $218 millions for the maintenance of the facility. In March, U.S. Energy Sec. Chris Wright estimated that it would require $20 billion over years to achieve President Donald Trump's aim of filling up the SPR. This would benefit...

The U.S. House Committee released a proposed budget that included more than $1.5billion to replenish and maintain Strategic Petroleum Reserve. It also cancelled a sale mandated by Congress, after huge sales in 2022. The House Energy and Commerce Committee's measure, released late Sunday, includes $1.32 billion for the purchase of oil to replenish the SPR - the world's biggest emergency crude stockpile - and $218 millions for the maintenance of the facility. In March, U.S. Energy Sec. Chris Wright estimated that it would require $20 billion over years to achieve President Donald Trump's aim of filling up the SPR. This...

China's car sales in April rose for a third month, up 14.8% from a year earlier, as government-subsidised auto trade-ins mitigated the impact of U.S. tariffs on consumer sentiment. The China Passenger Car Association reported on Sunday that passenger vehicle sales for the month of December totaled 1.78 million vehicles, and the first four months in 2025 saw an 8.2% increase from the same period a decade earlier. Last month, sales of new energy vehicles (electric vehicles, plug-in hybrids and other electric vehicles) increased by 33.9% on an annual basis, making up 50.8%. Official data shows that the government program...

Monster Beverage announced a surprising fall in revenue for the first quarter on Thursday. This indicates that consumers in America have cut back on spending on expensive energy drinks due to economic uncertainty. Consumer spending was affected by the cold weather in January, and high inflation in March. The company also attributed a decline in net sales due to changes in order patterns by bottlers and distributers in Europe and the U.S., as well as foreign currency headwinds. Monster Beverage hedges its aluminum price increases, but will recognize the tariffs placed on the imports due to the higher U.S. Midwest...

MP Materials, a U.S. rare-earths producer, announced on Thursday it had swung into a loss in the first quarter due to rising production costs as well as interest expenses. However, results were within expectations. These are the first results since the Las Vegas company announced last month that it would no longer ship the minerals to China to be processed in response to Beijing’s tariffs. The company's revenue will be affected by this move, but not until the second quarter results are released in August. The company reported a loss of $22.6m, or 14c per share for the first quarter...

The Federal Reserve Bank of New York reported on Thursday that Americans' perceptions of their financial situation, including their future expectations of earnings and income and their views about inflation outlook, deteriorated in April amid mixed opinions. The bank's latest Survey of Consumer Expectations found that, last month, when President Donald Trump launched a trade war with the rest of world, household perceptions of both their current and future financial situation "deteriorated dramatically." Survey respondents also predicted slower income and earnings gains in April compared to March and higher unemployment and a harder time finding a job. The bank found...

The oil price was little changed Monday as investors awaited the outcome of the Iran-U.S. Nuclear Talks and the key economic data from China in order to assess its commodity demand following the trade tensions between the United States and China. Brent crude futures were down 5 cents at $65.36 per barrel as of 0022 GMT, while U.S. West Texas intermediate crude was up 3 cents at $62.52 per barrel. The front-month WTI contract expires Tuesday. The more active July contract dropped 4 cents to a barrel of $61.93. Both contracts increased by more than 1% after the U.S., China...

The International Energy Agency (IEA), said Thursday that economic headwinds and record sales of electric cars will reduce global oil consumption growth to 650,000 barrels a day for the rest of 2025. This is a significant drop from the 990 000 bpd that the IEA estimated for the demand growth between January and March. In its oil market report for May, the IEA stated that "increased trade uncertainties are expected to have a negative impact on the global economy, and by extension, the oil demand." IEA expects the global demand to grow by 740,000 bpd this year. This is an...

OPEC cut its forecast on Wednesday for the growth of oil supply this year from the United States, and other producers outside OPEC+. It also said that it expects lower capital expenditures following the decline in oil prices. OPEC reported in a report that the supply from countries outside of the Declaration of Cooperation – the formal name of OPEC+ – will increase by 800,000 barrels a day in 2025. This is down from the forecast of 900,000. Slowing down the growth of supply outside OPEC+ (which includes the Organization of the Petroleum Exporting Countries, Russia, and other allies) would...

The oil prices increased on Monday, after both sides of the U.S. and China trade talks announced their progress over the weekend. This lifted the market's sentiment that they may be moving towards a resolution to their trade dispute. Brent crude futures rose 27 cents or 0.4% to $64.18 per barrel at 0001 GMT. U.S. West Texas Intermediate crude futures traded at $61,30 per barrel, up by 28 cents or 0.5% from Friday's closing price. The benchmarks gained more than $1 last Friday, and over 4% in the past week. This was their first weekly gain since mid-April. A U.S....

