Refined Products

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...

U.S. Diesel futures are set to make their biggest daily gains in the last four years on Wednesday, after Russia announced an export ban. This has heightened supply concerns for a market that is still grappling with uncertainties about Middle Eastern oil flow. The benchmark ultra-low sulfur futures contract on the New York Mercantile Exchange closed up 11.6% to $154.71 a barrel, its highest level in more than a month. It also marked the largest daily gain for the contract since march 2022. The price spike in response to the 'Russian export ban', imposed in response to intensifying drone attacks...

In June, car sales in China dropped for the ninth consecutive month as automakers turned to export markets to offset the effects of weak local demand. The China Passenger Car Association reported on Wednesday that domestic passenger vehicle sales dropped 23.4% compared to a year ago, and reached 1.62 million units in June, after a decline of 22.3% in May. Exports of cars jumped by 82.1% last month to 882,000 units. Exports of cars rose by 70.6%, to 4,28 million units, despite a decline in domestic sales of 20.4%. China's sales declines are a reflection of tightening household spending, in...

Long/short hedge fund results prove that fundamentals are still important, and Europe continues underestimating its global power. In this midweek article, I will highlight some key stories that caught me eye?this week and may have been lost in the daily flood of market news. The pump doesn't work The late U.S. John McCain said in 2014 that "Russia is just a gas station posing as a nation." If that's the case, reports of Russia's people running out of fuel in the 4.5 year long war with Ukraine seem both absurd and very significant. The attacks on Russia's infrastructure have led...

U.S. Oil Prices jumped by?nearly 3 percent in early trade Wednesday, continuing the previous session’s gains. This was after a series of strikes launched by the U.S. Military against Iran. The U.S. military's actions raised concerns about a fragile ceasefire. U.S. Central Command said on Tuesday that the strikes against Iran were a response to Iranian attacks on commercial vessels that were?transiting the Strait of Hormuz?. As of 2215 GMT, U.S. West Texas Intermediate Crude was up $1.95 or 2.8% at $72.39 per barrel. WTI closed 2.8% higher on Tuesday, before continuing to rise?in the post-settlement trading after the U.S....

?U.S. In June, consumers were less concerned about the near-term inflation rate even though their concerns about gas prices had decreased. They also felt more optimistic about current and future finances. This was revealed in a report by the New York?Federal Reserve on Tuesday. The regional Fed bank stated in its latest Survey of Consumer Expectations that inflation in a year's time was expected to reach 3.7% in the month of June. This would be the highest reading in the last nine years. In May, the figure was 3.5%. Three years hence, inflation was predicted to reach 3.3%. This would...

The Federal Reserve Bank of New York released a report on Tuesday that said 'Americans became more concerned in June about the near-term inflation pressures, even though they predicted a moderated gasoline price increase and an upbeat view?on their current and future finances. The Bank of Canada's latest Survey of Consumer Expectations showed that inflation in a year was 3.7%, up from the 3.5% recorded in May. This is the highest level since September 2023. The June reading was the highest since June 2022. The central bank officials who are most interested in the five-year outlook for inflation expect it...

The Interpress news agency reported that a Georgian opposition politician sentenced on Friday to a total of '13 years in prison for his conviction on a terrorist charge. He was convicted after he attempted to set fire to an 'official courthouse in the capital last year. The court said Aleko Elisashvili was a founder member of the Citizens Party who broke into the Tbilisi City Court chancellery in November 2025. He smashed a window with a heavy hammer and then poured gasoline on the inside before attempting to set the building ablaze. Elisashvili was found guilty of attempted terrorism, despite...

Local officials said that a drone strike caused the fire at the Ilsky oil refinery in southern Krasnodar, and authorities in Taganrog evacuated residents after another strike. The authorities reported that preliminary information indicated no injuries. In recent months, Ukraine has intensified its attacks on 'Russia's energy infrastructure and other infrastructure to undermine Moscow’s war effort. The Ilsky refinery with its capacity of?around 138,000 barrels per day has been attacked before. Fuel shortages and price increases across Russia are a result of the attacks on oil refineries. Yury Slyusar, the Governor of Rostov, said on Telegram that fires are being...

Two questions are raised by the decision of OPEC+, to increase crude production quotas a fifth consecutive month? from August. Who will purchase the product if they are able to ship it? At a Sunday meeting, the'seven core members' of OPEC+ (which groups together OPEC, as well as other producers like Russia) agreed to increase quotas - by 188,000 barrels a day starting August. This will bring the 'total increase since April to nearly 800,000 bpd. The first question can be answered positively if the Strait of Hormuz remains open and the volume of water flowing through the narrow waterway...

