Refined Products

Three sources with knowledge of the situation have confirmed that the United States has informed Delhi that it can resume these 'purchases' soon to help replace Russian oil imports. India promised to cut its Russian crude oil purchases following Washington's tariff hikes on this activity. India is also on track to reduce its Russian oil imports in the coming months by several hundred thousands barrels per day, according to sources who declined to identify themselves. In March 2025, President Donald Trump imposed a 25% tariff on countries that bought Venezuelan oil. His administration also intensified its campaign against Venezuelan president...

Two factors are largely outside the control of OPEC+, and are likely to influence the price of crude in the coming 'weeks. First, whether U.S. president Donald Trump decides to launch a shooting conflict with Iran and whether both sides will be able?to keep oil cargoes flowing and production infrastructure intact. Second, China, which is the world's largest crude importer, will decide whether to ease back on recent imports, given the 16% increase in Brent futures benchmark in January. It was only logical that the eight members with production quotas of OPEC+, given the uncertainty currently gripping the crude oil...

The United Steelworkers union and Marathon Petroleum continue to negotiate on Saturday. This is just hours before a possible strike deadline at several U.S. refineries or?chemical plants. The union rejected an offer made by Marathon, who is the chief negotiator of 26 U.S. chemical and refinery companies, including Exxon Mobil and Valero Energy. According to sources who were familiar with the negotiations, the offer included a 13% wage increase over a 4-year contract. Jamal Kheiry, Marathon's spokesperson, said that "MPC is continuing to meet with USW representatives." "We're committed to negotiating in good faith, and working towards a mutually satisfying...

The United Steelworkers union and Marathon Petroleum continue to negotiate on Saturday just hours before a possible strike deadline at several U.S. chemical and refineries plants. The union rejected an offer made by Marathon, who is the chief negotiator of 26 U.S. chemical and refinery companies, including Exxon Mobil and Valero Energy. According to sources who were familiar with the negotiations, the offer included a 13% wage increase over a 4-year contract. Marathon spokesperson Jamal Kheiry said that "MPC is continuing to meet with USW representatives." "We are committed in working towards a mutually satisfying agreement and bargaining with good...

Exxon Mobil's fourth-quarter earnings, announced on Friday, exceeded Wall?Street expectations. Higher oil production in the profitable Permian basin and Guyana?assets helped to boost the company. Results for the No. 1 U.S. Oil Producer. The adjusted earnings for the quarter from October to 'December' were $1.71 a share. This was higher than the consensus estimate of $1.68 based on LSEG analyst data. The company reported that the annual upstream production had reached its highest level in over 40 years, at 4.7 millions barrels of oil-equivalent per day. Brent oil futures fell 19% in the last year due to an oversupplied market....

U.S. refining company Valero Energy kicked off earnings season in the U.S. on Thursday with strong profits for the?fourth quarter,? thanks to a rebound of margins and a higher volume. Fuel manufacturers have made unexpected profits in the third quarter. Product margins, largely driven by the ongoing Russia-Ukraine conflict, recovered from multi-year lows that were seen in 2024, when earnings dipped from their post-pandemic peak. The San Antonio-based company reported that its refining margin increased by over?61% compared to a quarter ago, reaching $13.61 per barrel. Its average throughput volume also rose, from 2.9 million barrels per days a few...

Dow will cut 4,500 jobs or 13% of its total workforce as part of a massive restructuring designed to boost profitability by at least $ 2 billion. However, the company's first-quarter revenues are expected to be below expectations due to persistently low demand. In the morning of Thursday, shares of the company dropped 5.8%. On a call after earnings, executives said that the job cuts would also reduce the roles and resources of third parties. The company is using automation and AI in order to improve efficiency and lower costs. Chemical producers around the world are reevaluating their strategies due...

Analyst and traders say that Russia's naphtha shipments to Asia will fall in January as U.S. sanctions force key buyers such as Taiwan, India, and Venezuela to find new markets. After Washington imposed sanctions against top Russian oil producers the buyers have become more cautious. Sellers are forced to store naphtha in foreign storage or on ships, where it can then be re-exported. Armaan Ashraf is the director of Asia oil and natural gas liquids at FGENexant. He added that this means that premiums for "legitimate barrels" of heavy full range naphtha or?discounts to Russian cargoes would widen. Russia exports...

