Refined Products

Scientists from the U.S. Government said on Thursday that they anticipate a tropical storm season below normal in 2026. This will likely produce one to three hurricanes, with winds sustained at least 111 mph (179 kph). The National Oceanic and Atmospheric Administration has released its outlook for the coming season. It begins on June 1 and ends November 30. The forecasters predicted that eight to fourteen named tropical storms will form with winds at least 39mph. Three to six hurricanes, with winds at least 74mph, are likely to follow. Ken Graham, a director of the U.S. National Weather Service, said:...

Captain Chris Welch, of Kennebunk in Maine, has caught fewer lobsters than usual this spring due to the rising diesel prices. To conserve fuel, he checks and re-baits his traps once every seven to ten days. Welch, after fueling his vessel Quality Time on a rainy morning at Kennebunk's Harbor, said, "It reduces your profitability." "We have to pay more attention to the bottom line." Welch, a U.S. fisherman, is "one" of many around the globe whose boats spend more time docked this spring due to soaring fuel prices, driven by the U.S./Israeli war against Iran. This has compromised their...

Oil prices dropped?on Friday, continuing losses from the previous day as investors watched peace talks between Iran and the United States, while economic activity in Europe?shrank dramatically. Brent crude futures fell 82 cents or?0.8%? to $104.20 a barge by 0949 GMT. U.S. West Texas Intermediate Futures were down $60 cents or 0.6%?to $97.66. The benchmarks fell around 5.6% to their lowest level in over a week on Wednesday after U.S. president Donald Trump announced that talks with Iran are in the final stages. Tehran is responding to the text sent by the U.S., Iran's ISNA reported on Thursday. The news...

Russia announced?on Thursday it would provide active support to Cuba, despite efforts by the United States to 'intimidate' and tighten "sanctions" around the Communist island nation. The United States announced a murder charge against former president Raul Castro, Wednesday. This is a major escalation of Washington's war against Cuba. Maria Zakharova, spokeswoman for the Russian Foreign Ministry, told reporters that "we will continue to provide the most active support to a fraternal Cuban population during this extremely challenging period." "We reaffirm that we are fully united with Cuba. We condemn any attempts to grossly interfere in the internal affairs a...

Mali?Hightower found a toy in someone's garbage to solve the problem of high gas prices. The handyman, 30, from Ellenwood in?Georgia, stuck a broken pink Power Wheels Barbie Dream Camper, a battery operated toy car that was less than four feet high, with a two gallon, one piston engine. The handyman, 30, from Ellenwood,?Georgia, stuck a two-gallon, one-piston engine from a power washer into 'a broken pink Power Wheels Barbie Dream Camper -............... he was off to the store, with his knees up at his ears and....... Filling up his Mercedes-Benz convertible 1996 costs him about $90. Hightower said, "That's...

On Monday, protests over fuel price increases triggered by the 'Iran War' erupted across several Kenyan cities. This included a nationwide strike in public transport that left commuters stranded and forced some people to walk into work. Transport Sector Alliance announced on Sunday that its member associations' vehicles would cease operation at midnight to protest the latest price hike, and police have said they will act against any disruptions. Kenya's Energy & Petroleum Regulatory Authority raised retail fuel costs by up to 23.5% last week, after increasing them by 24.2%?last month. The conflict in the Middle East is causing global...

Prices of gasoline and diesel at the pumps in 'Cuba almost doubled on Friday. However, filling stations that were 'open to the public' in the capital remained largely closed due to a U.S. oil blockade which has stifled?supply. The Ministry of Finance and Prices announced earlier this week that the new pricing system would be revealed on Friday. It said the update was needed to reflect "actual" import costs of gas and diesel. Some Havana gas stations have posted signs indicating that premium gasoline is now $2.00 per liter, up from the previous $1.30. Diesel went up to $2.00 per...

Cuba's electrical system suffered a partial failure early 'on Thursday morning', according to the grid operator UNE. This'snuffed out power in eastern Cuba,' and tested the patience of Cubans who were already tired from'seemingly endless blackouts' amid a 'U.S. fuel blockade. Grid operator reported that by mid-morning, officials had restored some essential services to the region. However, much of Cuba east from Camaguey including the second largest city of the island, Santiago de Cuba remained without electricity. This month, the Caribbean island with its 10 million people reached a tipping-point as the summer heat set in. The vast majority of...

