Refined Products

Gold ticked up a bit?on friday, reversing previous losses, as oil fell below $100?per barrel mark. Investors are watching developments in the Middle East to get a fresh perspective on inflationary risks driven by energy and the outlook for U.S. rates. Spot gold was up 0.2% at $4,055.38 an ounce as of 0925 GMT after falling 2% Thursday to $4.047.26. U.S. gold futures August delivery rose 0.2%, to $4.058.10. "Gold is now slightly positive after moving from a negative position earlier, driven by lower oil prices. This has reduced pressure on the Fed's rate-setting," said UBS analyst Giovanni Staunovo. He...

Honeywell Technologies increased its full-year profit forecast for 2026 on Thursday, helped in part by the resilient demand for industrial and building automation product, despite a quarterly profit that fell short of analysts' expectations. The shares of Honeywell, which reported its first earnings after Honeywell’s three-way division, rose by more than 5% in morning trading. Honeywell's Building Automation division led the demand, with organic sales up?9%, and orders up 13%. This was driven by double-digit increases in data centers, hospitals, and hospitality. Sales of Industrial Automation products grew?4% organically, and orders increased?10%. This was largely due to the strong demand...

Albertsons lowered its annual core sales forecasts and profits on Thursday. It said it would increase investments in its digital business and prices to better compete for cash-strapped consumers. This sent its shares down by 18% just before the bell. The higher gas and food costs have led to a shift in spending habits among U.S. consumers, who are now more selective and prefer private label and discount grocery stores such as Aldi and Walmart. This has hurt sales for companies like Albertsons. Albertsons CEO Susan Morris stated that "core grocery faced increased pressure due to softer industry unit trend...

Dow Inc. surpassed Wall Street expectations for adjusted second-quarter?profits on Thursday. This was due to higher prices as a result of'supply shocks' from the Middle East conflict, and cost reductions. In premarket trading, shares of the chemical company rose by 2.4%. The tensions around the Strait of Hormuz, following the escalation of U.S.-Iran conflicts have caused disruptions to oil and petrochemical flow. This has led to a tightening of chemical supply globally and a rise in the price of plastics and other polymers. Dow has also been ?reevaluating its ownership of non-product-producing assets across its global portfolio, including power and...

Can India do for Asia's refined-fuels market what China did? China drastically cut its crude imports to a decade low in June in response to the U.S. and Israeli war against Iran. This freed up oil for buyers who were struggling to find cargoes due to the 'effective closure of Strait of Hormuz. India has taken a different approach, purchasing Russian crude oil and increasing?exports?of refined products in order to offset the lower shipments of refineries from the Middle East and Russia. According to commodity analysts Kpler, India's light and middle distillates exports are expected to hit 1.55 million barrels...

Early trading on Wednesday saw oil prices rise as concerns about further supply disruptions increased after U.S. forces said they began attacking Iranian military targets for an 11th night in a row and Kuwait reported attacks by Iranian drones. Brent 'crude 'futures increased 0.55% or 50 cents to $91.51 as markets opened on the third day of trading. U.S. West Texas Intermediate Crude rose 0.36% or 30 cents to $84.64 during low volume trades. The oil price settled at its highest level in five weeks on Tuesday, after U.S. forces struck targets in western and southern Iran. Iran also attacked...

Authorities say a man protesting Immigration and Customs Enforcement (ICE) was arrested on Monday, after he set off fireworks and ignited a fire on the steps leading to the ICE office in Lower Manhattan. The suspect was identified as Andrew Arrabaca a 43-year old U.S. Army Veteran living in Harlem. According to local news reports and authorities, on Monday morning a man appeared pour gasoline out of a bucket into the stairwells of 26 Federal Plaza. This office building also houses the FBI New York Field Office. He then lit it ablaze. Authorities said the suspect also ignited fireworks. He...

U.S. consumer confidence increased to a?high of five months in July. However, the 'improvement' is only temporary because the renewed conflict in?the Middle East has raised gasoline prices. The University of Michigan's Surveys of Consumers reported on Friday that its Consumer Sentiment Index had risen to 54.4 in this month. This is the highest reading since last February. It was 49.5 at the end of June. The economists surveyed by? The economists polled by? The survey was conducted between June 23 and July 13 with over?70% completed interviews before the collapse of the U.S.-Iran ceasefire last week which drove oil...