Sources close to the talks say that a commission of Venezuela's National Assembly received over 80 proposals from lawyers, politicians and energy associations seeking to change a reform?of the main oil law in the country. This is a blow to lawmakers who are rushing to approve the reform?next week. Interim President Delcy Rodriguez presented the proposed sweeping change earlier this month. She did so in response to a 50 million barrel oil supply agreement between Caracas, Venezuela and Washington. She encouraged lawmakers, in order for the country to boost production and encourage foreign investment, after 25 years strict nationalization. The...

The oil prices fell on Monday, after increasing during the previous session. Civil unrest in Iran has subsided and the likelihood of an attack by the United States to disrupt the Middle Eastern major's supply has decreased. Brent crude traded at $63.85 per barrel at 0734 GMT. This is a?28-cents-or-0.44% decrease. U.S. West Texas Intermediate fell 36 cents or 0.61% to $59.08 per barrel. The contract expires Tuesday, and the March contract, which is more active, was $59.10 down 24 cents or 0.40%. The unrest was quelled by the violent crackdown in Iran on protests sparked by economic hardship. Officials...

Martin Luther King Jr. Federal holiday on Monday, 19th January will affect the release of major economic, energy, and commodities reports during the week beginning January 18. The schedule is below. The times are in GMT/EST. Some Treasury announcements may be subject to change. Monday, January 19, 2019 Martin Luther King Jr. Day. Closed federal government offices, Federal Reserve and International Monetary Fund. Stock and bond markets. Tuesday, January 20, 2019 The U.S. Department of Agriculture publishes weekly U.S. Export Inspections for Grains, Oilseeds, 1110/1600. NOTE: Delay from Monday due holiday Treasury Department announces weekly sale of 4-, 8, and...

The oil prices were unchanged on Friday, with Brent and U.S. West Texas Intermediate only moving a few cents compared to their closing prices. Brent fell 3 cents or 0.05% to $63.73 a barrel while U.S. West Texas Intermediate rose 4 cents or 0.07% to $59.22 a barrel at 0223 GMT. Brent and WTI both reached multi-month highs after protests in Iran and the U.S. flared up this week. President Donald Trump also signaled the possibility of strikes against the nation. On?Thursday night, Trump stated that the crackdown by Tehran on protesters had slowed, easing fears of a possible military...

The oil prices increased for the third consecutive day on Thursday, as the U.S.?may launch a military strike against a key Middle Eastern producer?Iran which could disrupt the supply of the region. Brent crude 'futures' rose 50 cents or 0.73% to $68.9 a bar by 0216 GMT. U.S. West Texas Intermediate Crude climbed 58 Cents or 0.92% to $63.79 a bar. Both contracts are up about 5% since January 26. They have reached their highest level since September 29. As a result of President Donald Trump's increased pressure to stop Iran's nuclear program, including threats of military strikes, and the...

Prices of oil were not much different on Monday, after rising more than 2% the previous session. Supply concerns held back benchmarks despite disruptions to production in major U.S. oil-producing regions. Brent crude futures dropped 7 cents or 0.1% to $65.81 per barrel at 0221 GMT. U.S. West Texas Intermediate Crude was $61.01 per barrel, down by 6 cents or 0.1%. Both benchmarks closed Friday at their highest levels since January 14, with weekly gains of 2.7%. In the next few days, a U.S. aircraft carrier strike force and other assets will arrive in the Middle East. "Oil prices have...

S-Oil, a South Korean oil company, announced on Monday that it had recorded a 91% increase in its fourth-quarter operating profits. It expects the first-quarter refinery margins to be robust due to the steady demand and disruptions of supply as well as a planned U.S. refining plant closure. According to market expectations, the refinery, which is owned 63% by Saudi Aramco reported an operating profit for the quarter of 424 billion won ($293 millions). The operating profit of its refining division increased by 55%, to 225.3 billion won. It said that the refining margin of gasoline from Dubai crude had...

Oil prices continued to rise on Monday, after gaining more than 2% the previous session. Tensions between the U.S. Brent crude futures increased 12 cents or 0.18% to $66 per barrel at 0127 GMT. U.S. West Texas Intermediate Crude was $61.21 per barrel, up $14 cents or 0.23%. Both benchmarks closed?on?Friday at their highest levels since January 14. In the coming days, a U.S. aircraft carrier and?strike force are expected to arrive at the Middle East. Donald Trump, the U.S. president, said on Thursday that the U.S. has an "armada," heading towards Iran, but he hoped not to have to...

