Refined Products








Asia

North America

Fossil Fuels

China cuts domestic fuel prices again to reduce the impact of rising oil prices

China has again reduced its gasoline and diesel price increases to half of what they usually are. This is to try to reduce the rising oil prices caused by the Iran War and the closure of the Strait of Hormuz. The oil prices continued to rise after Iran rejected the United States' ceasefire proposal and as a deadline for Tehran, set by U.S. president Donald Trump, to come up with a deal before he was "taken out", grew closer. The NDRC (National Development and Reform Commission) announced that the retail gasoline and diesel prices would increase by 420 yuan and...

Oil & Gas Refining

Phillips 66 suffers $900 million in losses as Iran crisis raises oil prices

U.S. refiner Philips 66 reported on Monday that its first-quarter earnings were impacted by a sharp rise in commodity prices. This left?it? with nearly $900,000,000 in mark-to market losses before taxes, according to an SEC filing. The U.S. and Israeli war against Iran started in late February. Iran's closure of the Strait of Hormuz - a chokepoint for a fifth of world oil and gas supplies - has caused global energy markets to be roiled and crude prices have soared. Phillips 66’s losses are mainly due to its net short positions in derivatives contracts relating to crude oil and refined...

Crude Oil

Law firm claims that Venezuelan oil tycoon Ruperti has been released from custody.

A law firm representing Venezuelan oil businessman Wilmer?Ruperti said that the country's intelligence police had released him from a detention, after a video was posted on social media of him at his home. Ruperti attended a meeting on March 19, which was organized by the authorities. Ruperti's security detail was arrested and released soon after. Winston & Strawn, a law firm, said in an email that "he was released from the Sebin police detention but we have no explanation or charges from the Government stating the reason for his detention." "We find his detention to be inappropriate and are concerned...

Energy Markets

After Trump's vow to continue attacking Iran, prompt oil prices have hit a record-high premium for next-month deliveries.

On Thursday, traders scrambled to get barrels after U.S. president Donald Trump pledged to continue his attack on Iran. Investors may perceive that supplies will be limited in the short-term if they see a widening backwardation. This is the term used to describe immediate deliveries which are trading at a higher price than barrels due for delivery in a future month. WTI crude futures?May delivery traded around $15.70 higher per barrel than the June contract during the session. The U.S. and Israeli war against?Iran is nearing its fifth week. This has caused millions of barrels of oil to be removed...

Energy Markets

Trump's speech will cause more harm to US consumers, with gasoline at $5 and diesel reaching record levels

Market experts say that U.S. President Donald Trump’s speech to the nation on Wednesday, where he promised more aggressive'strikes' on Iran, is putting consumers on a course for record fuel prices at the pump, just ahead of the peak summer travel season in the country. Americans were expecting Trump's speech would outline a plan for ending the Iran war and opening the Strait of Hormuz. Iran's blockade of this global oil conduit is causing oil and fuel costs to skyrocket, pinching the wallets of consumers. Trump, however, promised to bomb Iran into the "Stone Ages", and that the Strait of...

Refined Products

Maldives wants fuel from India during Iran war

A spokesperson from India's Foreign Ministry said that the Maldives was seeking fuel supplies. India?is still shipping fuel to its neighboring countries?, she added. Randhir Jaiswal, at a press conference, stated that India is the world's?fourth largest refiner? and supplies fuel to Bangladesh, Nepal, Bhutan, and Sri Lanka. The government of Maldives also contacted us to supply petroleum products on a short-term as well as long-term basis. Jaiswal stated that the request from Maldives is being evaluated in light of our own needs and availability. According to World Bank statistics, the Maldives sources most of its fuel from Oman. The...

Refined Products

Automakers unveil new EVs for US market despite sales downturn

The New York Auto Show saw major automakers unveil new 'electric vehicles' on Wednesday, despite weak consumer demand and sales that have plummeted since Washington removed the $7,500 tax credit for EVs. Kia announced that it will'start selling its lower-priced EV3 to the United States in later this year. Subaru also offered a three-row EV called the "Getaway", which can seat seven. The Japanese automaker will launch its family EV SUV in the U.S. later this year or early next year. It is their fourth EV. The U.S. electric vehicle market is becoming more competitive, but the recent rise in...