Lawyers for Venezuela have told a U.S. court this week that Citgo Petroleum, the Venezuelan-owned U.S. refining company, has seen its value 'increase since the sale of their 'parent company was ordered last year. This should prevent the execution process. Amber Energy, a hedge fund affiliate, and a Delaware judge approved in November a $5.9billion bid from Elliott Investment Management for Citgo Holding, the parent company of Citgo. This was after a court-organized share auction to pay creditors. The sale has yet to be approved by the U.S. Treasury Department and a U.S. Venezuela and rival bidders have asked an...

Indian government bonds remained in a tight range on Thursday morning,?as traders avoided large bets, as U.S. president Donald Trump'met' China’s Xi Jinping. This could have an impact on the 'trajectory.of the Iran War. Trump is expected this week to ask Xi for help in resolving a costly and unpopular conflict with Iran. Analysts believe Xi will likely nudge Tehran towards negotiations, but he is unlikely to reduce economic support for its key Middle East partner. Brent crude futures rose 0.4% to $106.05 per barrel. The rising oil price could increase India's oil import-dependent inflation, pressurize the rupee and widen...

The Ministry of Finance and Prices announced on Tuesday that Cuba would introduce variable fuel prices at the pump starting May 15, to reflect "actual" import costs of gas and diesel in the face of an ongoing U.S. blockade. Fuel has been scarce for two weeks straight in state-run stations in Havana due to the U.S. fuel blockade, which has led to strict rationing. Cubans are forced to park their few gas-powered cars after the shortages. This comes four months after U.S. president Donald Trump threatened to impose tariffs on nations exporting fuel to Cuba. Cuba's government stated that some...

The refining industry is trying to sabotage the biofuels initiative. The industry is now closer to reaching a goal that they've been pursuing for years. However, they are still facing opposition from legislators in the refining states as well as uncertainty within a deeply divided Senate. In 2024, a similar provision was removed after Elon Musk and conservative lawmakers opposed it. Musk was the Trump administration's efficiency head at the time. In January 2026, a renewed effort failed as well. Instead, lawmakers formed a taskforce to study the possibility of allowing E15 to be sold year-round. Elon Musk's representatives did...

Marco Rubio, the Secretary of State, said that although there has been some progress in talks with Iran, and the United States is constantly communicating?with pakistani'mediators', there is still a lot more work to be done. There has been progress. I would not exaggerate. "I wouldn't minimize it," Rubio said to reporters following a NATO Ministers Meeting in Sweden. He added, "There is still more work to do." "We are not yet there." "I hope we get there." Rubio stated that President Donald Trump prefers to make a "good deal". He said that the core concern is that Iran cannot...

Hengli Group has been thrust in the middle of a geopolitical struggle. The group, which was built over 30 years by a husband-and-wife team from a bankrupt cotton mill to a Fortune Global 500 company and one of China’s largest private oil refineries, is now a Fortune Global 500 firm and one of China’s largest private oil refiners. The United States imposed sanctions on its Hengli Petrochemical unit, which operates a 400,000 barrel per day refinery in Dalian (in the north-east), for purchasing Iranian oil. This was denied by the group. Hengli, along with about 40'shipping 'firms and vessels were...

Analysts and traders alike predicted a market Armageddon if U.S. - Iran war continued and the Strait of Hormuz remained closed. Five weeks after the peace talks stalled and the strait remained largely closed, oil prices did not rise but instead fell to between $100-$110 per barrel. This fall was caused by several factors: Chinese refiners reduced refining and imports, and used crude oil from their tanks instead. The United States' refiners, traders and producers exported more fuel and oil to the global market to fill the supply gap from the Middle East. The Strait of Hormuz was the route...

The government reported on Thursday that Japanese car exports to the Middle East had almost been wiped out, as the U.S./Israeli war against Iran disrupted shipping into a region of importance for global automakers such as?Toyota? and?Nissan? According to the collapse, shipments of used Japanese cars and trucks to the region have virtually stopped following the closure of the Strait of Hormuz. The Ministry of Finance released data on Thursday showing that motor vehicle exports into the Middle East fell by more than 90%, both in value and volume, from the previous year. This highlights the auto industry's vulnerability to...