Prices of oil?recovered?on Friday, after U.S. president Donald Trump renewed his threats against Iran. This sparked fears that military action could disrupt crude supply while outages are occurring in Kazakhstan. Brent crude futures rose by 76 cents or 1.2% to $64.82 per barrel at 1026 GMT. U.S. West Texas Intermediate Crude?was up $75 cents or 1.3% at $60.11. Both benchmarks were set at weekly gains of around 1.1%. Prices rose earlier in the week due to U.S. president Donald?Trump’s actions on Greenland, but fell by about 2% on Thursday after he backtracked on tariff threats and ruled out a military...

The price of oil?increased on Tuesday due to a weaker US dollar. Meanwhile, the markets were watching President Donald Trump threaten higher U.S. Tariffs against European nations because he wants to buy Greenland. Brent futures were up 15 cents or 0.2% to $64.09 per barrel at 0430 GMT. The U.S. West Texas Intermediate contract for February that expires Tuesday was up by 14 cents or 0.2% to $59.58. WTI March gained?6 Cents or 0.1% to $59.40. WTI contracts were not settled on Monday because of the U.S. Martin Luther King Jr. Martin Luther King Jr. Day was observed in the...

The oil prices were unchanged on Monday after rising the previous session. Iran's crackdown on protests has quelled the civil unrest, and reduced the chances of an attack by the U.S. on the Middle Eastern major producer, which could disrupt the?supplies. Brent crude was trading at $64.18 per barrel as of 0158 GMT. This is a 5 cents, or 0.08% increase. U.S. West Texas Intermediate rose 8 cents or 0.13% to $59.52 per barrel in February. The contract expires Tuesday, and the March contract, which is more active, was $59.36 up 2 cents or 0.13%. The unrest was quelled by...

OPEC said on Wednesday that world oil demand will rise at a comparable pace in 2027 to this year. They also published data showing a close balance between supply and consumption in 2026. This is in contrast with other forecasts which predicted a glut. The Organization of the Petroleum Exporting Countries (OPEC) believes that the oil demand in 2027 will increase at a robust rate and that the transition to cleaner fuels is likely to be slower than other predictions. OPEC said that it expects the oil demand to increase by 1,34 million barrels a day in '2027. This is...

The market is apprehensive about the possibility of Iranian supply disruptions after deadly unrest in this major Middle Eastern producer. Brent futures traded 9 cents lower or 0.14% at $65.38 per barrel at 0207 GMT. U.S. West Texas Intermediate Crude was down 12 Cents, or 0.2%, at $61.03 per barrel. Brent futures ended 2.5% higher Tuesday, while WTI rose 2.8%. Prices for both contracts have risen 9.2% in the last four trading sessions due to the?increasing protests against the fourth largest OPEC producer. U.S. president Donald Trump on Monday urged Iranians to continue protesting, and that help would soon be...

Kpler, a shipping data intelligence company, said that Iran has a record of oil in the water, which is equivalent to 50 days' worth of production. This is because China has purchased less oil?because of the sanctions, and Tehran wants to protect its supply from the threat of U.S. attacks. According to Kpler's data, the amount of Iranian crude oil and condensate on tankers or floating storage vessels reached a record 166 million barrels during the week ending January 11. This is according to data that dates back as far as 2016. Donald Trump, the U.S. president, has warned of...

Portuguese energy company Galp is in talks with private equity-backed Moeve to merge their refining and?chemicals businesses as well as fuel retail businesses. They announced the deal on Thursday. According to their non-binding contract,?Galp, Spain's Moeve and the United Arab Emirates state-owned investment firm Mubadala, as well as U.S. investment firm Carlyle Group plan to form two new companies. One would run 3,500 retail fuel stations, primarily in Spain and Portugal. It would sell more than 6 million metric tonnes of refined products per year. The other would run Moeve’s Huelva, Algeciras and Galp’s Sines oil refineries. Three facilities with...

After two days of declining prices, oil prices increased on Thursday as the?U.S. Investors were encouraged to purchase futures as they watched Venezuela's developments. Brent crude futures rose 24 cents or 0.40% to $60.20 per barrel at 0343 GMT. U.S. West Texas Intermediate crude crude was up 22 cents or 0.39%. The benchmarks for both oil and gas fell by more than 1% on Wednesday, with the market expecting plenty of supply in 2019. Morgan Stanley analysts, for example, estimate that there will be a surplus as high as 3,000,000 barrels a day during the first half 2026. Mitsuru Muraishi...