The rouble will not be weakened by the need for Russia to import more gasoline following Ukrainian drone attacks on refineries because exports of excess crude oil will increase, according to a top central bank official. Russia is importing gasoline from India by sea and plans to import up to 400,000 tons of fuel a month. This will help to alleviate the shortages which have caused long queues in filling stations. Calculations based on "market prices" suggest that these imports may cost around 60 billion roubles (roughly $767 million) per month. The rouble can be under pressure if imports are...

Four industry sources reported on Wednesday that Kazakhstan agreed to provide 50,000 metric tonnes?of fuel to Russia as humanitarian assistance in July and August. Russia has been stricken by fuel shortages, long queues and soaring gasoline and diesel prices over the last few weeks, as Ukraine has attacked Russian energy infrastructure, including oil refineries, to undermine Moscow's funding for war efforts. Sources in the industry have said earlier that Russia began importing gasoline from India. In summer, the?Russians consume at least 110,000 tonnes of gasoline per day. Vladimir Putin said that Ukraine is trying to create discord among the Russians....

Two industry sources confirmed on Wednesday that Russia began importing gasoline by sea from India in an effort to reduce fuel shortages caused by Ukrainian attacks against its energy infrastructure. Fuel shortages have been felt in all 11 time zones of Russia, with long queues and record gasoline prices. The Kremlin announced on Tuesday that Russia is in contact with other nations and discussing the importation of fuel at reasonable prices. The Indian oil ministry and the Russian energy ministry have not responded to requests for comment. A source in the industry said that at least 60,000 tons of gasoline...

Ukraine has hit a Russian refinery in Ufa for the second consecutive time, Volodymyr Zelenskiy, the president of Ukraine, said on Wednesday. Kyiv is intensifying its strikes in Russia. "Our plan to impose Ukrainian long-range sanction is being implemented every day," Zelenskiy said, referring the Ukrainian attacks deep within Russian territory. "This is a completely just response to everything Russia does against us." Zelenskiy reported that a strike was also carried out on a Russian military-industrial complex he described as "strategic", located in the Penza area, which he claimed made components for missile weapons used by Moscow to attack Ukraine....

Asia's crude oil imports by sea?rose slightly in June, but remained near their lowest levels in over a decade due to the impact of the?Iran Conflict on shipments from Middle East. Data from commodity analysts Kpler show that the top importing region will receive 20,71 million barrels of oil per day in June. This is up a fraction from the?20.39million bpd received in May and almost 2 million bpd more than the 18,77million bpd achieved in April. The imports of Asia remain well below the average 26.79 millions bpd for the three-month period prior to the United States' and Israel's...

On Sunday, President Vladimir Putin admitted that fuel supply issues had caused shortages in Russian regions. A task force is working to ensure sufficient quantities are provided across the country. Putin said that Russia must minimize the impact of Ukrainian drone attacks on oil installations related to shortages. He was speaking to a group of senior officials who were discussing fuel supply and distribution. He said that a ban on exports of diesel was being considered as a way to guarantee supplies for the agricultural sector. According to Russian news agencies, Putin told the group: "You know that there are...

Official data on Thursday showed that oil product inventories in Singapore, the Asian trading hub, have recovered to levels not seen for a month. They had fallen to 13-year lows last week, but they are now back at levels never before recorded. According to Enterprise Singapore, the number of barrels of oil products onshore totaled 42.19 millions in the week ending June 24. This is a 20% increase from the previous week. Since the U.S. and Israeli war against Iran began, global oil inventories are down by a large amount. Traffic through the Strait of Hormuz increased this week after...

In his evening address on Wednesday, Volodymyr Zelenskiy said that Ukraine would carry out preemptive strikes?on the facilities Russia uses for its war. Kyiv is expanding its strikes on energy infrastructure to try and force Moscow into negotiations. Zelenskiy stated that he had instructed his intelligence services and military forces to take preemptive action against Russian facilities used to increase their 'war effort. As the fuel crisis intensified, Kyiv continued to attack refineries and energy assets. Industry sources say that the capital's Moscow refinery, which was heavily damaged by a?Ukrainian swarm attack, will be off-line for at least six month....

On Tuesday, Russian President Vladimir Putin said that Ukraine was attacking civilian infrastructures in Russia to try and destabilise the society. Ukraine's attacks against oil refineries has doubled since 2026. This has led to longer?lines in some areas and higher gasoline prices. Kyiv has said that its goal is to savage a 'key source' of war funding for Russia and to show Russians that the conflict is not a distant one. Putin made his first comments on the attacks, since Ukrainian drones struck a Moscow refinery a week ago. "Strikes on civilian infrastructure - what is their purpose?" "To destabilize...