Refined Products

US retail sales were strong in February, but the Iran war is expected to affect spending

Retail sales in the United States increased the most since'seven months' in February, as motor vehicle purchases recovered and temperatures rose. However, rising gasoline prices due to the Middle East war could limit spending in months ahead. Commerce Department's delayed report from?Wednesday indicated that the economy had been on a solid footing before?the U.S. and Israel war with Iran. The conflict that began at the end February has caused global oil prices to surge by more than 50%. This week, the average national retail gasoline price surpassed $4 for the first time since more than three year. Economists have warned...

Refined Products

Argentina delays fuel tax increases in order to reduce the impact of global prices pressures

In a Wednesday decree, the Argentine government announced that it would delay the implementation of tax increases scheduled for liquid fuels, carbon dioxide and other pollutants. This was done in response to the global instability brought about by the U.S./Israeli war on Iran. The decree stated that the move was intended to "support economic growth by sustainable fiscal measures". The decree also stated that the measure would delay the anticipated?tax increase on liquid fuels, carbon dioxide, and other gases for a month, to the end of April. The decree added that this is the second step taken by President Javier...

Refined Products

Retail sales in the US increased by a solid amount in February

Retail sales in the U.S. increased in February, as motor vehicle purchases rebounded. Temperatures also warmed. However, rising gasoline prices due to the war in the Middle East may?cripple spending in upcoming months. The Commerce Department's Census Bureau reported on Wednesday that retail?sales increased 0.6% following a 0.1% decline in January. The economists polled had predicted that retail sales (which are mainly goods and not adjusted for inflation) would rise 0.5% following a 0.2% decline in January. After the government shutdown last year, the?Census Bureau has yet to release data. U.S./Israeli conflict with Iran pushed global oil prices up more...

Refined Products

Fed's Barkin says households and firms still view oil shocks through a "short term lens"

Tom Barkin, Richmond Federal Reserve Bank president, said that businesses continue to believe high oil prices are only a temporary disruption. There is little evidence yet to suggest they have caused consumers to cut back on their spending or changed public expectations of inflation in an alarming way. Barkin said on Tuesday that he had a "short-term" view of the situation based on his weekly credit card spending data and his conversations with executives on pricing, investments and other topics. "Gas expenditure is up, but other spending looks healthy," said Barkin. Barkin is not voting on interest rate policy for...

Fossil Fuels

Fuel prices in Africa spike as Iran War hits supply

African governments have increased fuel prices sharply as global oil 'prices are surging due to the Iran War. This could spark inflation on the continent. Most African countries import a large amount of petroleum products. This leaves them vulnerable to disruptions in supply. South Africa, the continent's biggest economy, reduced its fuel tax for a month on Tuesday to curb future price increases in April. This came after business and trade union groups pressed the government to act. CONSIDERING FURTHER ACTIONS The National Petroleum Authority in Ghana raised the'mandatory minimum prices floors' for the April 1-15 price window. This pushed...

Europe

Energy Markets

Slovakia ends diesel fuel export ban but other measures remain in place

Prime Minister Robert Fico announced on Wednesday that Slovakia would end the temporary ban on diesel fuel exports on Friday, but will continue to implement other fuel restrictions due to 'the conflict in the Middle East. Slovakia has taken steps to deal with the soaring global oil prices, since U.S.-Israeli strikes against Iran began at the end February. The United States and Iran reached a ceasefire on Tuesday evening. The Slovakian government approved on March 19 a resolution allowing service stations the ability to limit diesel sales. It also increased prices for cars with foreign license plates in an effort...

Refined Products

Starmer, UK's Starmer, heads to the Gulf for talks on reopening Strait of Hormuz

His office announced that British Prime Minister Keir starmer would 'travel to the Gulf tomorrow to 'hold talks with regional leaders to...?ensure that the Strait of Hormuz is permanently opened after a U.S. Iran ceasefire. Starmer, in a press release, said: "I welcome the overnight ceasefire agreement which will bring relief to the area?and world." "Together, with our partners, we must do everything possible to support and sustain the 'ceasefire. We need to turn it into an agreement that will last and reopen the Strait of Hormuz." Starmer, who has been heavily criticized by U.S. president Donald Trump for not'supporting...