The oil prices were not much changed on Friday morning after a rise of more than 3% the previous day. Trade tensions between the top oil consumers, the United States and China, showed signs that they are easing. Britain also announced a "breakthrough deal" with the United States. Brent crude increased 7 cents or 0.1% to $62,91 a barrel, while U.S. West Texas intermediate crude was up by 7 cents or 0.1% at $59.98 a barrel as of 0121 GMT. Brent crude settled at $1.72, up 2.8% on Thursday. WTI was up 3.2% at $1.84. U.S. Treasury Sec. Scott Bessent...

A survey shows that OPEC's oil production fell in April despite a planned increase in output. This was due to a reduction in Venezuelan supplies in response to renewed U.S. efforts to reduce the flow of oil and smaller drops in Iraq, Libya, and Libya. According to a survey released on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) produced 26.60 millions barrels of oil per day in March, a decrease of 30,000 barrels per days from the total for the month of March. This was due to a reduction by some producers, which was offset by an increase...

Investors focused on U.S. China trade talks and signs that U.S. oil production is declining. Brent crude futures rose 44 cents a bar, or 0.7% to $62,59 a bar by 0400 GMT. U.S. West Texas Intermediate crude gained 50 cents or 0.9% at $59.59 a gallon. The benchmarks fell to a 4-year low after OPEC+ decided to increase output. This fueled fears of an oversupply, at a time that U.S. Tariffs are increasing concerns about demand. Brent crude is trading higher on news that the U.S. will begin trade talks with China this weekend, extending a rally in oil, said...

Prices rose on Wednesday as buyers returned to the market after the prices had fallen to new lows the previous week. Brent crude futures rose 37 cents a bar, or 0.6% to $62.52 a bar by 1215 GMT. U.S. West Texas Intermediate Crude was at $59.53 a bale, up 44 cents or 0.74%. The benchmarks fell to a 4-year low following OPEC+’s decision to accelerate output increases. This stoked concerns of an oversupply, at a time that U.S. Tariffs are causing concern about demand. The lower oil prices of recent weeks have led some U.S. companies like Diamondback Energy, Coterra...

The oil price rebounded by over 1% Tuesday, with technical rebounding and dip-buying after a previous session's drop due to OPEC+'s decision to increase output. However, concerns about the outlook for a market surplus persisted. Brent crude futures rose by 92 cents a barrel to $61.15 at 0309 GMT. U.S. West Texas intermediate crude gained 89 cents a barrel to $58.02 The OPEC+ decision to increase oil production for a second month in a row, made over the weekend, pushed both benchmarks down to their lowest levels since February 2021. Yeap Jun Rong is a market analyst at IG. He...

Bharat Petrol Corp. Ltd., an Indian fuel retailer, expects to make a net profit of $20 to $30 per metric ton when it delivers U.S. LPG through a swap agreement with Middle Eastern suppliers. Its head of finance stated this on Friday. Analysts were told by Vetsa Ramakrishna that BPCL, India’s second largest state refiner, was in discussions with suppliers about swapping Middle Eastern cargo for U.S. supplies. The U.S.-China trade war has increased the gap in price between Middle Eastern LPG and U.S. LPG, and disrupted trade routes. China imposed tariffs on U.S. goods in response to the U.S....

Five trading and industry insiders have confirmed that QatarEnergy is in negotiations with Japanese companies for a long term deal to supply LNG through its North Field Expansion Project. Four sources confirmed that under the agreement, Qatar would supply gas to a group of Japanese importers. A volume of 3 million metric tonnes per year would be divided between the consortium. If the agreement is reached, it will help confirm Doha’s decades-old dominant position on the Japanese market as the competition from the United States, and neighbouring Gulf suppliers United Arab Emirates and Oman that offer more flexible contractual terms,...

Washington is seeking to increase pressure on Tehran by imposing sanctions on Wednesday on entities that it believes are involved in the illegal trade of Iranian petrochemicals and petroleum. In a press release, the U.S. State Department announced that sanctions would be imposed on seven entities in the United Arab Emirates (UAE), Turkey and Iran. The Department accused these entities of trading Iranian petroleum products and petrochemicals. Two vessels were targeted. In a separate press release, U.S. Secretary Marco Rubio stated that the action was taken against four sellers and one purchaser of Iranian petrochemicals valued at hundreds of millions...