The oil prices recovered on Thursday, after two days of losses. This was due to supply concerns arising from the uncertainty surrounding the end of the Iran War and the U.S. inventory withdrawal which raised fears about the depletion of global stocks. Brent crude futures grew 81 cents or 0.77% to $105.83 a barrel by 0055 GMT. U.S. West Texas intermediate futures rose 97 cents or 0.99% at $99.23. Both benchmarks fell more than 5.6% after U.S. president Donald Trump announced that negotiations with Iran are in their final stages. He also threatened to launch further attacks against Iran if...

Scott Irlbeck crouched in a field of stunted plants of wheat in a parched stretch in West Texas, and put his hand in a crack large enough to swallow it. Irlbeck had planted a crop last autumn that barely grew due to the lack of rain. Now he hopes that his insurance adjuster declares it a complete loss, so he won't have to spend money on expensive fuel next month in order to harvest the crop. The Iran war has led to a rise in fuel prices and the cost of commercial fertilizer. This is making it harder for farmers...

Their leaders said that?South?Korea? and Japan?have agreed to expand their cooperation in the areas of LNG and crude oil supplies, including stockpiling, and swapping petroleum products. After a meeting held in Lee Jae Myung's hometown, Andong, the President and Prime Minister said they would intensify coordination to stabilize?energy supply and expand their cooperation with other Asian countries as disruptions in supply due to war in the Gulf are straining their import-dependent economy. In a joint press statement, Lee stated that "recent instability in energy markets and supply chains stemming from Middle East situation has further highlighted the need for closer...

The U.S. Department of Energy reported on Monday that a'record 9.9 millions barrels of oil were shipped from the Strategic Petroleum Reserve in the United States last week. This pushed the total volume of the U.S. Government's emergency stockpile to 374 million barils, the lowest level since July 2024. The Trump administration wants to?release 172 million barrels of oil from the reserve, as?part a global deal to calm down the oil markets after prices?spiked due to the U.S. and Israel's war with Iran which began almost three months ago. In April, the?Energy Department offered approximately?92.5 millions barrels of?sweet crudes and...

A source familiar with this decision confirmed on Monday that the U.S. Treasury would extend its waiver of sanctions on Russian'seaborne oil', which expired 'on Saturday. Several countries had asked for a longer period to purchase it. Source: The waiver, which will last for another 30 days, was requested by several poor countries that were cut off from Gulf Oil supplies due to the Iran War and the closing of the "Strait of Hormuz". Source declined to identify the countries that requested the extension. This is the second time that the Treasury has let the sanctions waiver lapse, and then...

The CEO of Valterra Platinum in South Africa said that despite the uncertainty caused by the U.S./Israeli war against 'Iran', they were able to maintain healthy stock levels for critical operational inputs such as diesel, lubricants and other 'critical' items. It is essential that mines have a stable supply of lubricants, explosives and diesel. These disruptions, especially during geopolitical tensions which can disrupt global fuel supplies, can lead to operational delays and higher costs. Craig Miller said on the sidelines London Platinum Week that he had engaged with his local suppliers extensively to ensure they were supplying enough diesel, lubricants...

There is a cooking gas shortage in India. Californian motorists pay $6 per gallon for gasoline. Both are symptoms of the biggest ever disruption in energy supply. The two are directly related and show the impact of the U.S./Israeli war on Iran. The near-closure of 'Strait of Hormuz by Iran has caused global oil trade to be in chaos, and cut importers off from?around a fifth of global oil supplies that crossed the waterway prior to the war. Oil buyers have been forced to burn down their stockpiles to deal with the global fuel shortage. The pain is being spread...

Oil prices rose more than 1% as a result of?President Donald Trump's statement that China wanted to buy oil from?the United?States. Also, concerns about ship attacks and securing?ships remained despite Iran claiming 30 vessels passed through the Strait of Hormuz. Brent crude oil futures climbed $1.17 or 1.11% to $106.89 a bar by 0252 GMT. U.S. West Texas intermediate futures rose by $1.10 or 1.09% to $102.27. Trump said in a Fox News interview that he would be less patient with Iran and urged Tehran to make a deal with Washington. On Thursday, a ship reported to be seized by...