Oil & Gas

Sources say that China's teapots are looking for Iranian oil as prices have fallen.

Three trade sources reported that independent Chinese refiners, with new import quotas issued by Beijing, began'seeking immediate cargoes of Iranian oil after the oil price slumped on Wednesday. Brent crude futures fell below $100 per barrel on Wednesday, the lowest since March 11 after a?U.S. President Donald Trump announced that he agreed to a ceasefire of two weeks with Iran, subject to an immediate and safe opening of the Strait of Hormuz. Since the U.S. - Iran conflict erupted in late February, the Chinese refiners - known as teapots - have largely stayed out of the fray. This has caused...

East Asia

Middle East

Energy Markets

Ukraine imports record volumes of fuel as Prime Minister presses for lower price

Ukraine imports record amounts of fuel in March, despite the market turmoil caused by the Iran War. The pace will be maintained for April, according to Prime Minister Yulia vyrydenko, who urged traders to lower their prices. Ukraine is now almost entirely dependent on imports to meet its diesel and gasoline needs. Diesel prices almost doubled after the Gulf conflict, causing concern among farmers who were about to begin the spring sowing campaign. This is critical for the country. Svyrydenko stated on Telegram that "we are recording a decrease in quotations at the major exchanges which should have an impact...

Crude Oil

As the Hormuz Crisis worsens, physical oil prices have reached record highs of near $150 per barrel.

Analysts say that the closure of Hormuz creates a very tight market for oil deliveries in the near future. Data from LSEG shows that the price of North Sea Forties crude has reached a record high. Expert: * Fear over supply is driving physical price higher. (Adds Platts dated Brent assessment in paragraph 8, adds LSEG in paragraph 10) By Alex Lawler LONDON, 7 April - European and Asian refiners have paid record prices of near $150 a barrel for certain crude oil grades. This is far higher than the paper futures price, highlighting the worsening crisis in supply caused...

Crude Oil

As the Hormuz Crisis worsens, physical oil prices have reached record highs of near $150 per barrel.

Analysts say that the closure of Hormuz creates a very tight market for oil deliveries in the near future. LSEG data: North Sea Forties crude reaches a?record-high outright price Expert: * Fear of shortages is driving physical prices up By Alex Lawler LONDON, 7 April - European and Asian refiners pay record high prices of nearly $150 per barrel for a few crude oil grades. This is far higher than the paper futures price, which highlights the worsening crisis in supply caused by the U.S./Israel war against Iran. Iran's closure of the Strait of Hormuz has caused the Middle East...

Energy Markets

India's demand for sugar and edible oils drops as commercial gas shortages affect restaurants

India's largest market is experiencing a decline in sugar and edible oil consumption as restaurants are forced to reduce their operations during the summer holidays due to a shortage of commercial gas cylinders. Reduced consumption of edible oils could reduce?India's?imports, including palm and sunflower oils from Argentina, Brazil and Russia, as well as soyoil from Indonesia and Malaysia. Gas cylinder shortages are affecting roadside restaurants and eateries, causing them to reduce their consumption of edible oil, according to B.V. Mehta. He is the executive director of SEA, the Solvent Extractors' Association of India. The restaurants offer popular deep-fried dishes like...

Crude Oil

South Korea's envoy will visit Kazakhstan, Oman, and Saudi Arabia in order to secure oil supplies

Kang Hoon Sik, the South Korean chief of staff to the president, said that he was traveling to Kazakhstan, Oman and Saudi Arabia on Tuesday to procure crude oil and naphtha due to disruptions in shipping through Strait of Hormuz. Kang will depart on Tuesday evening as the special envoy of President Lee Jae Myung to hold discussions with governments, energy firms, and ship operators in order to ensure that cargoes arrive at 'domestic ports' and to maintain stable supplies of essential goods, such as medical products. He said that South Korea needed to diversify its supply lines urgently, as...

Fossil Fuels

Hegseth predicts major strikes on Iran. Trump claims the country could be "taken out" by Tuesday.