Retail sales in the U.S. increased slightly in June, as lower gasoline prices lowered receipts at service station. However, households increased their purchases of motor vehicles, and they spent more online, confirming economists' view that consumer spending "accelerated" in the second quarter. Other data released on Thursday showed that the labor market was stable, and that first-time claims for unemployment benefits?dropped to a 2-month low. The data had no impact on the near-term outlook for monetary policy. Economists expect that the Federal Reserve will keep interest rates at their current level later this month. Ellen Zentner is the chief economist...

Retail sales in the United States increased slightly in June, as lower gas prices affected receipts at service stations. However, bargain-hunting shoppers continued to drive spending. The Commerce Department's?Census Bureau reported on Thursday that retail sales increased?0.2% in June after an upwardly-revised 1.0% increase in May. The economists who were surveyed predicted that retail sales - which are mainly goods and not adjusted for inflation - would rise by 0.2% in June after an earlier reported 0.9% increase. Estimates ranged between a 0.4% decline and a 1.0% rise. The average gasoline price dropped to $4.18 per gallon from $4.61 a...

The Syrian authorities announced on Thursday that they had foiled a smuggling attempt of advanced weapons and missiles from Iraq across the border. According to an Interior Ministry official quoted by the state news agency SANA, the shipment seemed to be destined for the militant group Hezbollah. General Authority of Ports and Customs in Syria said that the shipment of drones and rockets was hidden inside one of the oil tanker trucks heading to Baniyas. The shipment was discovered during routine inspections at the al-Tanf crossing between Syria, Iraq and Syria. Customs officers then conducted a thorough search of the...

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...

According to two sources and shipping data, the United States is now importing fuel oil from Iraq via Syria. This comes as Iraq continues to expand its?Mediterranean trade route, which was established following disruptions in Gulf trade routes earlier this summer. This alternative route shows that'shippers are looking for ways to circumnavigate Strait of Hormuz which has been 'effectively closed since several months and hindering Gulf oil imports due to the Iran War. According to Kpler Shipping Data, three Aframax tanks loaded fuel oil in Syria's Mediterranean Port of Baniyas from June to July, for delivery to U.S. Gulf Coast....

China's refined oil product exports in June improved over May but fell from the same period in last year, amid export restrictions that began in mid-March in order to protect domestic supply after the Iran War. China is Asia's biggest fuel exporter, and the increased export allowance will ease tight supplies because regional refiners have curtailed production due to war-related oil shortages. China's refined product exports to Hong Kong and Macau, including gasoline and diesel, totaled 643,712 tons. This is a slight increase of 4% from last June. Exports of refined oil products from China to other regions than Hong...

As renewed hostilities between?U.S. Iran and the United States have further?disrupted energy flows across the?Strait?of Hormuz. This is a vital route for global oil supply. Since the U.S. and Israel launched their attack on Iran at the beginning of February, the national average retail gas prices have increased by more than 30%. According to AAA data, the average pump price for Monday was $4.0030 per gallon. Last time the $4 mark was reached, it was in late March, when Iran stopped traffic through the Strait. In June, prices fell below this threshold after the U.S. signed an agreement with Iran...

Industry sources say China's fuel demand will take a long time to recover after its imports hit a record low. Refiners reduced production and opted for cheaper crude as a result of the U.S. - Iran war. China's low demand for high-sulphur oil (HSFO), one of Asia’s largest importers, is expected to limit prices. This is despite the fact that the market has strengthened after Washington and Tehran intensified their attacks on the Middle East disrupting Gulf supply through the Strait of Hormuz. LSEG data show that the Asian refiners' margins for 380 centistoke HSFO rose to a discount of...