Donald Trump, the U.S. president, told reporters on Monday that Iran could be 'taken out' in one night "and that might just 'be tomorrow night", and warned Tehran that it must reach a deal with Iran by Tuesday night. Trump had earlier promised to enforce a deadline of Tuesday night for Iran to accept a ceasefire agreement or face broad attack on power plants and critical infrastructure. He told a press conference at the White House that "the entire country could be taken out in a single night. That night may even be tomorrow." U.S. defense secretary Pete Hegseth said...

Fossil Fuels

Trump announces that the deadline for a final deal with Iran on Tuesday is set.

Donald Trump, the U.S. President, said that the deadline of Tuesday for Iran to reach a peace agreement is final. He called Iran's "peace proposal" significant but not enough. Trump warned that U.S. troops would launch a broad attack on Iranian infrastructure in the event his deadline of Tuesday night is not met. Iran rejected Trump's Tuesday deadline. "They made a proposal, and it is a significant one. This is a major step. "It's not good enough," Trump said to reporters at an Easter Egg event on the South Lawn of the White House. The war could be over very...

Fossil Fuels

As Asia and Europe compete for supplies, US crude prices have reached record highs.

Industry sources say that spot premiums for U.S. West Texas Intermediate crude are at all-time highs due to the fierce competition for oil supply between Asian and European refiners. This is in response to Middle Eastern oil flow disruptions caused by the Iran War. Europe is the biggest importer of U.S. oil, but the competition has increased as Asian buyers are searching for supplies from the Americas and Africa to Europe to replace Middle Eastern crude that cannot move through the Strait of Hormuz. Sources and analysts say that the increase in crude oil prices has increased costs for refiners...

Energy Markets

Trump says that a deal with Iran is possible if the Strait remains closed.

Donald Trump, while praising the U.S. military for their rescue of an airman in a high-risk mission deep inside Iran, threatened to "rain hell" on Tehran?if it didn't make a deal by Tuesday and reopen Strait of Hormuz. Special forces rescued an American airman from Iran in a mission that was high-risk. Israel and the U.S. have been pounding Iran with airstrikes and missiles for more than five weeks in order to eliminate what they claim is an imminent threat posed by Iran's ballistic missile arsenal, nuclear weapons development program and support for regional proxy militias. Tehran has closed down...

Energy Markets

India graveyard raid unearths hidden cooking gas canisters amid a shortage

A government official reported that Indian police seized 414 cooking gas 'canisters' hidden in a cemetery in Hyderabad this week and arrested people who were trying to sell them in the "black market" amid shortages due to the Iran war. The authorities have intensified raids in order to reduce the hoarding and stockpiling of liquefied gas canisters following the U.S./Israeli war on Iran, which disrupted shipping and caused shortages. India is the second largest LPG importer in the world. India, the world's No. 2 LPG importer meets 60% of its demand through overseas purchases. Sujata?Sharma, a senior officer in the...

Refined Products

India graveyard raid unearths hidden cooking gas canisters amid a shortage

A government official said that Indian police seized 414 canisters of cooking gas hidden in a cemetery in Hyderabad and arrested people who were trying to sell the canisters on the black market. This was in response to shortages caused by 'the Iran War. The authorities have increased raids in order to reduce the hoarding and stockpiling of liquefied gas canisters, after the U.S./Israeli war on Iran caused shipping disruptions that led to shortages. India is the second largest LPG importer in the world. About 60% of India's LPG demand is met by overseas purchases. Sujata sharma, a senior official...

Energy Markets

Putin floates idea of "grain and Energy Hub" in Egypt

The President of Russia, Vladimir Putin, said that Russia and Egypt could discuss creating a "grain-and-energy hub" in the North African country. Putin brought up the idea at a meeting with Egyptian Foreign Minister Badr Abdelatty in the Kremlin, saying there were "many fascinating ideas" to be discussed. Abdelatty said, through an interpreter: "Egypt welcomes the Russian initiatives." In the televised portion of their meeting neither participant elaborated on?the "hub' proposal. In response to the waves of Western sanctions imposed over the conflict in Ukraine, Russia has sought new ways to distribute its?energy exports and commodities. Egypt is playing an...