Oil prices rose on Wednesday after?President Donald Trump reimposed his naval blockade against all Iranian ports and Tehran launched attacks on U.S. Infrastructure in the region. Brent futures rose?99 cents or 1.2% to $85.72 per barrel at 0400 GMT. West Texas Intermediate futures rose 64 cents or 0.8% to $79.98 per barrel. Tuesday, oil prices rose 2% to a new one-month high as attacks intensified a supply disruption along the Strait of Hormuz. This is where a fifth of all the world's liquefied gas and oil passed before the U.S./Israeli war on Iran. "While the physical market for oil is...

Americans could soon see gas prices above $4 per gallon as renewed hostilities have led to a rise in energy prices by paralyzing the Strait of Hormuz. This is a vital route for global oil supplies. GasBuddy's fuel price tracking service showed that the national average gasoline price on Tuesday was $3.84 per gallon. This is up 9.8 cents compared to a week earlier. Prices of gasoline are up by 22.2% on an annual basis. The high price of gasoline has become a political headache to President Donald Trump, and the Republican Party. They will be soon campaigning for their...

Spot premiums for Indian naphtha have risen to levels seen last in late March as tight supplies from the Middle East and Russia, and renewed concerns about U.S.-Iran tensions, drove demand from Far East buyers. Multiple trade sources reported?on Monday that Indian state refiners Bharat Petroleum Corp. and Hindustan Petroleum Corp. sold about '63,000-65,000 tonnes (567,000-585,00 barrels) or naphtha through tenders last week, at prices similar to those seen in late March. BPCL sold a total of 36,000-37,000 tonnes of?naphtha on a 'free-on-board' (FOB basis) to Middle East quotes for loading between July 30 and 31. HPCL sold 27,000-28,000 tons...

Are you looking for inspiration? Weekend Reads is a weekly roundup of what the Open Interest team was reading, watching, and listening to. This week's picks include the impact of war on?energy security and food, China's ability to leverage critical minerals, and World Cup drama. We'll be reading RON BOUSSO's ROI Energy Columnist's paper, which examines the global impacts of Ukraine's drone attack on Russia's oil refinery infrastructure. The analysis provides great detail about the extent of the damage. CLYDE RUSSELL is a columnist for ROI Asia 'Commodities and Energy. The Iran War threatened to cause a food shortage. The...

The International Energy Agency said that the recent escalation of hostilities between the U.S., and 'Iran, could change its 'forecast of an 'important oi l market surplus next year. The global oil market received some relief last'month, as a peace deal between the U.S.A. and the 'Iran opened the Strait. Its closure had effectively cut off 'as much as 14 million barrels of crude oil per day during the height of the biggest oil supply crisis ever. The agency reported that global oil production rose by 4.1 mbpd in June but was still 9.4 mbpd lower than pre-war levels. The...

India's Oil and Natural Gas Corp, India's largest explorer, will build a 1,75 million metric ton national strategic petroleum reserve at Mangalore (in southern India), the company announced in a late-night stock exchange filing. India, which is the third largest oil consumer and importer in the world, has been severely affected by the blockade of Strait of Hormuz following the Israeli-U.S. attack on Iran. Around a fifth (25%) of world energy passes through the waterway. To strengthen its emergency supply, the 'South Asian nation' is increasing its energy cooperation with other countries, such as Japan and the United Arab Emirates....

Saudi Arabian crude sold to Asia has seen its price drop the most in'more than 20 years, but the grade is still more expensive to lift compared to some Gulf rivals. This reduces the appetite for oil from the OPEC linchpin. On Monday, the world's largest exporter cut the??official selling price (OSP), for its flagship Arab Light oil to $1.50 per barrel below the average Oman and Dubai quotations for Asia. This is a $11 reduction from the previous months. The OSPs of its four other grades were also reduced by $11 per barrel. The sudden shift is due to...

Kuwait's crude production jumped to 1.65m barrels a day in June, from just 580,000 bpd a month earlier, a source with knowledge of the situation said on Thursday. The OPEC member is boosting exports via the Gulf after the?U.S.-Iran peace agreement. Kuwait's surge in crude oil production is a sign that Gulf oil flows through the Strait of Hormuz have recovered rapidly after the disruption caused by the Iran War. Stranded cargoes are slowly clearing the Strait of Hormuz, and exporters are restoring their production. Kuwait produced about 2.5 million barrels of oil per day before Iran effectively closed the...